Friday newspaper round-up: Nissan, Brexit, landlords
The British government has rejected a Freedom of Information request to release a letter from Greg Clark, the business secretary, that encouraged the Japanese carmaker Nissan to invest in its factory in Sunderland despite the uncertainty over Brexit. The Department for Business, Energy and Industrial Strategy (BEIS) said it would consider where there is a “public interest” in making the letter public but said it rejected the request because the details are commercially sensitive. – Financial Times
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Theresa May was given a warning shot on Brexit after the pro-European Liberal Democrats staged a major upset at the Richmond Park by-election in south-west London, overturning a 23,000 majority. The victor, Sarah Olney, hailed the result as a defeat for “the politics of anger” and a rejection of a “hard Brexit”. – Financial Times
Andorran lawmakers have agreed to end banking secrecy in the Pyrenees mountains principality, approving automatic sharing of information on accounts held by non-residents. The General Council, Andorra’s unicameral parliament, approved a measure that will come into effect from January 2018 for accounts held by people from EU countries. – Guardian
Buy to let landlords are scrambling to avoid the impact of tax changes that come into effect next year, a report has found. The Buy to Let Britain report found landlords were restructuring their portfolios to escape higher taxes on their rental income, which will be phased in from April 2017. Some landlords have set up limited companies, it said, while others have increased rents or transferred properties to family members. – Guardian
Britain's vote to leave the European Union has had no effect on the majority of shoppers Christmas spending plans, according to fresh figures. The average UK adult expects to spend £280 on Christmas gifts this year, according to a survey by PwC of 2,000 shoppers across the country. – Telegraph
The Bank of Italy’s liabilities to the rest of the eurozone hit a record in October as capital continued to leak out of the country, a sign that the currency bloc remains deeply fragmented despite the efforts of the European Central Bank. Italy’s imbalances within the ECB’s Target2 payments nexus rose to €355bn (£300bn). The tally is now higher than it was during the white heat of the eurozone debt crisis and is approaching 20pc of Italian GDP. “By some of the standard definitions, these are crisis-level reserve losses,” said Harvard professor Carmen Reinhart. - Telegraph
The financial regulator has been seeking a rescuer for Manchester Building Society but has been turned down by Nationwide, Britain’s largest society. The Prudential Regulation Authority has been trying to find ways in recent weeks to save the Manchester, which has 18,000 savers including a few with deposits of more than the £75,000 guaranteed by the government. The society also has 3,000 borrowers. – The Times
Asos became the victim of the latest investor revolt over pay yesterday as a third of shareholders moved to veto the online fashion retailer’s annual remuneration report. Details from the retailer’s annual meeting yesterday show that close to 14 million votes, or 33.28 per cent, were cast against the group’s pay while a further 811,793 votes were withheld. It was not clear which shareholders objected but it is possible that such a high vote could have included Bestseller group, the Danish retailer that owns 27.6 per cent of Asos and is the largest shareholder. Bestseller could not be reached for comment. – The Times