<div id="readability-page-1"><div>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- Ernst &amp; Young (EY) and two individuals are being investigated for due process failures that led to auditor reports being issued without proper authorisation, Britain's accounting watchdog said.British retail tycoon Mike Ashley has pledged around 670 million pounds ($890.6 million) worth of shares in his sportswear and fashion retailer Frasers Group Plc as collateral for a loan from HSBC, according to filing.The Guardian- William Hill UK and 888 owner Evoke is reviewing strategic options including a potential sale of the company, just weeks after UK tax hikes on online gaming and sports betting forced it to withdraw its medium-term outlook.The Telegraph- British fast-food chain Leon plans to shut 20 restaurants and cut jobs after appointing administrators to lead a restructuring, citing UK tax pressures. Sky News- British fintech Zilch has secured a payments services licence from the Financial Conduct Authority as the buy-now-pay-later firm eyes acquisitions ahead of a planned public listing.- Britain's struggling water supplier Thames Water will see its revenues cut by more than 187 million pounds ($250.15 million) after regulator Ofwat imposed a reduction.The Independent- The British government said the proportion of revenues from new medicine sales pharmaceutical firms need to pay back into England's National Health Service would fall in 2026 following a tariff deal with the United States.($1 = 0.7476 pounds)</div></div>

FRAS

British business news highlights include an investigation into Ernst & Young for due process failures, Mike Ashley pledging shares in Frasers Group for a loan, William Hill UK reviewing strategic options, Leon planning to shut 20 restaurants, Zilch securing a payments licence, Thames Water facing revenue cuts, and a UK-US tariff deal affecting pharmaceutical revenue paybacks.

British Business - December 11