Rip-off News round-up. Our pick of the last week's media (Thu 15th August)

UK wages decline among worst in Europe

UK average hourly wages have fallen 5.5% since mid-2010, adjusted for inflation. In 2009, the average public-sector worker earned about £16.60 per hour, which dropped to about £15.80 in 2011, the IFS said. Meanwhile, hourly pay for private-sector workers in 2009 was just over £15.10 and dropped to about £13.60 in 2011. Across the European Union as a whole, average wages fell 0.7%. Only Greek, Portuguese and Dutch workers have had a steeper decline in hourly wages, the figures showed. The GMB union said "Employers paying low wages get taxpayer subsidies in the form of tax credits to assemble a workforce for them to make decent profit margins." BBC NEWS

Serious Fraud Office admits losing thousands of documents linked to BAE investigation

The Anti-fraud unit says last year it accidentally sent 32,000 pages obtained as part of investigation into defence firm to the wrong person. 3% of the documents have not yet been recovered. The documents had been compiled during a six-year investigation into allegations that BAE had paid bribes around the world to secure lucrative arms contracts. GUARDIAN

US fast-food workers in vanguard of growing protests at 'starvation' wages

Dozens of profitable Wall Street-listed fast food and retail chains are being rocked by unprecedented workforce- and consumer-led protests. The one-day protests struck not only McDonald's, Wendy's and KFC but also more expensive retail stores such as Nike, Macy's and Victoria's Secret. Last month McDonald's made headlines after it published a guide budget for employees living on the minimum wage – a gesture that backfired after the firm's own calculations showed survival on what it paid was only possible with a second job or if you live without a food budget or heating. GUARDIAN

Official youth unemployment nudges 1m as think-tank claims it's more like 1.3m - and HALF have never done a day's work

The so-called claimant count fell by 29,200 in July - the ninth consecutive monthly drop - to 1.4million, the lowest since February 2009. Total unemployment, including those not eligible for benefit, fell by 4,000 in the quarter to June to 2.5million. But unemployment among 16 to 24-year-olds increased by 15,000 to reach 973,000, while the number of people out of work for more than two years rose by 10,000 to 474,000, the highest since 1997. DAILY MAIL

Gas and electricity bills could rise by £140 before winter (despite energy companies making £3.3bn profits since last election)

Labour said the figures show that David Cameron has not done enough to crack down on profiteering by gas and electric firms. According to Ofgem’s latest Electricity and Gas Supply Market Indicators, the typical domestic dual fuel bill now stands at £1,420 a year, compared to £1,105 in May 2010 when David Cameron became Prime Minister. DAILY MAIL

Annuities are 'biggest gamble of your life'

Britain's biggest insurers are accused of ripping off hundreds of thousands of pensioners who take the "biggest gamble of their life" buying an annuity. The industry has been criticised for using a range of hidden fees and charges to generate even higher revenues. Some 400,000 pensioners buy an annuity every year. Some insurers are making nearly £30,000 from a £100,000 pension pot. TELEGRAPH

Millions lose out as only one savings account matches inflation rate

The scale of the squeeze on Britain's savers was laid bare tonight as it emerged only one savings account in the whole of the country is offering a high enough interest rate to match the rising cost of living. Last year some 227 out of 1,092 products on the market were offering inflation-matching or beating rates. Bank of England Governor Mark Carney admitted last week that interest rates could remain at rock bottom until 2016 in a bid to kick-start the economic recovery. TELEGRAPH

Rail fares 'to rise by 4.1%' in England as unions protest

The rules allow fares to go up by an average of inflation - as measured by the retail prices index (RPI) for July - plus 1%. Train companies are also allowed to vary regulated fares by up to 5% above the average 4.1% rise, but fares that go up by more than the average must be balanced by others that rise by less or fall. Train operating companies in Scotland have their prices capped at the rate of inflation, while there is no rise planned in Northern Ireland and the Welsh government has yet to decide. Meanwhile, the TUC organised demonstrations at almost 50 stations around the country. BBC NEWS