Our papers round-up: Europe/tax/bank pay

Whilst the president of the European Commission remains upbeat on Europe’s economic credentials, the IMF warns of a worrying global downward spiral and RBS faces the prospect of a billion-dollar damages bill. We round up today’s papers for you.

BBC

Europe will not slide back into recession, and the euro remains "strong and resilient", the president of the European Commission has said. MORE...

Telegraph

The International Monetary Fund has called on the US and Europe to abandon fiscal austerity and switch to stimulus measures, warning that the global economy faces a "threatening downward spiral". MORE...

Royal Bank of Scotland could be left facing billions of dollars worth of damages after US regulators rounded on the world's largest banks for their role in the sale of toxic mortgage debt. MORE...

Independent

Small businessmen tempted by the idea that bankruptcy may be an easy solution to their difficulties are being targeted by HM Revenue & Customs officials who have become increasingly concerned about unpaid taxes, according to a leading law firm. MORE...

Guardian

Banks should be forced to publish the level of average pay and bonuses at each tier of management to prevent women being short-changed in the male-dominated world of the City, two Tory backbenchers argue in a new book. MORE...

Mail

George Osborne has warned controversial reforms to Britain's planning system are ‘imperative' for Britain's economy. MORE...

The high street has recorded its worst results in two years, as the effects of last month's riots took a heavy toll on retailers. MORE...

Bloomberg

Oil declined for a second day in New York as investors speculated that signs the Chinese and U.S. economies are weakening indicate fuel demand will falter in the world's biggest crude-consuming nations. MORE...