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Evening wrap up: today's late breaking business stories

Top stories from around the web.

HSBC profits near double to $8.43bn in 'calmer waters' (Telegraph)

HSBC has reported its best quarterly performance in several years as Britain’s largest bank saw its pre-tax profits nearly double to $8.4bn.

Glass Lewis joins call for Dimon to split roles (FT)

Jamie Dimon’s prospects of holding on to his chairmanship of JPMorgan Chase darkened on Tuesday as a second shareholder advisory group recommended he be stripped of the role.

Glass, Lewis followed ISS in advising shareholders to vote for a split in Mr Dimon’s chief executive and chairman roles at an annual meeting in Tampa on May 21.

Consumers forced to cut back on savings (Telegraph)

A third of savers say will not be able to afford to put away as much in the coming months.

UK projects at risk after China funding threat (Telegraph)

The Daily Telegraph understands that China's sovereign wealth fund will not be able to invest in long-term British projects until a solution to the diplomatic stand-off, caused by David Cameron's meeting with the Dalai Lama last year, has been reached.

The Beijing government believes Britain needs to make amends before relations can return to normal.


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Is anyone prepared to solve the NHS funding crisis?

As long as the political taboo on raising taxes endures, the service will be in financial peril. 

It has long been clear that the NHS is in financial ill-health. But today's figures, conveniently delayed until after the Conservative conference, are still stunningly bad. The service ran a deficit of £930m between April and June (greater than the £820m recorded for the whole of the 2014/15 financial year) and is on course for a shortfall of at least £2bn this year - its worst position for a generation. 

Though often described as having been shielded from austerity, owing to its ring-fenced budget, the NHS is enduring the toughest spending settlement in its history. Since 1950, health spending has grown at an average annual rate of 4 per cent, but over the last parliament it rose by just 0.5 per cent. An ageing population, rising treatment costs and the social care crisis all mean that the NHS has to run merely to stand still. The Tories have pledged to provide £10bn more for the service but this still leaves £20bn of efficiency savings required. 

Speculation is now turning to whether George Osborne will provide an emergency injection of funds in the Autumn Statement on 25 November. But the long-term question is whether anyone is prepared to offer a sustainable solution to the crisis. Health experts argue that only a rise in general taxation (income tax, VAT, national insurance), patient charges or a hypothecated "health tax" will secure the future of a universal, high-quality service. But the political taboo against increasing taxes on all but the richest means no politician has ventured into this territory. Shadow health secretary Heidi Alexander has today called for the government to "find money urgently to get through the coming winter months". But the bigger question is whether, under Jeremy Corbyn, Labour is prepared to go beyond sticking-plaster solutions. 

George Eaton is political editor of the New Statesman.