Thursday newspaper round-up: Wage subsidies, Tata Steel, Quiz

Labour has warned Rishi Sunak that the Treasury’s one-size-fits-all approach to ending wage subsidies risks a period of mass unemployment that will reverse much of the good done by the furlough. Writing for the Guardian, the shadow chancellor, Anneliese Dodds, called on Sunak to use his planned summer statement next month to extend financial support to vulnerable sectors beyond the October deadline for winding up the scheme. - Guardian

Britain’s largest steelmaker, Tata Steel, is awaiting a government decision on a possible rescue deal that would save 8,000 jobs in a struggling sector whose problems have been compounded by the coronavirus lockdown. Tata Steel’s UK business is seeking about £500m in government support to help it survive. The company is the owner of the UK’s largest steelworks, at Port Talbot in south Wales, as well as other locations in Wales. – Guardian

The world is facing a coronavirus debt timebomb as countries borrow trillions of pounds to fight the pandemic, former Bank of England Governor Mervyn King has warned. Lord King, who led the Bank through the global financial crisis of 2008-9 before stepping down in 2013, said companies and countries alike could be sunk by the weight of their new loans - potentially triggering another meltdown that would snuff out any recovery. – Telegraph

Suppliers and landlords to Quiz have been left £6.1 million out of pocket after the troubled fashion chain pursued its second pre-pack deal. The Aim-listed retailer launched a restructuring this month that involved putting Kast Retail, the entity that owned its UK stores, into administration before a quick sale to Zandra Retail, which is also controlled by Quiz’s shareholders. – The Times