Tuesday newspaper round-up: Construction materials, tax reforms, emergency Covid schemes

A growing shortage of key construction materials could delay housebuilding this year as builders fight for fresh supplies against a backdrop of coronavirus-related challenges and price increases. One builders’ merchant said they were being given an August delivery date for roofing materials, such as pitched roof tiles, compared with a usual three-month wait because, even with extra shifts, UK factories were struggling to keep up. - Guardian

Janet Yellen has been confirmed as the first woman to head the US Treasury. The former chair of the Federal Reserve and noted economist was approved by the Senate on an 84-15 vote. She sailed through a congressional hearing last week and had already been unanimously approved by the Senate finance committee and backed by all living former treasury secretaries. - Guardian

One of the country's leading think tanks has called for controversial tax reforms that could increase bills for millions of self-employed workers and business owners. The Institute for Fiscal Studies' new report took aim at a tax system which “discourages employment, investment and risk-taking” and criticised the lower rates levied on capital gains, dividends and self-employment income.- Telegraph

Leon Black, founder and chief executive of private equity giant Apollo Global Management, is stepping aside after a review found he made larger-than-expected payments to the late Jeffrey Epstein. The billionaire paid Epstein a total of $158m (£116m) in fees for advice on trust and estate tax planning in the five years to 2017, according to a report by law firm Dechert. This is much more than was previously known. - Telegraph

Emergency Covid-19 schemes are being subjected to an “eye-watering” level of fraud, one of Britain’s most senior crime fighters has warned. Graeme Biggar, of the National Crime Agency, said that there would be “substantial” losses for the taxpayer related to criminals targeting multibillion-pound taxpayer support such as the wage furlough and the bounce back loan schemes.- The Times