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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Thursday newspaper round-up: Pensions gap, access to cash, energy industry

Thu 19 May 2022 07:34

(Sharecast News) - Unions have called on the government to take urgent action to fix a "whopping pensions gap", as research showed women working in many industries have half the retirement savings of men. The TUC said Thursday was "gender pensions gap day", when female pensioners in Great Britain start getting paid after effectively going four and a half months without retirement income. - Guardian The City watchdog will be handed powers to ensure local communities across the UK have access to cash and could ultimately fine banks that fail to comply. Under the government's pending financial services bill, the Financial Conduct Authority will be in charge of making sure the UK's largest banking and building societies give consumers access to withdrawal and deposit facilities such as ATMs within a "reasonable" distance from their community. - Guardian

Brussels has told European Union countries that they should consider telling drivers to cut their motorway speed in the battle to ditch Russian fossil fuel. The European Commission says saving energy is the "quickest way" to tackle the energy crisis.It has published a list of changes in behaviour which it argues could cut oil and gas demand by 5pc. - Telegraph

The energy industry believes it will soon fall victim to cyberattacks so severe that they will result in deaths as well as damage to critical infrastructure and the environment, a report has found. Such an attack is expected within the next two years, according to a survey of global energy executives for DNV, a risk management group. - The Times

The professional body for chartered accountants is facing questions from parliament over why it has pocketed tens of millions of pounds in fine money for auditor misconduct rather than hand over any of it to victims. Darren Jones, chairman of the Commons' business, energy and industrial strategy committee, is writing to the Institute of Chartered Accountants in England and Wales for an explanation, as it emerged that the professional body has scooped £123.4 million in fines since 2004, according to its own figures. - The Times

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(Sharecast News) - The government's plan to fund a multibillion-pound nuclear plant at the Sizewell site in Suffolk represents a "terrible deal" for the UK taxpayer over the rest of the century, according to the government's spending watchdog. MPs on the public accounts committee (PAC) have warned the government that the cost of the Sizewell C nuclear reactor could spiral to almost £48bn, leaving bill payers on the hook to provide an extra £9.8bn to construct the plant before 2040 and a further £12bn over its 60-year operating life. - Guardian
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Monday newspaper round-up: Pensioners and the Budget, interest rate expectations, Audi US factory
(Sharecast News) - The chancellor will use his Budget this week to protect pensioners and those saving for their retirement, as he announces plans to shield nearly 1m people from paying income tax. John Healey is expected to confirm on Wednesday that the full state pension will rise by £489 to £13,036 - equivalent to 3.9%. However, the rise will push about 1m people on low incomes who rely on the state pension above the £12, 570 personal allowance threshold, meaning they would be dragged into paying income tax. To retain the principle that the state pension is not taxable, Healey is expected to announce a rise in the tax-free allowance for low-income pensions to £13,036. The move will cost taxpayers £200m a year by 20230 - The Times

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