What the other papers say this morning


Push to relax terms of tech IPOs
A push to make it easier for high-growth technology companies to list in London will be launched by the government today. Ministers will put forward proposals including relaxing listing rules on the London Stock Exchange, allowing companies to list as little as 10 per cent of their business.

HMRC wins stamp duty battle
The government has won an important legal victory in its fight against stamp duty avoidance, in a blow to similar schemes used to dodge an estimated £170m of tax. A tribunal has ruled against a company that used “sub-sale” relief, originally designed to prevent double taxation, to avoid £290,000 of stamp duty on a 2006 purchase of a business park in Stockton-on-Tees.

Banks to charge less for Direct Line
Banks handling the flotation of Direct Line Group are to charge less than normal as they seek to breathe life into a moribund market for stock market launches. The banks stand to earn less than £20m, to be split between a 12-strong syndicate.


Monaco tax avoidance revealed
More than 2,000 Britons in Monaco are costing the UK economy £1bn a year in lost taxes. An investigation shows how an elite uses Monaco to reap the benefits of British assets and connections but escape the levies that apply to other citizens.

Slash and burn has hit growth
The coalition has inflicted unnecessary damage on growth by pursuing a deficit-reduction strategy that has crushed public investment, according to a report by Lombard Street Research.

The Daily Telegraph

JJB sale hit by HMRC investigation
The sale of beleagured retailer JJB Sports has been dealt a blow after details of a tax investigation emerged. It is alleged that the company wrongly charged VAT on children’s clothing including Manchester United and Liverpool FC replica football kits, dating back to 2006.

Blankfein opposes austerity
Lloyd Blankfein, the chief executive of Goldman Sachs, has said he is against austerity measures in the short term as the US fiscal cliff looms.


HP named in bribery case
German prosecutors named Hewlett-Packard in a criminal bribery case potentially exposing the computer maker to fines. The case alleges that executives paid kickbacks to win a contract from Russia’s Prosecutor General Office.

Liberty to bid for Telnet Group
Liberty Global to launch a tender offer for the nearly 50 per cent of Telenet Group that it doesn’t already own, valuing the Belgian cable firm at roughly $5.2bn (£3.2bn).