Tuesday newspaper round-up: Brexit, retail, rail, manufacturers

Theresa May is facing renewed cross-party pressure to accept membership of the European Economic Area (EEA) or risk defeat in the Commons. Peers vote on Tuesday night on a series of amendments as officials work to try to find a deal on May’s preferred option of a customs relationship with Europe that is acceptable to Brexiters and remainers in her cabinet, as well as MPs and EU negotiators. - Guardian

…the Prime Minister has put off another confrontation over her favoured “customs partnership” with the EU this week as she tries to erode cabinet opposition. The prime minister had been expected to try to force through a revised version of the plan at meeting of her inner cabinet on Thursday but the critical issue of how Britain manages its trade borders with the EU will not be discussed until a week on Wednesday. - The Times

The UK’s households are borrowing more money than they are saving for the first time since the so-called “Lawson boom” in the Eighties, the credit rating agency Fitch has warned. British families are, on average, savers, putting money aside, usually in a bank account, which lenders then loan out to fund business investment. - Telegraph

Retailers are in their worst shape for nearly five years and the industry’s woes look set to deepen in the face of weak demand and soaring costs. The health of the retail industry dropped by one point to 79 during the first quarter, hitting its lowest level since 2013, according to a KPMG/Ipsos Retail Think Tank report. - Telegraph

Britain’s manufacturers have called on the government to make faster progress on its industrial strategy to help address a slump in productivity in key sectors. The EEF said an independent industrial strategy council – promised by the business secretary, Greg Clark, in last autumn’s white paper – should be created immediately and given the “urgent task” of setting clear goals for boosting Britain’s manufacturing performance. - Guardian

Sir Michael Fallon is calling on the Department for Business, Energy and Industrial Strategy to set a target of all offshore wind turbines containing at least 60pc British content, a rise of 10 percentage points on current levels. The former energy minister believes that the growing importance of green energy should be reflected in the UK’s industrial strategy. - Telegraph

The rail industry is preparing for a cull in the number of fares and season tickets offered to commuters as it launches an appeal for root-and-branch reform of the “outdated” regulations underpinning the £9.7bn-a-year fares system. Britain’s rail companies are beginning a public consultation into the rules underpinning the country’s ticketing options, which have ballooned in complexity to offer passengers about 55m different fares. - Guardian

Confidence in the eurozone ­economy has tumbled to a fresh 15-month low as investors begin to fret about a sharp slowdown in growth and the ­recent spike in trade tensions with the United States. Economists had expected investor confidence in the eurozone to make a modest rebound in May but it dropped for a fourth consecutive month to a reading of 19.2. - Telegraph

Every person in Britain should receive £10,000 when they turn 25 to help fix the “broken” intergenerational contract between millennials and baby boomers, an influential thinktank has proposed following a two-year study. The payment, described as a “citizen’s inheritance”, is intended to redistribute wealth at a time when young people need it most to find housing, return to education or start a business. - Guardian

Defence officials warned the government that backing a European ban on palm oil could jeopardise a deal to sell British-built fighter jets to Malaysia, documents have revealed. The ban is intended to protect the habitats of orangutans and other endangered species. - The Times

Private hospitals have been given two weeks to come up with a plan to “get their house in order” on safety and quality or else face tough sanctions imposed by the government, the Guardian has learned. On Tuesday, Jeremy Hunt will write to the chief executives of 206 private hospitals across England following a damning report into the sector by the safety regulator last month.

The rising popularity of self-employment risks undermining the sustainability of Britain’s state pension as national insurance contributions fall, new research has found. For every one million people moving from being employed to being self-employed, £2.8bn is lost annually from national insurance contributions, which fund the state pension, according to a report from pensions firm Aegon. - Telegraph

US government researchers have uncovered evidence that some popular weedkilling products, like Monsanto’s widely-used Roundup, are potentially more toxic to human cells than their active ingredient is by itself. These “formulated” weedkillers are commonly used in agriculture, leaving residues in food and water, as well as public spaces such as golf courses, parks and children’s playgrounds. - Guardian

Virgin Money is mulling a proposed takeover bid from the owner of Clydesdale Bank and Yorkshire Bank which would value the challenger bank at £1.6bn. The Newcastle upon Tyne-based lender, backed by billionaire Richard Branson, said CYBG has suggested handing investors 1.13 of its shares for each Virgin Money share they own to give them a 36.5pc of the combined group. - Telegraph