Business

The energy price cap could be lifted for a set period to help suppliers recover a record £3bn of bad debt accrued through unpaid bills, the industry regulator has announced. Ofgem said on Friday it was consulting on proposals for a one-off cap adjustment of £16 – equivalent to around £1.33 a month – to

Fast-fashion giant Shein has been accused of “Mafia-style intimidation” of suppliers in a lawsuit filed by rival online retailer Temu. The campaign of threats formed part of a “desperate plan” by the company to fight off its competitor in the US, according to the lawsuit filed in Washington DC on Wednesday. Among the claims is

Software programmers, IT specialists and chefs could be in shorter supply when an increased minimum salary for skilled worker visas kicks in next year, according to analysis conducted for Sky News. Currently companies sponsoring a skilled worker from overseas for a visa have to pay a minimum salary of £26,200, but that will increase to

The former boss of BP will forfeit more than £32m in actual and potential pay for “misleading” its board over workplace relationships, the company has announced. It comes after Bernard Looney stepped down as the oil giant’s chief executive in September following allegations that he failed to fully disclose details of romances with colleagues as

The Federal Reserve has again held interest rates – ahead of a Bank of England announcement on Thursday in which it is widely expected to do the same. The US central bank said there was no immediate need for a hike because inflation had “eased over the past year,” as it also suggested borrowing costs

The UK economy took a surprise tumble in October, according to an early official estimate that showed a contraction of 0.3%. The Office for National Statistics (ONS) reported that output in all three main divisions – services, manufacturing and construction – was in negative territory. Economists had expected a flat performance, following on from the

Bosses at Thames Water, the UK’s largest water provider, say the company does not have the money to repay a £190m loan bill due next April. Regulator Ofwat has reiterated concerns over the amount of money the firm has borrowed, as it sits on a £14.7bn debt pile. But senior executives at the company blamed

The pace of wage growth has eased back by more than expected, according to official figures that will please interest rate-setters at the Bank of England. The Office for National Statistics (ONS) reported basic pay was 7.3% higher in the three months to October compared to the same period last year. That was down from

The fast-fashion giant Shein has held talks with the London Stock Exchange about the possibility of staging a blockbuster public listing in the UK, even after filing documents paving the way for a flotation in New York. Sky News has learnt Donald Tang, Shein’s executive chairman, met executives from the LSE and other stakeholders in

Millennials face being trapped for longer on surging rents, according to a report charting the impact of rising bills on various generations. Estate agency Hamptons estimates that Brits will have forked out a record £85.6bn on private rents by the end of the year – more than double the £40bn bill seen in 2010. The

Baroness Michelle Mone says she regrets denying her connection to a PPE firm awarded huge contracts during the pandemic – and which is now being investigated by the National Crime Agency (NCA). Following a silence lasting almost two years, the Ultimo bra tycoon has taken part in a YouTube documentary funded by the same company,

The misuse of copyrighted music by artificial intelligence companies could exploit musicians, a former executive at a leading tech startup has warned. The technology is trained on a huge number of existing songs, which it uses to generate music based on a text prompt. Copyrighted work is already being used to train artificial intelligence models

New immigration rules could prevent universities from hiring the best international talent and send a message that the UK is “closing ranks”, higher education leaders have warned. Academics and University bodies have told Sky News an increase in the minimum salary for a skilled worker visa effectively prices out early career academics and researchers vital

GB News, the right-leaning current affairs broadcaster, is in talks to raise tens of millions of pounds even as it contends with a string of probes by Ofcom, the media regulator. Sky News has learnt that GB News’ parent company, All Perspectives Limited, is targeting a fundraising worth in the region of £30m in the

The UK’s average two-year mortgage rate has dipped below 6% for the first time in nearly six months. The rate now sits at 5.99%, falling from 6.01% the day before, according to Moneyfactscompare.co.uk. The last time the rate was below 6% was on 16 June 2023, when it dropped to 5.98%. The highest it has

Vodafone, EE, Three and O2 are facing a “£3bn-plus” class action claim that alleges they used their market dominance to overcharge on up to 28.2 million UK mobile phone contracts. The four largest network operators are accused of penalising loyal customers – meaning they paid more than new customers for the same services. Many contracts

Cash usage has grown for the first time in a decade as households look to balance their budgets amid the cost-of-living squeeze. Across the UK, coins and banknotes accounted for nearly a fifth (19%) of transactions in 2022, according to the British Retail Consortium (BRC) annual Payments Survey. Its report said: “This year’s Payments Survey

New family visa rules could leave British citizens with a foreign partner facing greater restrictions on who they can live with than migrant workers, according to leading immigration researchers. Under new rules announced by Home Secretary James Cleverly, the minimum income for British citizens who want to live with family members in the UK is

“The last thing I do before going to sleep at night is check the trains to see whether they’re running on time and then the first thing I do in the morning, before I reach for a cup of tea, is pick my phone up and check again. And then you can still get to

The European Union has bowed to demands from carmakers across Europe and the British government for a delay to the introduction of 10% export tariffs on electric vehicles. Brexit commissioner Maroš Šefčovič had initially refused calls to extend a trade deal deadline that, from January, 60% of a battery’s total value had to be sourced

One of Britain’s biggest tenpin bowling venue operators will this week disclose that it has become the latest London-listed companies to recommend a private equity-backed takeover. Sky News has learnt that Ten Entertainment, which trades from about 50 venues across the UK, is to recommend an offer from Trive Capital, a US-based buyout firm. A

The cost of a traditional Christmas dinner will rise on last year, according to a closely-watched report that is also forecasting record sales for supermarkets over the festive season. Kantar Worldpanel, which tracks sales and prices at supermarket chains, said its annual measure for the cost of the typical main meal stood at £31.71 for

Israeli authorities are investigating claims some investors may have known in advance about the Hamas plan to attack Israel on 7 October and used that information to make hundreds of millions of pounds. Research by US law professors Robert Jackson Jr and Joshua Mitts, from New York University and Columbia University respectively, found significant short-selling

Popular music-streaming app Spotify will cut almost a fifth of its workforce despite turning a profit of €65m (£55.7m), according to its latest figures. The firm’s latest round of job cuts will affect around 1,500 people – which is 17% of its current total of 9,300 employees. It’s the third round of job losses at

The CBI faces a deadline next September to refinance millions of pounds of funding put in place to avert its collapse during the autumn. Sky News has learnt that a seven-figure facility put in place with banks will expire at the end of the third quarter next year. While the size of the facility is

An Abu Dhabi state-backed vehicle has moved closer to taking full control of The Daily Telegraph just hours after the launch of a regulatory probe that prevents it from removing key journalists from their posts. Sky News has learnt that RedBird IMI has given the newspaper’s board and the government notice of its intention to

The CBI is urging members to swallow a further rise in fees even as the lobby group battles to regain its former standing among political and business leaders. Sky News understands that CBI members will be asked at its annual meeting next week to approve a 5% rise in their subscription costs. It comes less

The government is to prohibit the removal or transfer of key Daily Telegraph journalists during a public interest probe into the newspaper’s prospective takeover by a state-backed Abu Dhabi investor. Sky News has learnt that Lucy Frazer, the culture secretary, is preparing to make an interim enforcement order (IEO) that will impose a set of

House prices recorded a second month of growth in November, according to a closely-watched report. The Nationwide House Price Index showed average values were 0.2% higher, building on the 0.9% increase it measured in October. It meant, the mortgage lender said, that prices were 2% down on an annual basis – outperforming the expectations of

Even before Northern Rock collapsed and the financial crisis exploded, Alistair Darling was already wrangling with an unenviable inheritance as chancellor of the exchequer. Not only was he having to follow in the footsteps of the longest-serving chancellor of modern times – a man who presided over an almost unprecedentedly long period of stability and

Metro Bank has revealed plans to cut 20% of its workforce and slash its business hours commitments as part of efforts to save it from collapse. The struggling challenger lender, which announced a £30m cost-cutting plan last month, said it was going further amid wider efforts to shore up its balance sheet. The bank has

Nottingham City Council has declared itself effectively bankrupt after issuing a section 114 notice. The Labour-run local authority confirmed the announcement on Wednesday, saying its chief financial officer had decided it “isn’t able to deliver a balanced budget for this year, which is a legal requirement”. As a result of the section 114 notice, all

ASLEF’s train drivers are to stage a number of strikes and overtime bans next month in their long-running dispute over pay. Union members at 16 train operating companies in England will walk out on different days between 2 and 8 December. Additionally, all members will refuse to work any overtime from 1 December to 9