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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.

Tuesday newspaper round-up: Higher-rate taxpayers, low-carbon projects, John Lewis

(Sharecast News) - One in four teachers and one in eight nurses will be higher-rate taxpayers by 2027 as a result of the government's record freeze on income tax allowances and thresholds, according to a leading thinktank. The Institute for Fiscal Studies said better-paid public sector workers will be among the almost 8 million people - one in five of all taxpayers - who will pay income tax at 40% or above as result of the Treasury's attempt to reduce the UK's budget deficit. - Guardian The energy watchdog for Great Britain will label the decade-long wait to connect low-carbon projects to the electricity grid as "unacceptable", amid tensions over a "blame game" for a mounting backlog of green power projects. Jonathan Brearley, the chief executive of Ofgem, has written to energy bosses to warn that the current system, whereby energy projects queue for their connection, could be replaced by new methods to match power generation with demand. - Guardian

John Lewis has turned to the advertising agency that helped Margaret Thatcher into Downing Street as the department store seeks to reinvigorate its flagging business. The John Lewis Partnership, which also owns Waitrose, has hired Saatchi & Saatchi to work on all its upcoming adverts including its much anticipated Christmas advert. - Telegraph

The European Commission has given the green light to Microsoft's merger with Activision Blizzard, putting it at odds with the British competition watchdog which blocked the tie-up last month. The European regulator approved the $68.7 billion deal, subject to promises from Microsoft over the next ten years to ensure that Activision's games, which include the blockbuster Call of Duty franchise, are freely available across cloud streaming providers. - The Times

British businesses have been urged to supply more "data and information" on how the Treasury's decision to scrap VAT-free shopping for overseas visitors is hurting the economy, as renewed pressure builds for the policy to be reinstated. The government is facing fresh calls from companies, including the luxury trade body Walpole and Heathrow airport, to restore tax-free shopping for overseas tourists. They warn that London is losing tourism business to cities such as Milan and Paris. - 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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