October 11, 2016 / 12:12 AM / a year ago

PRESS DIGEST- British Business - Oct 11

Oct 11 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

* Cabinet ministers are being warned that the Treasury could lose up to 66 billion pounds ($82.07 billion) a year in tax revenues under a "hard Brexit", according to leaked government papers. (bit.ly/2e1rq9r)

* The political mantra of protecting the NHS is damaging the health service because hospitals are used as an expensive way to look after the elderly, Stephen Dorrell, chairman of the NHS Confederation and a former Conservative health secretary, said. (bit.ly/2drLwnW)

The Guardian

* Uber's main British business paid only 411,000 pounds in tax last year while the commission fees from thousands of drivers in the UK disappeared into a controversial tax structure in the Netherlands. (bit.ly/2e1sWZk)

* Greece is on track to receive 2.8 billion euros ($3.14 billion) from its eurozone creditors by the end of October, after an agreement on Monday on the latest instalment of its multibillion-euro bailout. (bit.ly/2elbldJ)

The Telegraph

* The slump in sterling is a blessing in disguise after years of overvaluation and helps to break the corrosive stranglehold of the financial elites over the British economy, according to a former bail-out chief for the International Monetary Fund. (bit.ly/2d8dV1H)

* Manufacturing giant JCB is to end its membership of the Confederation of British Industry amid reports that the digger maker was unhappy with the lobby group's anti-Brexit stance. (bit.ly/2drKuse)

Sky News

* The fall of sterling combined with Brent crude oil hitting a 52-week high makes it a double whammy for petrol and diesel prices. Brian Madderson, chairman of the Petrol Retailers Association, warned "Motorists can expect increases of up to 4 or 5 pence per liter by the end of the month unless there are favourable corrections to the exchange rate and global oil prices. (bit.ly/2dLoXNm)

* Pure Gym Group, Britain's biggest health and fitness chain, will abort plans for a stock market flotation on Tuesday amid signs that turbulence in some financial markets is affecting investors' sentiment towards companies seeking to go public. (bit.ly/2e4NADG)

The Independent

* Deutsche Bank failed to reach a deal with U.S. authorities over a multi-billion dollar fine this past weekend, leading its shares to fall more than 3 per cent on the news on Monday morning. (ind.pn/2dWkZ2Y)

* The Nobel Prize for Economics has been won by a British-American and a Finn for their pioneering work on contract theory. Oliver Hart and Bengt Holmström were named by the Royal Swedish Academy of Sciences in Stockholm today. (ind.pn/2ejhiHW) ($1 = 0.8928 euros) ($1 = 0.8042 pounds) (Compiled by Shivam Srivastava in Bengaluru; Editing by Sandra Maler)

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