Please see below a round up of this weekend’s newspapers: Growth figures slashed as euro crisis deepens The Bank of England has been forced to cut growth forecasts to 1% amid fears of double-dip recession brought on by the eurozone crisis. Sir Mervyn King will this week be forced to slash his growth forecasts yet again as fears grow that the eurozone crisis will drag Britain into a double-dip recession. Just three months ago, the Bank of England governor said that the economy would grow by 1.5% this year. This week, the Bank is expected to cut that figure to 1%, and to issue a gloomy prognosis for next year. In August, the Bank thought 2012 would bring a 2.1% upturn — forecasters now think that prediction will be cut to about 1%. Official figures published on Wednesday are also expected to show that the number of 16- to 24-year-olds out of work has passed the 1m mark for the first time since records began in 1992. There is expected to be a big rise in the headline unemployment rate, too. The crisis sweeping through the eurozone has deepened the downturn in the economy. In its last inflation report, the Bank said it believed the economy would now be growing at an annualised rate of about 2%. The current quarter is expected to show no growth at all. Sunday Times Sunday Telegraph Mail on Sunday Osborne’s £50bn plan for growth The government is planning a large infrastructure programme in a bid for private sector money to boost the flagging economy. Ministers are drawing up plans for a £50bn housing and road-building boom amid new fears Britain is heading for a double-dip recession. George Osborne, the chancellor, wants to harness vast sums of private sector money held by pension fund managers and insurance companies to fund a “wartime” infrastructure programme to boost the flagging recovery. A dramatic growth plan being devised by the Treasury and the Department for Business, Innovation and Skills is designed to prompt a surge of housebuilding and public sector construction projects, including power stations, social housing, super-fast broadband and toll roads. This will be on top of 40 infrastructure projects already in the pipeline, including rail, road and national grid improvements, which ministers say they will accelerate. The government hopes private investors, frustrated by low returns from traditional state bonds, will be tempted to pour cash into the infrastructure schemes. In return they will get the proceeds from tolls, rents and energy bills. Sunday Times Barclays offloads private equity Early Learning Centres, Gaucho Grill restaurants, the women’s wear chains Hobbs and Phase Eight, Kurt Geiger shoe shops and Swarfega, maker of the green hand-cleansing gunk loved by mechanics ... all have passed through the hands of Barclays Private Equity. And now, after 38 years as a unit of Barclays, the unquoted investment business that has backed scores of managers in buying businesses from their employers has itself been bought out by its own executives. After yesterday’s management buyout from the bank, the unit was promptly renamed Equistone Partners Europe. After a year of negotiations, the 35 investment executives, led by the Frenchman Guillaume Jacqueau, are understood to be paying a peppercorn sum for the business but may make larger performance-related payments over the next three to four years in an earn-out arrangement. Discouraged by higher capital costs and more volatility in returns, Barclays decided to bail out of private equity. The spectacular returns once common in buyout finance ended with the era of cheap debt in the summer of 2007. The bank will continue to invest as principal in the three funds managed by Equistone, in which about €4bn has been invested. Equistone is understood to have scooped €500m of new money for a new fund. The buyout was contingent on the success of this initial fundraising. The Times The Independent Daily Telegraph Joe Lewis opens Mayfair office Joe Lewis has opened a Mayfair office to sell luxury property on a Tiger Woods-backed Bahamas site to Europeans. The billionaire, who abandoned a takeover of Mitchells & Butlers, has launched the development and pre-construction sales programme of his luxury marina homes. Prices start at $4m (£2.5m). Sunday Telegraph Takeaway for Corbin and King What’s the next trick from that dynamic duo of the restaurant game, Chris Corbin and Jeremy King? It may be something quite unexpected — takeaways. The pair made their name with the Ivy and are now proprietors of the Wolseley on London’s Piccadilly. Their next venture, the Delaunay, is due to open in a few weeks in the heart of the capital’s theatre district. Intriguingly, accounts for the duo’s business — which, by the way, notched up a £2.9m profit last year — reveal that their new dining emporium will have a takeaway. An industry mole tells me there will be a counter from which the glamorous and peckish will be able to carry out cream teas, sandwiches, salads and the restaurateurs’ famous chicken soup. This could be the ideal solution to the problem of getting a table at Corbin and King’s establishments, which are normally booked up weeks in advance. Sunday Times Investor tucks into Greggs Dina Iordanova focuses on Greggs: “As some investment experts recommend, I have recently been looking for trading opportunities in my daily travels. I had to go out to Glasgow on business one day. I was headed for an office building several blocks from the Queen Street station. I got off the train at around 11.30am and, walking the short distance, I could not fail to notice that there was a Greggs shop on almost every corner on my route. Or rather, I could not fail to smell them: the familiar aroma of steak and onion pasties or bean-covered pies hung in the air between the buildings. Sometimes, there were even two shops within a block! Each and every shop was packed, and the small crowd lining up to buy their daily portion of cheap comfort food extended as far as the pavement. I cannot recall having seen such a high concentration of fast food chains. I probably passed about seven or eight Greggs bakeries during this six-block walk, and business seemed to be booming at all of them. So I decided to check the financials – and concluded that Greggs may be the company that I next buy into. Its share price, which now stands around 511p, has climbed steadily and is up nearly 15% over the past year. It has also paid dividends twice, worth 18.5p – which is nearly a 4% yield. I cannot see the company suffering a drop in business any time soon. Like another company that has done well for me – the New York-listed cut-price retailer TK Maxx, which is up nearly 30% over the year – I expect Greggs’ share price to go even higher.” FT Weekend Former tycoon Sean Quinn declares bankruptcy Former billionaire Sean Quinn today declared himself bankrupt at Belfast’s High Court. It took the County Fermanagh figure, once Ireland’s richest man, 30 years to amass a billion pound fortune in glass, cement, hotels, insurance and a multitude of other business interests after starting out extracting gravel on the family farm in Derrylin in 1973 — and just 15 minutes to go bust this morning. A court declaration signalled a drastic change in fortune for a renowned figure who was the island’s wealthiest businessman up until just three years ago. A gamble on so-called ‘contracts for difference’ with lender Anglo Irish Bank four years ago has led to the financial ruin of a man who has commanded deep affection for creating hundreds of jobs in his native county, 5,000 Ireland-wide and whose business is said to have contributed over €1bn in tax revenues in the Republic. The Times Daily Mail Small firms fairing better Britain’s small and medium enterprises are faring better now than they were six months ago. The latest biannual SME trends index from Hilton-Baird Financial Solutions reveals that the health of many small firms has improved despite the dire economic climate. The index, which uses factors including tax arrears, bad debt levels, turnover and profitability to calculate the financial strength of businesses, found that it reached 0.46 in October, up from 0.35 in April. Mail on Sunday Fear of failure deters start-ups A quarter of all workers believe they have a good chance of setting up a new business where they live – but the fear of failure stops them, according to Business Link, the online agency providing start-ups with advice. Business Link, which launches its new online service tomorrow, estimates that if only 1% of all workers started a new business in their locality, the UK economy would be boosted by £33m if each individual made a profit of £1,000. If 5% overcame their fear and took a leap into entrepreneurialism, then the injection would be £163m. If all of them took the leap, the benefit would be £3.25bn. Independent on Sunday Shoppers focus on price discounts The level of promotions in the UK grocery sector has tripled in the last month and moved decisively towards straight price discounts, underlining the huge pressure on household budgets. Research by the accountancy firm PwC found on average nine of its 20 Christmas items – equal to 45% –were on promotion between 5 and 6 November. This compares with eight the previous weekend and just three at the beginning of October. The biggest shift was towards price discounts, which accounted for six – or two thirds – of the promotions on products last week including frozen turkeys, Christmas puddings and bottles of Baileys. In contrast, the number of multi-buys fell from three to two of the 20 products, while Bogofs (buy one get one free) remained static at one. Christine Cross, the chief retail adviser to PwC, said: "Consumers have 'fallen out of love' with multi-buys and want straight discounts ... not surprising. In tough times, retailers try to reduce their stockholding and increase their rotation of stock. Why should consumers behave any differently?" The Independent Call for targeted SME lending Without clear lending processes and more sensible decision-making at a local level, government targets for business loans will not be met, according to the head of one of the UK’s largest business groups. John Longworth, the director-general of the British Chambers of Commerce, issued the warning after the government announced the release of an additional £95m from the Regional Growth Fund to support lending to small businesses for new plant and equipment. “The new SME Regional Growth Fund scheme will help some companies obtain the finance they need to grow at home,” Longworth said. “But it is not a panacea, and will not cure the wider problems companies still face in accessing finance.” The extra government funding was among a package of small business support measures announced this week, including 3,500 workshops organised by former Dragons’ Den panellist Doug Richard and Yell to help companies better exploit internet opportunities, and free finance advice from Barclays and the Association of Chartered Certified Accountants. FT Weekend Mystery of food used in school diners Two-thirds of Britain's schools do not know where the food in pupils' meals comes from, a study by the Countryside Alliance will say tomorrow. Despite campaigns by Jamie Oliver and Hugh Fearnley-Whittingstall for schools to use more local produce, only 60 out of 172 Local Education Authorities – which procure food for schools – knew the country of origin of the food served. Public support for buying school meals locally is high – a survey by YouGov reveals that 61% of people say schools should buy British meat even if it costs more. Alice Barnard, of the Countryside Alliance Foundation, said: "Too often, the public sector turns to foreign suppliers for cheap goods. But if more schools used local producers, they would be investing in higher-quality meals and help to keep their children healthy." Sunday Independent Get ready for the paper wine bottle The UK will soon see the launch of the world's first paper wine bottle. It may have oenophiles spluttering into their claret, but the company behind the product is already in talks with a leading supermarket chain and insists it will be on the shelves early next year. With the UK poised to run out of space for landfill within seven years, the bottle's makers claim biodegradable packaging will become a paramount issue for both consumers and manufacturers. The paper bottle weighs only 55g compared with 500g for a glass bottle, meaning transport costs will be hugely reduced. In addition, its carbon footprint is only 10% of that of a glass bottle. The paper bottle is compostable and decomposes in weeks. Greenbottle, the company behind the product, already manufactures the world's first paper milk bottle, which is being tested in Asda stores in the south west of England and is apparently proving popular with ethically minded customers. More than 15 million plastic bottles are used in the UK. Most end up in landfill where they will last for up to 500 years. "In local shops where they are available, they are outselling milk in plastic bottles by two or three to one," said Martin Myerscough, the Suffolk businessman who invented the paper bottle. The Observer