Britain’s banks have launched a strong intervention in the debate over the nation’s membership of the European Union, calling for closer ties with Brussels and urging the government to raise its game in order to make the single market work. The British Bankers’ Association has sent a submission to a Treasury review that counters fears over the split of powers between London and Brussels, saying the current balance was “broadly appropriate”. – Financial Times

SSP, the food group headed by former WH Smith boss Kate Swann, has taken its first step towards a London listing by hiring investment firm Lazard to advise on its market debut. A listing could value the Café Ritazza and Upper Crust company at around £2bn. Swedish private equity firm EQT is understood to have run a beauty parade of investment bankers at the end of last year with Lazard understood to be named as the successful bank. – The Daily Telegraph

BC Partners is considering plans to float Phones4U this year on the London Stock Exchange, where it would join a parade of companies that are seeking to take advantage of buoyant equity markets. The move could value the UK phone and electrical goods retailer at up to £1bn and give the private equity group an opportunity to exit the retailer earlier than expected, having bought the business just three years ago for about £700m. – Financial Times

The fast-food chain Subway is planning to nearly double the number of its outlets in the UK and Ireland to 3,000 over the next six years, creating about 13,000 new jobs. The firm said the expansion was in response to growing consumer demand for its sandwiches, which now includes extended opening hours to cater for the growing breakfast market.- The Guardian

The UK would be better off staying inside the European Union “than kicking against the table” and voting to leave, the boss of one of the world’s largest consumer goods companies has said. Paul Polman, the Dutch chief executive of the consumer multinational Unilever, said the company could review its UK investment if Britain left the EU. “We will always look at things,” he said, when asked whether Unilever could reduce its presence in the UK. Unilever employs 6,000 people in the UK, which is a net exporter to the EU for its business. – The Guardian

Fees for investors in newly launched hedge funds have fallen to their lowest level for more than a decade as new entrants to the market rush to attract capital into their funds. The days of the “two and twenty” fee structure, whereby a hedge fund would charge investors an annual fee of 2% of assets and 20% of profits, have waned, according to figures from Hedge Fund Research. – The Times