Monday newspaper round-up: Brexit, global workforces, Debenhams, AA

Justine Greening became the most high profile Conservative to endorse the idea of a second referendum, to end what she said would be a likely parliamentary deadlock over Brexit, warning that Theresa May’s Chequers plan did not represent “a workable compromise” that a majority of MPs could get behind. The former education secretary and remain supporter said that May’s plan was “a fudge I can’t support” and, in a blow to the prime minister, said it amounted to “the worst of both worlds” – complying with EU rules without the influence of being a member of the multi-country bloc. – Guardian

Global workforces will fall as the next industrial revolution gets under way, the head of one of Germany’s biggest firms has warned, unless workers are retrained with new skills. Joe Kaeser, global chief executive of the engineering giant Siemens, said up to almost a third of jobs could be lost as the transition from combustion engines to electric cars takes place over the next decade, in what will be “one of the single most important transformations of all time”. - Guardian

Debenhams is seeking to reassure the City it is in financial good health after a top credit insurer cut cover to suppliers of the troubled retail chain. Euler Hermes is understood to have reduced cover amid growing concerns about the department store giant’s ability to pay its bills in full and on time. A credit insurance industry source said the decision to reduce cover would be taken to “avoid unacceptable risk” and was a “similar sign to what other unsecured creditors might do” to limit exposure to the risk of unpaid bills. – The Telegraph

Boards must give themselves discretion to override formulaic executive pay deals, the watchdog that sets boardroom rules has decided in the wake of the Persimmon fiasco. Flexibility to intervene in bonus schemes that pay out an undeserved jackpot is the most eye-catching reform in a string of changes to the principles and rules governing how power is exercised in listed companies. – The Times

Mike Lloyd, the head of the AA insurance business who was punched by the group’s former chairman in an altercation last year, is leaving the company. The Times understands that Mr Lloyd will leave at the end of this year after about four years at the group. The executive, 39, who also has responsibility for marketing, digital and public affairs, is in the process of handing over his responsibilities. Mr Lloyd was in the headlines after Bob Mackenzie, then AA chairman, was dismissed for “gross misconduct” for punching him at a company gathering at the Pennyhill Park Hotel in Surrey. At the time it was suggested that Mr Lloyd, who did not retaliate when he was assaulted, was being lined up to replace Mr Mackenzie, now 65, when he retired. – The Times