A to Z of the Sunday newspapers

By This Is Money
Updated: 11:41 EDT, 17 April 2011

We round-up what the Sunday newspapers are saying, including a digest of today's Financial Mail

Financial Mail on Sunday

Today's news essentials

George Osborne is set for euro bailout row

George Osborne wants the European Union's bailout rules re-written to spare British taxpayers from ever again having to bankroll the rescue of a member of the single currency.

The Chancellor is telling fellow EU finance ministers that the notorious Article 122 of the European treaty should be 'clarified' and returned to its original purpose of helping member states suffering from natural disasters.

'We are determined that it should not be used again as a cover for bailouts,' said a source close to Osborne, who is in Washington for the Spring meeting of the International Monetary Fund.

Lloyds fury over threat to sell more branches

Lloyds Banking Group is demanding that the Independent Commission on Banking proves the bank's market dominance is hurting consumers before it will consider selling off more branches.

The group was singled out by the ICB in its 200-page report last week and is furious at its findings.

Anger inside the bank appears to be growing rather than fading. One Lloyds insider said this weekend: 'We are happy to go and see them, but what we want is for them to show us the evidence.'

Profits at Tesco up to £3.7bn

Britain's biggest retailer, Tesco, is this week expected to cut through the gloom of the sector by revealing a surge in profits and sales that have smashed through the £60bn barrier in the past year.

The supermarket giant will report profits growth in the year to February of about 10% to £3.7bn, a figure greater than its three main rivals – Asda, Sainsbury's and Morrisons – combined.

Tesco is also expected to report renewed vigour in its international markets, which include Eastern Europe, Asia and the US, and confirm that its Personal Finance division is helping to bolster its performance at home.

Bank shake-up could hit share values

Leading bank shareholders have warned that Independent Commission on Banking plans to ring-fence retail operations could have a serious effect on their share values, despite early claims that it had let them off the hook.

The ICB's interim report was slammed by critics of the banking system for not requiring a complete split between retail banking and investment banking - often dubbed 'casino' banking.

Instead, the report suggested ring-fencing retail banking, but leaves details to be considered over the next six months.

Goldman accused of 'the big short'

At the time it seemed just like any other meeting on the 30th floor of Goldman Sachs' New York headquarters.

But now it is revealed as a pivotal moment for the most famous of investment banks - and the financial meltdown that still grips the world.

Today's personal finance essentials

Pension pain costing billions starts now

Tomorrow, unions representing the police and millions of other public workers will launch a legal challenge to Government changes in the way their pensions are calculated.

They are joining the growing number fighting the impact of linking increases in their pensions to rises in consumer, not retail prices. The switch to a lower measure of inflation will cost the average worker 15% of their retirement income.

HMRC chiefs demand tax with menaces

HH Revenue chiefs were accused of acting like 'thugs' yesterday by threatening to seize the cars and televisions of people who owe tax and sell them for a pittance.

In a secret crackdown designed to humiliate those who fail to settle unpaid tax bills, HMRC has adopted a provocative twintrack approach to those do not pay up promptly.

It involves: A menacing threat to seize their possessions and auction them off publicly for a fraction of their real value.

Isas fail to pay rates above inflation

There are no cash Isas that pay rates above inflation, as measured by the higher Retail Price Index, which is 5.3%.

And although there are 25 cash Isas that pay 4% or more – this is the level of the lower inflation measure, CPI – to get this return savers must meet onerous terms, in many cases committing their money for five years.

House prices may fall by up to 25%

House prices are set to plunge by between 20 and 25% by the end of next year, a leading consultancy will warn tomorrow.

Clients of CheckRisk, the specialist investment strategy adviser, will be told that several trends will send property prices tumbling.

These include rising interest rates and inflation, worsening job prospects, the high levels of public and private debt and reduced mortgage lending.

Take the heat out of soaring energy bills

Householders are being urged to switch to a cheaper energy supplier, and even consider fixing their bills, as six of the lowest tariffs have been pulled in anticipation of higher costs.

Atlantic Energy, owned by Scottish and Southern Energy, and EDF have withdrawn competitive fixed-rate deals while npower has pulled its most attractive online dual-fuel deal.

Sunday Telegraph

BP 'must be shrunk considerably'

Investors are calling for BP to extend its $30bn programme of assets sales as shareholder anger over its failed Rosneft deal mounts.

Barclays investors want move to New York

A group of major shareholders in Barclays has made it clear that it would prefer the British bank to be domiciled outside the UK.

Britain 'will not join eurozone bail-out fund'

Britain will not be part of any future eurozone bail-out fund, officials from the UK have told their European counterparts in the face of pressure to back a new safety net for troubled countries from 2013.

Government picks US companies over UK firms

David Cameron's “Start up Britain” enterprise campaign has been criticised after it emerged that two US companies operate one of its flagship small business engagement websites.

Sunday Times

Taxpayer backs RBS bonus

Despite public criticism the controversial £7.7m pay package awarded to Stephen Hester is expected to be rubber-stamped this week

Southern Cross rent plea

The care home provider has warned its landlords they must cut rents by a quarter or see the company collapse into administration

BA pension row's third victim

Another trustee leaves the airline's downgraded scheme, claiming that political meddling was harming the private company's retired staff

Observer

IMF clashes with Osborne over refusal to back eurozone bailout

The International Monetary Fund (IMF) is on a collision course with chancellor George Osborne and Bank of England governor Mervyn King after the Washington-based agency voiced concern over Britain's refusal to support a funding package to tackle the eurozone crisis.

Reckitt faces £90m payout over its Gaviscon 'secret plan'

Andrew Lansley is set to sue the drugs company over a scheme that, it is claimed, exposed the NHS to 'excess costs'

BA and union chiefs to hold talks this week

Senior figures at British Airways and the Unite trade union will meet this week in the latest attempt to solve the long-running cabin crew industrial dispute.

Independent on Sunday

BP's 'scapegoat' strikes it rich with Rothschild & Co

As the first anniversary of the Gulf of Mexico oil disaster approaches, the former BP boss Tony Hayward could be forgiven for wishing to see the back of 12 months in which he was dubbed America's "most hated" for his mishandling of the event.

Goldman 'furious' as Glencore leaves bank out of $60bn listing

Goldman Sachs is said to be furious at being left out of the lucrative flotation of Glencore, the giant commodities trader which will make history when it becomes the biggest company to list on the London Stock Exchange for $60bn to be immediately propelled into the FTSE 100 index.