Tuesday newspaper round-up: UK economy, Odey, John Lewis

(Sharecast News) - More than half a trillion pounds' worth of underinvestment by government and business over recent decades has left Britain's economy trapped in a growth "doom loop", according to a thinktank. Sounding the alarm as the economy struggles to gain momentum, the Institute for Public Policy Research said the UK risked falling further behind comparable wealthy nations without a sharp turnaround in approach. - Guardian The Confederation of British Industry has been frozen out of regular meetings with other leading business lobby groups, hampering its fight for survival after a sexual misconduct scandal. Formerly Britain's leading voice for business, the CBI has been battling to overhaul its culture and regain trust after multiple allegations of misconduct were made by female employees, including two who said they were raped. Those allegations resulted in an exodus of members from John Lewis to Aviva and led Labour and the Conservatives to cut ties with the organisation. - Guardian

One of Britain's most senior hackers has left spy agency GCHQ to join the National Crime Agency (NCA) in a blow to Britain's international cyber capabilities. James Babbage, commander of the National Cyber Force (NCF), is joining the NCA as head of its intelligence arm. - Telegraph

Crispin Odey has lost his status as a "fit and proper" individual in the City of London in another blow for the tycoon since he became mired in allegations of sexual misconduct. Odey, 64, was ousted from from the eponymous hedge fund he founded earlier this month and the Financial Conduct Authority's register shows he is no longer certified by the firm to perform a role dealing directly with clients. It is a symbolic blow to Odey, one of Britain's best-known hedge fund managers. - The Times

The partnership behind John Lewis and Waitrose has written down the value of its head offices by £15.6 million, providing the latest sign that the work-from-home revolution and higher interest rates are depressing commercial property valuations. The writedown came after the food-to-fashion retailer closed seven floors of its central London headquarters and "revised" the use of its office buildings in Bracknell, in Berkshire, according to new annual account filings. - The Times