PRESS DIGEST-British Business - Aug 6

Aug 6 (Reuters) - 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

- UK's National Institute of Economic and Social Research (NIESR) said higher-than-expected public sector borrowing and weaker economic growth had left the chancellor Rachel Reeves with an "impossible" choice to find 50 billion pounds ($66.50 billion)in tax rises or spending cuts in budget.

- UK's Financial Conduct Authority said Neil Woodford and his defunct firm have been fined 46 million pounds ($61.18 million) for their role in the collapse of their high-profile fund, and he was banned from any senior City role including managing money for retail investors.

The Guardian

- Chief executive of British water regulatory body Ofwat, David Black, is to step down at the end of the month, after the government announced the abolition of the water regulator for England and Wales.

- Chinese carmakers led by BYD 002594.SZ reported big jumps in UK sales last month, despite a declining overall car market, including a 59% slump in sales from their electric vehicle rival Tesla TSLA.O.

The Telegraph

- BP BP.L is tearing up its own "fundamental reset" plan after just six months and cutting 1,500 more jobs as the struggling oil giant faces intense pressure to improve financial performance.

Sky News

- The "one in, one out" pilot scheme, which allows the UK to send some people who have crossed the Channel back to France in exchange for asylum seekers with ties to Britain, has now been approved by the European Commission, with detentions set to begin from tomorrow.

The Independent

- National living wage in the UK likely to rise by as much as 0.65 pound an hour to 12.71 pound ($16.90) next year, an advisory body has estimated, as the terms of its annual review of wage rates were published.

($1 = 0.7519 pounds)