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Morning Wrap: today's top business stories

News stories from around the web.

Summers withdraws from Fed race (FT)

Lawrence Summers has taken himself out of the running to be the next chair of the Federal Reserve after a bloc of key Democratic senators indicated they would oppose his nomination.

Chrysler goes for IPO as last resort (FT)

Chrysler is planning to file documents for its initial public offering this week after majority owner Fiat and the healthcare trust that owns the rest of the US carmaker failed to agree a market price in a long-running dispute.

Bank account switchers 'could save £600' (BBC)

The UK's 46 million bank customers are being told they could save up to £600 by switching their current accounts to another provider.

From Monday, it should also be faster and easier to move to another bank.

Jaguar Land Rover: £1.3bn Tata gamble pays off as big cat purrs at last (Telegraph)

The shock success of JLR is silencing the doom-mongers, writes Roland Gribben

Leigh-Pemberton to be new head of UKFI (Telegraph)

The Treasury will on Monday name James Leigh-Pemberton as the new chief executive of UK Financial Investments, the body that oversees the taxpayer’s stakes in Royal Bank of Scotland and Lloyds.

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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.