Wednesday newspaper round-up: Retail workers, Metro Bank, Facebook, Wonga
Retail workers in Britain are more likely to face unemployment rather than finding another job amid mounting numbers of job losses on the high street, with younger staff hardest hit, according to a report. The study by the Resolution Foundation thinktank found the retail industry now has the highest rate of redundancies of any sector of the economy, amid the rapid rise of shop closures across the country. – Guardian
Metro Bank’s chief executive will give up an annual bonus that was previously worth £800,000 following a major accounting mistake that is now under investigation by City regulators. Craig Donaldson told the Guardian that he offered to resign after the mistake came to light, but will be staying after gaining the full support of the bank’s board, which is chaired by its American founder Vernon Hill. – Guardian
Over 80pc of Britons would support tougher regulation for Facebook, according to new research which reflects growing public support for a duty of care law being considered "very carefully" by ministers. Around 73pc of the 2,000 respondents said they felt Facebook damaged peoples' mental health while 70pc said fake news was damaging democracy. Only 4pc said they did not want any regulation imposed on Facebook. – Telegraph
MPs have argued that Wonga, the payday giant which collapsed last year, is continuing to damage people’s finances “from beyond the grave” as thousands of compensation claims go unanswered. Nicky Morgan, chairman of the influential Commons Treasury select committee, has demanded answers from Wonga’s administrators Grant Thornton amid concerns that those who had complaints open at the time of the company’s collapse are being ignored. – Telegraph
Business cannot prepare for a chaotic no-deal Brexit because there is not enough warehouse space in the UK for manufacturers to stockpile goods, Mark Carney has said. The governor of the Bank of England urged the government to secure a transition to prevent a cliff-edge Brexit, regardless of a deal. “Wherever we are headed, it would serve the economy well to have a transition period towards that new world,” he said. – The Times
President Trump lacks an understanding of economic policy and the role of the Federal Reserve, its former chairwoman has said. Janet Yellen said that Mr Trump would be unlikely even to know that the American central bank’s main goals, as assigned by Congress, were maximum employment and price stability. – The Times