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Wednesday newspaper round-up: Energy prices for businesses, millionaires, FCA

By Michele Maatouk
Sunrise, Looking Up, Hyatt Centre, Chicago, Illinois, America

Jacob Rees-Mogg is expected to announce a cap on energy prices for businesses that would cut the rates they pay by up to half this winter. The business secretary will outline support on Wednesday for companies, charities and public sector organisations for six months from 1 October, after Liz Truss said they would receive equivalent help to households whose costs are being capped. – Guardian
Nearly 11 million people are now behind on their bills while more than 5 million have gone without food, according to new research that reveals Britons are skipping meals “just to keep the lights on”. An estimated 20% of UK adults, or 10.9 million people, are behind on one or more household bill – up by 3 million since March – according to the Money Advice Trust report. – Guardian

The number of millionaires in Britain surged ahead of those in France and Germany last year as a property boom and rebounding stock markets sent wealth levels surging. The UK is host to 2.85m people with a net wealth of more than $1m (£877,000), according to Credit Suisse’s annual Global Wealth Report, putting the country behind only US, China and Japan. – Telegraph

The City regulator is rejecting a greater number of applications from financial firms wanting to do business in Britain as it adopts a more rigorous approach after a series of scandals. The Financial Conduct Authority said its increased level of scrutiny meant a marked increase in businesses being blocked from authorisation. – The Times

MPs have demanded that the government’s first “mini budget” be accompanied by independent forecasts on the state of the public finances as the chancellor prepares to announce tens of billions in extra borrowing and tax cuts. The Treasury select committee has written to Kwasi Kwarteng asking that the Office for Budget Responsibility (OBR) be asked to provide an independent assessment of the debt and deficit in Friday’s “fiscal statement”, which will be made by the chancellor in the Commons. – The Times

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