Monday newspaper round-up: Brexit, Morrisons, Nissan, National Grid

Britain will plunge into its first recession in a decade should the government quit the European Union without a deal, according to the latest in a string of gloomy forecasts about the UK’s fortunes outside the EU’s free trade area. Eonomists at the accountancy firm KPMG said that the knock-on effects to Britain’s trade and business confidence of a no-deal Brexit would lead to the economy shrinking by 1.5% next year. – Guardian

The government could gain £90bn in extra revenue over 10 years if it taxed income from wealth in the same way it taxes income from work, according to a leading thinktank. The Institute for Public Policy Research said the reduced tax rate on gains from owning shares, property, fine art and wine was “unfair and outdated” and needs radical reform following years of worsening inequality. – Guardian

Britain’s post-Brexit economy will be transformed by a boom in the science, technology and healthcare industries, creating millions of new jobs and generating billions of pounds in output, a major new report has revealed. The economy will undergo a major shift in the next two decades driven by a green revolution, technological change and the ageing population, analysis by BNP Paribas and the Centre for Economics and Business Research (CEBR) found. – Telegraph

When David Potts arrived at Morrisons as chief executive almost five years ago, he inherited a bloated company, inadequately equipped to fend off the threats posed by the German discounters Aldi and Lidl. He has, by and large, managed to turn around the fortunes of the smallest of the UK’s big four supermarkets, but by his own admission there’s still plenty to go for. – Telegraph

The Nissan saga took a new turn yesterday amid suggestions its chief executive is planning to resign over the payment of bonuses to which he was not entitled. Hiroto Saikawa, 65, has told some executives that he plans to step down as he faces increasing pressure over corporate governance practices, according to the Nikkei newspaper in Japan. Last week he admitted being overpaid to the tune of ¥47 million (£360,000) in violation of internal procedures. – The Times

Stripping National Grid of its responsibility for keeping the lights on would cause “massive” disruption to the wider energy industry, its boss has claimed. The utility giant is under scrutiny after blackouts on August 9 and Kwasi Kwarteng, the energy minister, said last week the government would look again at whether it should keep its role as Britain’s Electricity System Operator (ESO). – The Times