Tuesday newspaper round-up: Sole traders, retail sales, Ford

A fifth of the businesses started by Britain’s growing army of sole traders close within a year, according to a study highlighting the precarious financial states of those who opt for self-employment. A report by the Institute for Fiscal Studies found that less than half of companies set up by individuals have a long-term future, with 60% ceasing trading within five years. – Guardian

Fears that Britain’s economy has come to a standstill have been heightened by a report from retailers showing annual consumer spending at its weakest since their records began in the mid-1990s. The British Retail Consortium said clarity over Brexit was urgently required after falling sales in June came as a marked contrast to the bumper World Cup and weather-related activity of a year earlier. - Guardian

Ford's decision to close its Welsh engine factory was “not directly linked” to the possibility of a no-deal Brexit, its European boss said, but warned that failure to strike a deal could have “significant implications” for its remaining UK plants that employ 10,000 staff. Steven Armstrong highlighted the dangers to Ford’s commitment to its British operations during questioning by MPs on the Welsh Affairs Committee about plans to close its Bridgend engine plant with the loss of 1,700 jobs. - Telegraph

Half of all shopping will move online in the next decade, piling more pressure on traditional retailers that are struggling to adapt to the rise of digital commerce. By 2028 the oldest millennials will be approaching 50 years of age, meaning the generations that grew up with the internet will account for half of the adult population, according to Retail Economics. - Telegraph

The government had a “pervasive” influence over the strategy taken by a scandal-hit restructuring division of Royal Bank of Scotland that mistreated thousands of businesses, according to documents revealed in a legal claim against the bank. Court papers show that RBS executives complained that a division of the Treasury had pressured its Global Restructuring Group to use the bank’s contentious property unit to acquire customers’ assets. - The Times