Wednesday newspaper round-up: Taxes, Heat pump ads, Companies House rules

(Sharecast News) - Rachel Reeves will need to raise taxes to close a government spending gap that is on course to reach more than £40bn after a slowdown in economic growth and higher-than-expected inflation, according to a leading thinktank. In a blow to Labour's hopes of balancing the books without breaking manifesto commitments ruling out personal tax rises, the National Institute of Economic and Social Research (NIESR) said a number of factors would knock off course the chancellor's plans to stay within Whitehall spending limits. - Guardian Two more "misleading" adverts promoting heat pumps have been banned by the UK's advertising watchdog. A week after the Advertising Standards Authority banned an Octopus Energy ad that claimed consumers could have a heat pump installed for as little as £500, it has taken action against adverts from the home heating supplier Aira and from EDF Energy. - Guardian

Labour should scrap its ban on the sale of new petrol cars by 2030 amid growing concerns over the shift to electric vehicles, the boss of a British engineering giant has said. Liam Butterworth, the chief executive of London-listed Dowlais, a car parts supplier, has urged Sir Keir Starmer to review the "impossible" target to ensure the UK isn't out of step with the rest of Europe and America. - Telegraph

A startling number of workers are choosing to hand in their notice rather than return to the office, as companies tighten their grip on remote working arrangements. One in 10 businesses surveyed by the British Chambers of Commerce (BCC) said that at least some of their employees were quitting rather than shift back to in-person work. - Telegraph

President Trump has claimed that JPMorgan Chase and Bank of America refused to do business with him for political reasons. Trump said that two of America's largest investment banks rejected his business, forcing him to go to "small banks all over the place". - The Times

Companies House is to enforce a legal requirement for directors and people with significant control of businesses to verify their identities. The new rule, which follows the enactment of the Economic Crime and Corporate Transparency Act in 2023, will take effect from November 18 and cover both existing and new directors or persons with significant control of a company. - The Times