Wednesday newspaper round-up: Local authorities, long-term sickness, HSBC

(Sharecast News) - Energy suppliers have been accused of profiteering by charging "horrendous and financially crippling rates" to care homes facing huge bills this winter. The chief executive of Care England, the largest body representing independent providers of adult care, has accused gas suppliers of being "unduly onerous" in their practices. - Guardian Local authorities have warned they face an "existential crisis" caused by massive funding shortfalls and any attempt by ministers to patch up budgets by allowing increased council tax is doomed to failure. The multibillion "black hole" in England's municipal finances - which has pushed a number of councils to the brink of bankruptcy - could not be fixed by local ratepayers alone, who would face unrealistic council tax increases of up to 20%, the Local Government Association (LGA) said. - Guardian

Jeremy Hunt is preparing to announce measures to help the long-term sick back into jobs on Thursday, as figures showed that a record 2.5million people are now unable to work because of persistent illness. The Chancellor is expected to use Thursday's Autumn Statement to warn that labour shortages are fuelling spiralling inflation by reducing the workforce and pushing up wages. - Telegraph

Shadow banking firms should draw up contingency plans so that they can be safely wound down if they collapse, the boss of the City regulator has told peers scrutinising the recent turmoil that gripped pension schemes. Nikhil Rathi, the chief executive of the Financial Conduct Authority, said an "important point" that had emerged from the pension crisis was the extent to which retirement schemes and other non-bank firms should have "resolution regimes". - The Times

A second senior executive at HSBC is leaving the bank in a potential setback to the FTSE 100 lender as it seeks to fend off an activist campaign by its biggest shareholder. Chirantan Barua, who is HSBC's global head of strategy, is to join Lloyds Banking Group as the head of its Scottish Widows division, it was announced yesterday. This comes only three weeks after HSBC surprised its shareholders by disclosing the exit of Ewen Stevenson, its highly regarded finance chief, who will leave next year. - The Times