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Sunday Papers: Public sector retirement bill soars to £1.8 trillion

And BT plots raid on 80,000 pensioners as the telecoms giant has moved to court to fill £14 billion black hole in retirement scheme.

 

Top stories

  • The Sunday Times: The bill for public sector pensions has soared by 30% over the past year to more than £1.8 trillion - almost equal to the annual output of the entire economy.
  • The Sunday Times: BT is seeking to cut payouts for about 80,000 members of its final salary pension plan in an attempt to fill an estimated £14 billion hole in the scheme.
  • The Sunday Telegraph: Uber's arch-rival Lyft has paved the way for a possible move into the UK that could see it directly challenge its US counterpart on London’s streets and pile more misery on the ride-hailing giant.
  • The Observer: The Treasury has hit back at warnings by the credit ratings agency Moody’s that the likelihood of a hard Brexit and a squeeze on the public finances would damage the UK economy’s long-term health.
  • Mail on Sunday: Small businesses that say they were mis-sold loans by Clydesdale Bank are preparing to sue the lender for up to £1 billion.

Business and economics

  • The Sunday Times: Britain must finalise a Brexit transition deal with the EU by the end of the year “at the latest” to curb an exodus of jobs from the City, according to the country’s top banking trade body.
  • The Sunday Telegraph: Bratz doll maker MGA Entertainment, Hatchimals manufacturer Spin Master and Sylvanian Families owner Epoch thrown the embattled American chain Toys R Us a lifeline by vowing to continue supplying it after tumbling into bankruptcy protection.
  • The Observer: Workers at the Ritzy cinema in Brixton, south London, will go on strike again on Saturday as a dispute over pay enters its second year.
  • Mail on Sunday: Sales at German discounter Aldi have soared past £8 billion for the first time after more than doubling in size in four years, the company is expected to reveal this week.
  • Mail on Sunday: Currency fluctuations boosted business at Sir Rocco Forte’s luxury hotel chain last year as the company continued to expand across Europe and Asia.
  • The Sunday Telegraph: Rigby Group, one of Britain’s biggest privately owned businesses, has posted record sales after a “stellar year” and paid out a £6m dividend to the founding family.
  • The Sunday Times: Tullow Oil shares are expected to jump tomorrow after an international tribunal ruling paved the way for the explorer to begin new drilling on a $5 billion project in west Africa.
  • Mail on Sunday: Boeing is refusing to withdraw its claim that Canadian-owned Bombardier broke the law by selling aircraft at below cost price.
  • The Sunday Times: A drop in sponsorship income and prize money led to the Surrey-based McLaren Formula One company turning in a £6 million loss last year, against a £4 million profit in 2015.
  • Mail on Sunday: Mining giant BHP Billiton has cut its chairman’s annual pay and clamped down on perks that allowed the spouses of non- executive board members to go on business trips.
  • The Sunday Telegraph: There are mounting fears over the future of one of Britain’s oldest engineers Doncasters after auditors raised concerns about its ballooning debts and the intentions of its Dubai owner.
  • The Sunday Times: Sir Vince Cable has called for a “proper public interest test” for overseas takeovers after the £550 million acquisition of British chip designer Imagination Technologies by a Chinese-backed buyout firm.

Share tips, comment and bids

  • The Sunday Telegraph (Questor share tips): Questor: as financial services group Old Mutual splits, there are opportunities aplenty.
  • Mail on Sunday (Midas share tips): As banks retreat the time is ripe for alternative lender 1pm.
  • The Sunday Telegraph: Troubled support services company Carillion is expected to hoist the for sale sign over some of its Middle Eastern operations as new boss Keith Cochrane outlines his plan to haul the company back from the brink.
  • The Sunday Telegraph: Credit checking agency Experian is eyeing up a slice of London & Country Mortgages as the firm tries to sell a chunk of itself ahead of a potential float which could be worth up to £300 million.
  • The Observer (Comment): The markets are betting on an interest rate rise. I'm not so sure.

3 comments so far. Why not have your say?

Mark Stringer

Sep 24, 2017 at 10:49

Isn't Imagination Technologies now going to the Americans rather than the Chinese.

report this

PaulSh

Sep 24, 2017 at 12:16

They are going to Canyon Bridge, which although headquartered in the US, is backed by Chinese money.

report this

Mark Stringer

Sep 24, 2017 at 12:44

Thanks.

Shame we lost them.

report this

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