Tuesday newspaper round-up: HS2, retailers, pension tax relief
Boris Johnson is poised to give the formal go-ahead to the HS2 project on Tuesday, with ministers promising an additional £5bn on buses and cycle routes to head off critics who fear the troubled high-speed rail line will suck cash from other priorities. Before the expected announcement giving the green light to the vast infrastructure project, Johnson will claim that his government will offer bus passengers outside London a more frequent service and simpler fares, as part of his agenda to “level up” the UK. – Guardian
Britain’s retailers have yet to benefit from any post-election pickup in the economy amid signs that thrifty and environmentally aware consumers are reluctant to part with their money. While business surveys have detected a “Boris bounce” after the decisive Conservative victory in December’s vote, the British Retail Consortium (BRC) said there had been only the faintest evidence that spending habits had changed. – Guardian
Millions of savers could lose hundreds of thousands of pounds in potential pensions savings if proposed changes to pension tax relief, which could be announced at the Budget, comes into force. Sajid Javid, the Chancellor, is considering plans to limit tax relief on pension contributions to 20pc, as revealed by The Sunday Telegraph. – Telegraph
The property industry is facing an audit-style shake-up by its regulator after scrutiny of potential conflicts of interest at the biggest advisory firms. The Royal Institution of Chartered Surveyors told The Times that it was reviewing its ethical standards for the sector amid “changing public expectations over the independence of professionals”. – The Times
The government has backed down in a row with businesses over the minimum wage after agreeing that employers who inadvertently breach the rules by offering savings and benefit schemes for staff will no longer be fined. The business department said that companies offering salary sacrifice schemes, whereby employees exchange part of their pay in return for benefits such as childcare vouchers or additional pension contributions, would not face financial penalties where participation results in pay falling below the minimum wage. - The Times