IMF says UK austerity measures may have to be reviewed - papers

Government austerity measures may have to be rethought if the recovery slows, the International Monetary Fund (IMF) has warned.

The IMF approves of the coalition's "forceful" cuts, but said the risks around its own predictions for 1.7% growth this year and 2% next are "unusually large", the Telegraph reports.

"If there's a sharp and prolonged downturn in the economy, the pace of fiscal consolidation may need to be adapted," said Ajai Chopra, who led the IMF's annual UK review.

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World Bank head says G20 should heed gold price

The high price of gold reflects international unease about the strength of large developed economies, and must be taken seriously by the G20 nations, says the president of the World Bank.

Robert Zoellick says the increasing use of gold as a monetary asset was an "elephant in the room" that was being ignored by policymakers in the debate over how to correct global trade and fiscal imbalances, the FT reports.

The World Bank head added the search for an alternative to the weak currencies of much of the developed world underlined the need for a co-ordinated package of growth measures based on free trade and structural reforms.

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Goldman executive fired over violations

Goldman Sachs has fired its head of European block trading for violating internal policies and procedures, the Financial Times reports.

Alexandre Harfouche, a London-based managing director, was sacked for failing to make proper disclosures to the bank's compliance department, according to people familiar with the matter.

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MPs fume as Barnier rejects invite to hearing

The chairman of the Treasury Committee has written to the President of the European Commission to force Michel Barnier, the EU Commissioner for the Internal Market, to appear before MPs to explain his policies on the City.

Many in the financial services sector fear intrusive regulation, in stark contrast to the "light touch" enjoyed before the financial crisis, the Independent reports.

In his letter to Jose Manuel Barroso, Andrew Tyrie states: "The regulation of this sector is a matter for the commission at the highest level, all the more so since the banking crisis.

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