WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

UK ART MARKET LOSES OUT TO CHINESE
Britain has lost its position as the world’s second largest art market to China, in a sign of intensifying competition and a shift in the geographical distribution of wealth towards Asia, according to a new study. The UK’s share of the global art market fell by 5 percentage points to 22 per cent in the four years to 2010.

FULLER’S XIX NOW VALUED AT $100M
Simon Fuller, creator of the American Idol television series, has signed Formula One driver Lewis Hamilton in his first deal since launching XIX Entertainment, his new media company that has secured investment in two deals valuing it at $100m.

The Daily Telegraph

SHOPPERS GET WISE TO DODGY PRICING
Research for furniture retailer CSL suggests consumers are no longer fooled by “dodgy pricing policies”. The study found that almost all consumers think furniture retailers are guilty of misleading pricing.

PAYE FIASCO: 10,000 HAVE TAX DEBTS CANCELLED
A quarter of those who appealed against last year’s shock tax demands from HM Revenue & Customs had their tax debts cancelled, it has emerged. David Gauke, a Treasury minister, disclosed that 23pc of those who used the “extra-statutory concession” A19 were successful.

THE TIMES

MCKINSEY SCRAMBLES TO LIMIT INSIDER TRIAL FALLOUT
McKinsey has launched a concerted effort to try to reassure clients and limit the damage to its reputation from its involvement in one of America’s biggest insider trading cases.

OBR CRITICISED OVER MISLEADING FISCAL FORECASTS
The OBR has come under fire for failing to include the projected value of asset sales in forecasts for the public finances. Andrew Tyrie, chairman of the Treasury Select Committee, said not including the estimated proceeds from assets such as the student loan portfolio “may give a misleading assessment” of the country’s finances.