The Independent on Sunday: Critics of Big Four audit firms see evidence of 'closed shop'
Critics of the Big Four accountants believe that a Competition Commission inquiry has found the smoking gun that proves that the audit market is "a closed shop". Evidence published discreetly on the Competition Commission website showed that every FTSE 100 company that switched auditor between 2001 and 2011 did so just between KPMG, PricewaterhouseCoopers, Deloitte and Ernst & Young.
The Sunday Times: Directors urge Treasury to merge NI and income tax
Business leaders have overwhelmingly backed a call to merge national insurance with income tax to help reduce costs, drive up wages and create jobs. The support for a "radical" overhaul of the tax system, revealed in a survey of 1,125 businesses by the Institute of Directors, comes as the Treasury is considering how to simplify workers' taxes ahead of the Autumn Statement.
The Mail on Sunday: Barclay twins backed by Blackstone in battle for hotels
Blackstone has waded into the battle for control of three of London's top hotels – the Berkeley, Claridge's and the Connaught. The US fund management group is backing the twins Sir Frederick and Sir David Barclay, who are trying to wrest the Maybourne Hotel Group from the Irish property developer Paddy McKillen. Maybourne's fate will be decided in the next few weeks.
The Sunday Telegraph: Centrica set to bow out of nuclear power push in UK
Centrica, owner of British Gas, is expected to turn its back on building new nuclear power stations in Britain and focus its expansion in the US. It is expected to end its partnership with EDF Energy to build a new plant at Hinkley Point in Somerset in the new year. Only a change in government policy towards subsidising the next generation of nuclear plants would persuade Centrica to move back into the market.
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