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Monday newspaper round-up: City workers, energy bills, National Grid

(Sharecast News) - City workers received double-digit wage rises while people on the lowest incomes were paid annual increases of just 1% in the last year, according to a study that illustrates the ability of better-paid workers to protect themselves from the cost of living crisis. The CEBR (Centre for Economics and Business Research) said workers in the banking and insurance sector had secured inflation-busting increases together with lawyers, accountants and professional services staff, mainly among those working in London's financial district. - Guardian UK charities are warning people of the severe consequences of not paying their energy bills, as a campaign to stop payments from October gains momentum. The Don't Pay UK group, which is demanding a reduction of bills to an affordable level, has reportedly gathered support from 80,000 people who intend to cancel their direct debit payments from 1 October, when the regulator raises the energy price cap, the maximum amount suppliers are allowed to charge. - Guardian

The foreign takeover of Britain's main natural gas pipeline is to be reviewed under new national security rules amid mounting fears of a winter energy crisis. Ministers have launched an investigation into the sale of a 60pc stake in National Grid's gas transmission business to a consortium led by the Australian investment business Macquarie. - Telegraph

The City regulator faces questions over its failure to intervene earlier at a failed money transfer business, amid fears that the service was used to launder the proceeds of crime. The Times has established that the Financial Conduct Authority had opportunities to tackle the regulated business months or even years before its collapse, including when it was taken over by a tyre fitter with no experience in financial services. The company, which cannot be named for legal reasons, handled about £2.5 billion. It is in insolvency administration, with most of the customer funds frozen by police and HM Revenue & Customs. - The Times

The National Crime Agency has come under fire from an MP and a former police and crime commissioner for an alleged failure to properly investigate claims of document tampering and signature forgery by Britain's banks. Kevin Hollinrake, a member of the Commons' Treasury select committee, claimed there had been a "woeful lack of proactivity" from the agency over the issue, which the committee asked it to look into in 2019. The Conservative MP, also co-chairman of the all-party parliamentary group on fair business banking, said he was concerned about the agency's handling of a particular case, as well as its broader approach. - The Times

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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