A vote in favor of a British exit from the European Union could require the U.K. government to implement emergency tax increases and fresh cuts to public spending, Treasury chief George Osborne will say Wednesday, as polls show support for exiting the EU is gaining ground, The Wall Street Journal reported. In a speech in southern England, Mr.

Retail tycoon Philip Green faces tough questions on Wednesday from British lawmakers when they hope to get to the bottom of why he sold department store chain BHS to Dominic Chappell, a serial bankrupt with no retail experience, Reuters reported. After more than a month of hearings into the demise of BHS, which put 11,000 jobs at risk and left a gaping pensions' deficit, the star witness is finally due to appear before a joint session of parliament's Business, and Work and Pensions select committees.

British retail tycoon Philip Green has called for the resignation of the chair of a lawmakers' committee probing the collapse of the BHS department store chain he used to own, accusing him of seeking to destroy the billionaire's reputation, Reuters reported. In March last year, TopShop-owner Green sold BHS to an investor group led by Dominic Chappell, a former bankrupt with no retail experience, for one pound. The 88-year-old business went into administration in April and is being wound down after administrators failed to find a buyer, threatening 11,000 jobs.

If the U.K. votes to leave the European Union, it is now clear it will be largely because a majority of Britons are no longer wiling to accept the right of EU citizens to live and work in the U.K., The Wall Street Journal reported in a commentary. The campaign was electrified by data published last month that showed a net 333,000 immigrants came to the U.K. in 2015—184,000 of them from the EU.

The chief executive of BHS told British lawmakers that Dominic Chappell, the former bankrupt who bought the company in 2015, threatened to kill him after being confronted about cash transferred out of the retailer that is now being wound down, Reuters reported. Appearing at a parliamentary hearing on Wednesday, CEO Darren Topp was scathing in his assessment of Chappell, whose Retail Acquisitions Ltd (RAL) bought BHS from billionaire Philip Green for 1 pound in March 2015.

UK banks' subordinated debt has tumbled as the threat of the country leaving the European Union later this month escalates, Reuters reported. Polls of polls on Sunday showed the Leave and Remain camps split down the middle at 50/50, shaking up those that have been counting on the UK staying in the EU. Additional Tier 1 bonds have dropped up to three points in the last week, while Tier 2 debt has also taken a knock.

Sterling dropped to a three-week low versus the dollar yesterday after polls showed that Britons favoured quitting the European Union, the Irish Times reported. That revived concerns that the June 23rd referendum may throw global markets into turmoil and undermine confidence in the EU. Meanwhile, 93 per cent of Irish chief executives believe a British exit from the EU is the top threat for businesses here, according to a survey by PwC.

U.K. regulators are making inquiries into Credit Suisse Group AG’s and Russian bank VTB Group’s handling of hundreds of millions of dollars of debt the banks arranged for the purchase of boats and military equipment for state-backed companies in Mozambique, people familiar with the matter said, The Wall Street Journal reported. Meanwhile, the southern African country has brought in a prominent debt-restructuring specialist to advise on whether it should keep making payments on some related loans, other people familiar with the matter said.

British department stores group BHS is to be wound down after administrators failed to find a buyer for the 88-year-old chain, threatening over 10,000 jobs and creating huge vacant sites in town centres struggling to cope with changing shopping habits, Reuters reported. The failure to find a buyer will likely increase the focus on previous owner, billionaire Philip Green, who sold the chain to a group of little-known investors led by a previous bankrupt called Dominic Chappell for one pound in March 2015.

Just as many Britons feel emotionally apart and even alien from Europe, so they see the European Union as an opaque, bewildering abstraction, a mysterious bureaucratic behemoth that hoovers up their money and independence while giving little (or nothing) in return, the International New York Times reported. British understanding of its workings and purpose has not been helped by the over-the-top arguments being thrown around in the debate over the referendum, set for June 23.