1 Uber is avoiding about £40 million in tax a year by exploiting a loophole in VAT rules, it has emerged. The technicality allows Uber to shift responsibility for VAT payments to its 40,000 drivers, allowing the company to keep its full share of the estimated £200 million fees it generates annually. Margaret Hodge, former chairwoman of the public accounts committee, said it was “yet another example of how large companies find loopholes” to avoid paying tax.
2 House prices are rising at the slowest pace in four years, according to Halifax. Prices rose by an average of 3.3 per cent in the year to May to £220,706, the lowest level of growth since 2013. Estate agents reported a “lacklustre” environment, with buyer inquiries and sales falling. The slowdown extended to the rental market, with Home Let saying that its data suggested rents had fallen.
3 British shareholders in Santander will be asked to dig deep to fund the multibillion-euro rescue of Banco Popular, the failing Spanish lender that the European Central Bank has warned would collapse without support.
4 Top shareholders in WPP have attacked the company’s failure to put in place a proper succession plan for the chief executive, mounting a fresh rebellion over pay and governance at the global advertising group.
5 The Greek government has rejected a compromise proposal by the International Monetary Fund to resolve the impasse over the country’s debts, raising the possibility of a sovereign default within weeks.
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6 A leading global economic think tank has dealt the Conservatives a double blow on the eve of the election by warning that growth is slowing and endorsing opposition plans for debt-fuelled spending.
7 A jump in crude stockpiles in the United States sent the price of oil down by more than 4 per cent amid fears that diplomatic tension in the Middle East could hamper Opec’s plans to cut production.
8 The world’s largest mining companies slashed investment in expansion last year as they swung back to profit and paid off debts. The 40 biggest miners made a $20 billion net profit compared with a $28 billion loss in 2015.
9 A small group of Royal Bank of Scotland shareholders who have yet to accept a settlement over the bank’s 2008 rights issue have been given until July to prove that they can fund the continuation of their claims.
10 Windy weather helped to push Britain’s renewable energy output to a record high. Wind turbines, solar panels, biomass plants and hydro-electric plants generated 19.3 gigawatts of power between 12.30pm and 1pm, Drax said.