Thursday newspaper round-up: LSE, tax break, Clarks
The London Stock Exchange is to consider lopping 90 minutes of the trading day in a bid to improve mental health and attract more women and working parents to a high-pressure environment known for gruelling hours. The LSE made the announcement after City lobby groups sent a letter to nine exchanges, including Germany’s Deutsche Boerse and the Amsterdam-headquartered Euronext, urging them to adopt the proposal. – Guardian
The former head of HM Revenue and Customs has called on the government to scrap a controversial tax break designed to help entrepreneurs, which he said was costing the country £2bn a year in lost tax yet provided “no incentive for real entrepreneurship”. Sir Edward Troup, who was executive chair of HMRC from 2016 until January 2018, said whichever party won the general election on 12 December should abolish the “entrepreneurs’ relief” applied to capital gains tax (CGT). – Guardian
Britain has dropped into the “relegation zone” of leading economies since the 2017 election as growth, investment and exports have fallen behind its peers, analysis shows. In the two years to June 2019, the UK has ranked 30th or worse among the Organisation for Economic Co-operation and Development’s 36 members in all three categories, according to work by the TUC. – The Times
Widening losses and a sharp fall in sales have prompted Clarks to warn that it is under “significant stress” and will make a “meaningful” number of store closures. The shoe retailer’s latest accounts reveal that losses widened to £82.9 million in the year to February 2, from £31 million previously. Sales fell by 6 per cent to £1.47 billion as it sold 20 million pairs of shoes last year, two million fewer than the year before. – The Times
One of the world’s leading trial law firms has begun accepting payment of its fees by bitcoin and other cryptocurrencies sparking concern about the potential risk of money laundering. Quinn Emanuel Urquhart & Sullivan said it is now accepting fee payments in bitcoin and other cryptocurrencies. - Telegraph