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News Daily: Brexit banks offer and Trump wins on tax

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Brexit: UK plans to soften impact on European banks

The Bank of England will reveal plans later to allow European banks to operate as normal in the UK after Brexit amid concerns over the effect on the economy if they pull out. BBC business editor Simon Jack has learned that this offer will include letting them continue to offer money to business and each other under existing rules. This would even apply if no post-Brexit trade deal is reached between the UK and the EU, the Bank will say.

The move comes after the EU's chief Brexit negotiator, Michel Barnier, said there couldn't be a special trade agreement solely for financial services. So, why is the UK allowing access to be maintained in such circumstances? According to a government source, there are three reasons: jobs, tax revenues from the City of London and the fact the services banks sell overseas count as UK exports.

The BBC's Daily Politics took a look - prior to the Bank of England's announcement - at whether banks could move their headquarters from the UK.

Trump gets tax overhaul through Congress

Donald Trump has had a big win in Congress. After months of wrangling, the House of Representatives and the Senate have voted to pass the US president's planned overhaul of the tax system, meaning it will become law very soon. Critics say it will benefit only the rich, but supporters argue that tax cuts for businesses and individuals will boost the economy. BBC business reporter Natalie Sherman asks whether Mr Trump's plans will prompt an international tax war.

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Met to review all ongoing sex crime investigations

The Metropolitan Police has announced it's going to review all its ongoing sex crime investigations, following the collapse of two rape trials in a week. Last week, the trial of student Liam Allan collapsed because of the late disclosure of evidence. He says he plans to sue the Met. And, on Tuesday, prosecutors dropped a case against a man charged with raping a child under 16, after police handed over "relevant" evidence within the previous few days.

Why is the UK so very keen on Christmas?

By William Dahlgreen, Alex Regan and David Wyllie, BBC News

It's the country where the character Ebenezer Scrooge was invented, the man who would scoff "bah humbug" at any Christmas revellers. But Brits aren't like him, according to Google. The search engine claims they make more Christmas searches than anywhere else in the world. Whether it's looking for mince pie recipes or hunting down the perfect tree decorations, the UK seems to be Christmas-obsessed.

Read the full article

What the papers say

The Daily Telegraph and the Guardian lead on the Metropolitan Police's review of all ongoing sex crime investigations. The former warns against "chasing" conviction targets, while the latter calls the situation a "huge embarrassment". Meanwhile, the Sun and Mirror report on police action against an alleged bomb plot, including raids on addresses in Sheffield, Chesterfield and Derbyshire. And the Daily Mail and Daily Express focus on local authority budget caps being lifted. The Mail's headline is: "Merry Xmas! Council tax bills up £100."

Daily digest

'Christmas terror plot' Police to resume searches of two properties

'National crisis' MPs warn of scale of homelessness in England

US crash Derailed train lacked automatic safety system

52 weeks, 52 questions It's time to get going on our giant quiz of 2017

If you see one thing today

The great London smog

If you listen to one thing today

Image copyright Colin Davison

Viz: An unfeasibly large success

If you read one thing today

Image copyright Smile

The cancer patient helping others find work

Lookahead

Today A special trip to Disneyland Paris for families affected by the Manchester Arena bombing takes place, organised by the Red Cross and British Airways.

15:15 Prime Minister Theresa May appears before Parliament's Liaison Committee, made up of senior MPs, with subjects including Brexit, sexual harassment and social care likely to be discussed.

On this day

1979 The government publishes a parliamentary bill aimed at giving council tenants the right to buy their own homes.

From elsewhere

'If there's no water, what's the point?' Female farmers in Arizona (Guardian)

A glacier disappears in Alaska (The Atlantic)

Six tips for an illness-free Christmas (Daily Mail)

Luke Skywalker finally becomes cool (New Yorker)

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