Friday newspaper round-up: Stellantis, John Lewis, FRC

26th Jul 2024 07:22

(Sharecast News) - Rachel Reeves is expected to reveal a £20bn hole in government spending for essential public services on Monday, paving the way for potential tax rises in the autumn budget. Labour sources said the blame lay with the Tory government, describing it as a "shocking inheritance" and accusing the former chancellor of "presiding over a black hole and still campaigning for tax cuts". - Guardian

Britain's plans to create advanced devices based on the mind-bending physics of the quantum world have received a £100m boost, in a move ministers hope will have a transformative impact on healthcare, transport and national security. Peter Kyle, the science secretary has announced funds to establish five quantum technology hubs across England and Scotland. They will work with industry and government to develop and commercialise devices and ultimately drive a new economy. - Guardian

Stellantis is considering putting Italian carmaker Maserati up for sale after shipments halved, triggering a €349m (£294m) writedown on the brand. The owner of the Jeep, Peugeot and Vauxhall brands said revenues from its Maserati cars fell to €631m in the first six months of 2024, down from €1.3bn a year ago. - Telegraph

John Lewis has won approval for the first of its flagship housing developments after councillors shot down local opposition to approve the controversial scheme. The partnership has been granted permission to build 353 flats on top of a Waitrose store in Bromley, south-east London. Speaking at a planning meeting on Thursday, the development control committee chairman Alexa Michael said it was a "very finely balanced" case, but there was a "large need for housing". The scheme passed with a vote of 10 against 5, with one councillor abstaining. - Telegraph

Britain's accounting watchdog dished out a record amount in fines last year as it concluded a number of high-profile investigations, including into audits of Carillion and London Capital & Finance. The Financial Reporting Council, which oversees the nation's audit and accounting firms, issued financial sanctions totalling £48.2 million in the year to the end of March, surpassing the previous record of £46.5 million set in the 2021-22 financial year. - The Times