Monday newspaper round-up: Wind farms, interest rates, FCA
By Michele Maatouk
Date: Monday 25 Mar 2024
(Sharecast News) - More than 20 leading social scientists have warned the UK's biggest investment companies and pension funds that allowing US-style executive pay packages could "create a significant risk of higher inequality" and "much worse lower levels of happiness, health and wellbeing across society". The academics said they had decided to speak out as an increasing number of British business leaders and the London Stock Exchange have argued for much higher pay awards to improve the UK's competitiveness. - Guardian
The UK's "expensive, cramped and ageing" housing stock fares poorly compared with other advanced countries, analysis by a thinktank suggests. Households are paying more than other countries - but getting less in return, the Resolution Foundation said. - Guardian
Wind farm owners are being investigated by the energy watchdog for alleged market manipulation after they were accused of overcharging consumers by £100m. Ofgem is to examine claims that renewable energy companies artificially inflated compensation payments given to them for switching off their turbines on windy days when the grid did not need extra capacity. - Telegraph
The Bank of England will slash interest rates to 3pc by the end of next year in a boost for millions of mortgage borrowers as inflation drops sharply, senior economists at KPMG have said. Inflation is set to fall below the Bank's 2pc target in the coming months as energy bills tumble. - Telegraph
The Financial Conduct Authority hired a chief internal auditor who does not have audit qualifications after advertising the role for only five working days, leading to claims that the recruitment process had been rigged in favour of an internal candidate. The appointment of Robin Jones, who has spent more than two decades working at the City regulator, has been greeted with surprise and anger in the internal audit profession. - The Times
The owner of Ryman and Robert Dyas has joined other British retailers in calling for a clampdown on a tax loophole exploited by Chinese retail giants such as Temu and Shein. Theo Paphitis, who also owns the lingerie seller Boux Avenue, said there was a "big slug" of companies avoiding customs bills in the UK by shipping individual orders directly from countries such as China. "Worse than that, the companies benefiting from it are not British companies," the former Dragons' Den TV show panellist said. "The government is not plugging loopholes. It's becoming absolutely clear that the emperor has no clothes on." - The Times
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