PRESS DIGEST-British Business - July 15

July 15 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

- Virgin Atlantic says it will lay off a further 400 staff after announcing a deal to save the airline with the help of a hedge fund that specialises in distressed companies and its credit card debtors. https://bit.ly/2Or3cVe

- Britain's biggest accounting firms have been criticised by the industry regulator for the "unacceptable" quality of their audits after a review found one in three was substandard. https://bit.ly/3j3Xtmk

The Guardian

- It could take until the end of 2022 for Britain's economy to return to its pre-coronavirus peak, while government borrowing is expected to surge to 322 billion pounds ($404.56 billion) this year in response to the pandemic, the Office for Budget Responsibility (OBR), has warned. https://bit.ly/2OlQirs

- British Airways is selling its multimillion-pound art collection, including work by Bridget Riley and Damien Hirst, as it attempts to raise funds while the COVID-19 crisis continues to devastate the aviation sector. https://bit.ly/3gZatrh

The Telegraph

- British finance minister Rishi Sunak has commissioned a review of the capital gains tax, sparking fears the duty's historically low rates will be increased to help plug the 300-billion-pound hole in public expenditure caused by coronavirus. https://bit.ly/2OsiiJQ

- Former Barclays Plc banker Roger Jenkins has told a court that he exaggerated the role his ex-wife played in a crisis-era cash call in an attempt to save his marriage. https://bit.ly/2WjI5s9

Sky News

- Cruise & Maritime Voyages (CMV), which employs about 4,000 people, is in talks with VGO Capital Management, a special situations investor with expertise in the shipping industry, about a possible rescue deal. https://bit.ly/30aDGsD

- UK Prime Minister Boris Johnson has ordered all Huawei technology to be stripped out of the UK's 5G network by 2027. https://bit.ly/3j2Ycnv

($1 = 0.7959 pounds) (Compiled by Bengaluru newsroom)