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Thursday newspaper round-up: Brexit transition, max-fac, autos, Barclays
Theresa May will ask the European Union for a second Brexit transition period to run until 2023 to avoid a hard border in Ireland. Britain will propose another transition covering customs and trade that will follow the period already agreed, scheduled to last until the end of 2020. - The Times
The post-Brexit customs model favoured by Boris Johnson, Liam Fox and Michael Gove could cost business as much as £20bn a year, the head of HMRC has said, a verdict that delivers a huge blow to the Brexiters' hopes of a complete departure from the customs union. Jon Thompson told the Treasury select committee that their preferred "max-fac" model, which relies on technology and trusted trader schemes to minimise border checks, would be substantially more expensive than the alternative. - Guardian
The Trump administration has launched a national security investigation into car and truck imports that could lead to new US tariffs similar to those imposed on imported steel and aluminium in March. The commerce department said the investigation under Section 232 of the Trade Expansion Act of 1962 would investigate whether vehicle and parts imports were threatening the industry's health and ability to research and develop new, advanced technologies. - Guardian
A rift has emerged at the top of Barclays between its chief executive and chairman after speculation that the bank is considering a bid for Standard Chartered to create a global financial giant worth more than £60 billion. John McFarlane, Barclays' chairman, is understood to have explored a bid for the emerging markets-focused bank and held informal conversations about it. - The Times
Income tax will have to go up by 10p in the pound within 15 years to pay for long-term improvement in the NHS, a study says today. Health spending must increase from £154 billion today to £249 billion in 2034, or 3.3 per cent a year, just to maintain the level of service at present, according to the Institute for Fiscal Studies (IFS). - The Times
Bovis Homes has suffered a sizeable shareholder revolt over the pay package it awarded its interim chief executive for fighting off two hostile takeover bids and steadying the business after a scandal over badly built homes. At the housebuilder's annual meeting at the Spa Hotel in Tunbridge Wells, 37.6% of shareholders voted against the Bovis remuneration report but it was passed with the backing of 62.4% of investors. - Guardian
Britain is poised to demand the EU repays up to a £1 billion if the bloc continues to force British companies out of the Galileo satellite navigation system. Whitehall sources said that the The Department for Exiting the Union will on Thursday publish an uncompromising paper on the Galileo project that will now raise the prospect of Britain recovering its investment in the project. - Telegraph
Uber is to shut down its self-driving car programme in Arizona after one of its cars killed a pedestrian there in March. The company will focus its research efforts on Pittsburgh, where a number of AI car projects, including Ford's Argo AI program and Google's Waymo, are centred. Uber will also continue to test in San Francisco, where the company has its headquarters. - Guardian
Takeaway website Just Eat has enlisted former Dragons' Den star Sarah Willingham to offer help and advice to the 29,000 restaurants signed up to its service. The takeaway website reckons that more than half of these businesses could increase their sales by 5pc - or £1.1bn in aggregate - by 2023, boosting the country's economy and creating 55,000 jobs, with a bit of help. - Telegraph
An intensive pig farm that supplies Tesco and other leading retailers is being investigated over allegations of cruelty after workers were secretly filmed kicking and beating terrified animals. The video shows shocking scenes of animal abuse at Fir Tree pig farm in Lincolnshire, where about 10,000 pigs spend their entire lives indoors. - The Times
The Saudi-led blockade of Qatar risks setting a precedent that could spread to other parts of the world including Europe, the boss of Qatar Airways warned. Akbar Al Baker said the "illegal" sanctions, which the Saudis claim are a reaction to Qatar's alleged support for terror groups, could be aped by other countries seeking to enact political retribution. - Telegraph