Tuesday newspaper round-up: Budget, supermarkets, Sirius, Asset Life

Rishi Sunak has been forced to redraw next week’s budget to focus on shoring up the economy against the impact of coronavirus. After Sajid Javid’s abrupt resignation from the Treasury last month, Sunak’s first major statement was due to herald a radical departure from the cautious Conservative economic policies of the past decade. But a No 10 source said the budget would now “prioritise economic security” in the face of the growing threat from the virus. – Guardian

British supermarkets have drawn up “feed the nation” contingency plans that would help the country cope with any panic-buying brought on by a sudden escalation of the coronavirus outbreak. Under the plans, supermarkets would work with suppliers to scale back the variety of foods and groceries available, and instead focus on maintaining supplies of staple products. – Guardian

Hundreds of final salary pension schemes could face closure due to a change in the rules around how fast businesses must pump in funds which could cost up to £5bn. Companies face a tweak to the code of practice which governs so-called defined benefit schemes as part of a consultation unveiled by The Pensions Regulator (TPR). The proposed rules could mean businesses having to find an extra £5bn to support the schemes according to former pensions minister Sir Steve Webb, who is now a partner at actuary LCP. – Telegraph

One of Sirius Minerals’ largest investors is reluctantly backing a takeover by Anglo American today as it attempts to prevent the fertiliser mine developer from plunging into administration. Jupiter Asset Management, which controls about 8 per cent of Sirius shares, is expected to vote in favour of the 5.5p-a-share takeover at a meeting in London this morning, despite having previously urged the company to explore alternatives. – The Times

Administrators investigating Asset Life, the collapsed minibond company, have found fresh links with the London Capital & Finance scandal. Asset Life held shares in Prime Resort Development, a company with property interests in Cornwall and the Caribbean that is embroiled with London Capital & Finance. The discovery of the stake deepens the web of relationships between the two minibond sellers. – The Times