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Morning Wrap: today's top business stories

News stories from around the web.

Shanghai lines up first foreign hedge fund entrants (FT)

Six global hedge funds are set to secure the first-ever approval to raise money from institutions within China for investing overseas, a key reform in the opening of the country’s closely guarded capital account.

Twitter fires the starting gun on IPO (FT)

Twitter fired the starting gun on the internet’s most anticipated initial public offering since Facebook by filing preparatory documents to the Securities and Exchange Commission.

Bank of England must limit house price booms, says Rics (BBC)

The Bank of England should use its powers to limit house price increases to 5 per cent a year to "take the froth out" of price booms, a surveyors' group says.

Vodafone wins support for £6.5bn Kabel takeover (Telegraph)

Vodafone’s £6.5bn takeover of Kabel Deutschland will go ahead after the deal attracted the support of more than three quarters of the German cable operator’s shareholders.

HR Owen recommends raised BPI takeover offer (Telegraph)

HR Owen, the British luxury and supercar dealership, has recommended an increased 170p-a-share takeover offer from Philippine investor Berjaya (BPI), the company's biggest shareholder.

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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.