Sept 15 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

More than 400,000 savers are to have their incomes reduced after UK National Savings & Investments bucked the trend of rising savings rates and unexpectedly cut the interest rate on its tax-free cash individual savings accounts yesterday. (http://thetim.es/1ObqGZ9)

The Guardian

UK employers will see their total wage bill rise by only 0.6 percent under the new "national living wage" - but the impact will be much bigger for a handful of industries, including retail and hospitality, according to a report by the Resolution Foundation. (http://bit.ly/1ir7nhM)

Ed Davey, the former energy secretary, is to start private work today for City lawyers connected with both Hinkley Point C nuclear plant and the Swansea Bay lagoon. Davey has been given clearance by the Cabinet Office to provide consultancy to Herbert Smith, a law firm that provides advice on the two power projects and where his brother is also employed. (http://bit.ly/1UQzPe9)

The Telegraph

One of the UK's biggest steel plants is locked in a desperate bid for survival following a series of missed debt repayments to its banks. Sahaviriya Steel Industries, owners of the historic Redcar plant on Teesside failed to pay back several loans totaling around 80 mln stg to lenders in June and were given a short-term stay of execution until the end of September to find the money. (http://bit.ly/1FaVsyk)

As many as 2,400 bank branches could close over the next five years, taking the total number of high street sites to below 7,500, according to a study from consultancy McKinsey.(http://bit.ly/1FaVsyk)

Sky News

Motor insurer Hastings Direct will on Tuesday turn the ignition key on a flotation valuing it at up to 1.5 billion pounds ($2.31 billion), triggering a fresh windfall for hundreds of employees. (http://bit.ly/1M7axRi)

The prosecution of a group of women, who ran a 21 mln stg pyramid scheme, cost taxpayers at least 1.4 million pounds ($2.16 million), according to a Freedom of Information request. The scheme, which generated 21 million pounds ($32.39 million)before it was shut down, conned at least 10,000 people between May 2008 and April 2009. (http://bit.ly/1LccZaN)

The Independent

The Tube strike was actually good for the economy, according to research from the University of Cambridge and the University of Oxford. The Tube strike forced people to find alternative routes to work. Many found more efficient routes in and never returned to their original route, saving time and money in the long term. (http://ind.pn/1VYPwNv)

From January, Santander will charge 3 million current account holders 60 pounds a year, up from 24 pounds. Staff will reportedly be told this week that current account fees will rise from 2 pounds a month to 5 pounds a month from January, with customers to get the news later in the week. (http://ind.pn/1Y5zeUZ)

($1 = 0.6483 pounds) (Compiled by Parikshit Mishra in Bengaluru; Editing by Cynthia Osterman)