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Morning Wrap: need to know business stories

Top stories from around the web.

Spain’s banks face €10bn more provisions (FT)

Spanish banks will need to put aside extra provisions of up to €10bn to cover loans that borrowers will struggle to repay, according to an internal estimate by the Bank of Spain.

HSBC's $1.9bn money laundering settlement could be rejected (Telegraph)

Judge John Gleeson is considering cancelling December’s so-called deferred prosecution agreement that gave HSBC immunity from claims it allowed terrorists to move at least $881m (£584m) around the financial system.

Japan's Nikkei drops again after falls on Thursday (BBC)

Shares in Japan have fallen again in volatile trade, adding to the global sell-off in shares seen on Thursday.

The Nikkei index was down 1.8% by mid afternoon in Tokyo, after initially rising in early trading. Other Asian indexes also broadly down.

ENRC says hackers may have stolen data (FT)

Eurasian Natural Resources Corporation has warned that data on the London-listed mining group may have been stolen following a computer hacking attack and a domestic burglary.

ENRC said it had notified the UK’s Information Commissioner, which monitors breaches of confidential data on individuals, of two incidents that could involve “potential loss of data”.

UK first quarter growth unchanged (BBC)

The UK's economy grew at 0.3% in the first three months of the year, official figures have confirmed.

The figure from the Office for National Statistics is unchanged from the initial estimate it gave in April.

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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.