Wednesday newspaper round-up: Recession, tracing app, Intu Metrocentre
The chancellor, Rishi Sunak, has warned that Britain is facing a “severe recession, the likes of which we haven’t seen” and lasting economic damage from the coronavirus pandemic. In a downbeat assessment of the country’s economic prospects after a sharp rise in unemployment benefit claims, the chancellor warned a Lords committee it was “not obvious there will be an immediate bounceback” from recession. – Guardian
Plans to introduce coronavirus tracing have been hit by fresh uncertainty as it emerged that a mobile tracking app will not be ready until June. Matt Hancock, the health secretary, said last week that the app would be “rolling out in mid May” across England, but on Tuesday ministerial sources tried to downplay a system considered critical to control the disease as the country emerges from lockdown. – Guardian
Desperate companies are being blocked from accessing emergency support by Brussels state aid rules, according to business groups demanding more help from the Government. Business leaders, lawyers and turnaround experts have warned that European Union restrictions designed to stop countries bailing out failing firms are blocking rescues and putting thousands of jobs at risk. – Telegraph
Salt and pepper shakers will be removed from tables and drinkers banned from propping up the bar under plans aimed at allowing hospitality firms to reopen from July 4. The hotel buffet could also be a thing of the past, while tips will become digital to minimise the handling of notes which could harbour Covid-19. – Telegraph
Bondholders in one of Britain’s biggest shopping centres are preparing to appoint advisers this week as a battle looms over a financial restructuring. The owners of debt held against Intu Metrocentre will be holding talks about its future. The company is the direct owner of the shopping centre near Newcastle and a subsidiary of Intu Properties, which has warned it is on course to breach debt covenants. – The Times