Ten Things You Need to Know Today: Wednesday 29 Aug 2012

1. CLEGG: ‘RICH SHOULD PAY MORE TAX’

The rich should pay more tax while the country endures “economic war”, deputy PM Nick Clegg has told The Guardian. "If we want to remain cohesive and prosperous as a society" the wealthiest should make an extra contribution, the Lib Dem leader said. Britain’s problems were “a longer economic war rather than a short economic battle."

Rich face double blow of honours reforms and Clegg tax

2. HURRICANE ISAAC: 500,000 WITHOUT POWER

Hurricane Isaac is moving very slowly over Louisiana, raising fears of severe flooding in the state. The category one hurricane has blown water over the top of a levee in Plaquemines Parish on the outskirts of New Orleans, but the city's brand new multibillion dollar defences have so far withstood the storm. Meanwhile, half-a-million people in Arkansas, Alabama, Louisiana and Mississippi are without power.

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3. MPS CALL FOR RADICAL HONOURS REFORM

A report from the Commons Public Administration Select Committee calls for a radical overhaul of the honours system, with the creation of an independent commission beyond political influence awarding honours only for “exceptional service above and beyond the call of duty”. MPs condemned knighthoods for men simply “doing the day job”.

4. HAWKING TO STAR AT PARALYMPICS OPENER

Professor Stephen Hawking will appear live at the Paralympics opening ceremony in London tonight to narrate a "journey of scientific discovery". A 24-hour torch relay, which began last night in Buckinghamshire, will finish at the Olympic Stadium tonight. The opening ceremony begins at 8.30pm.

Paralympics: Classifications and unusual sports explained

5. VIRGIN TRAINS TAKES LEGAL ACTION

Virgin Trains launched a court action yesterday over the government's decision to award the West Coast Main Line franchise to the rival FirstGroup. It is not clear how long the call for a judicial review will delay the signing of the FirstGroup deal, due today. Virgin’s Richard Branson said Department of Transport officials had “got their maths wrong”.

6. STRAUSS QUITS AS ENGLAND CAPTAIN

Andrew Strauss has announced his retirement from all forms of cricket with immediate effect. He said it was "in the best interests of the England cricket team and myself to step down at this stage". Alastair Cook has been installed as Test captain and will now lead the Test and one-day teams.

Strauss quits as England cricket captain as season unravels

7. LET’S BANK WITH JOHN LEWIS SAY BRITS

Millions of British people would prefer to bank with John Lewis, Waitrose, Asda or Morrisons rather than the current choice of high street banks, according to a poll conducted by the comparison site Uswitch.com. “It is a telling reflection of the UK banking industry that consumers are willing to put their trust in brands that have no previous banking experience,” said a spokesman.

Britons would rather bank with John Lewis than HSBC or Lloyds

8. TUTU REFUSES TO APPEAR WITH BLAIR

Archbishop Desmond Tutu yesterday pulled out of a Leadership Summit event in Johannesburg, South Africa, because he refuses to share a platform with Tony Blair. The Nobel Peace Prize winner said Blair's support for the Iraq war was "morally indefensible" and it would be "inappropriate" for him to appear alongside him.

9. REPUBLICANS MAKE IT FORMAL WITH ROMNEY

Mitt Romney was formally selected as the Republican presidential nominee at the party's national convention in Tampa, Florida, yesterday following a delay caused by Hurricane Isaac. His wife, Ann, 44, made the convention’s first major speech in an attempt to boost his popularity rating, saying “this man will not let us down”.

'Greatest asset' Ann Romney launches Mitt's White House bid

10. HOT TICKET: PRIESTLEY PLAY

A new London production of J B Priestley’s play ‘Cornelius’, last seen in 1935, has been winning strong reviews. Starring Alan Cox in the title role first performed by Sir Ralph Richardson, it casts the spotlight on a business on the verge of bankruptcy. “Painfully prescient,” says Time Out.

JB Priestley's forgotten Cornelius is a play for today