Business

Energy industry leaders have warned the UK could fall behind a key target for new offshore wind power ahead of the results of a government auction that is widely expected to flop. Multiple industry sources have told Sky News the auction, the results of which are expected to be announced on Friday, has received little

The governor of the Bank of England has told MPs that interest rates may not rise much further amid expectations that inflation is set to fall “markedly” by the end of the year. Andrew Bailey said rates were “much nearer now to the top of the cycle” following a 14th consecutive hike – to 5.25%

Rick Haythornthwaite, the City grandee who has chaired companies including Centrica and Network Rail, is being lined up as the new chairman of NatWest Group in the wake of the row about the de-banking of Nigel Farage. Sky News has learnt that Mr Haythornthwaite, who currently chairs Ocado and the AA, is expected to be

The price of petrol in the UK could soon rise further after the cost of oil jumped to its highest level this year. Brent crude climbed to more than $91 (£72) a barrel on Tuesday afternoon, a price not seen in the market since November 2022. It later fell back slightly by the evening to

Another 1,332 redundancies at collapsed retailer Wilko have been confirmed despite a deal to snap up more than 50 branches, the GMB union has said. It comes after administrators PwC offloaded 51 of the chain’s 400 stores to budget retailer B&M. The job cuts are in addition to the loss of 269 roles at the

The Bank of England “regrettably” made mistakes that have fuelled inflation in the UK, its former chief economist has told Sky News. Andy Haldane said the Bank had printed money through its programme of quantitative easing “longer than it needed to” as it tried to help the economy recover from COVID – and also suggested

It’s been a crazy few years for the cost of many services and essentials, with fuel prices among the bills enduring something of a roller-coaster ride. Pump prices during the COVID pandemic sank as low as £1.07 a litre for petrol and £1.11 for diesel as demand fell off a cliff due to lockdowns. As

The boss of Universal Music Group and the fashion designer Anya Hindmarch are among a coterie of British business leaders being lined up to join a revamped government Board of Trade. Sky News has learnt that Ms Hindmarch, the UMG chairman and chief executive Sir Lucian Grainge and Tim Bevan, the co-founder of film producer

Frontline Tesco workers will be offered body cameras following an “unacceptable” spike in verbal and physical attacks. The supermarket’s chief executive Ken Murphy said the move to protect its “unsung heroes” was prompted by a rise in physical assaults by a third compared with this time last year. Writing in the Mail on Sunday, Mr

Chancellor Jeremy Hunt is confident his plan to reduce rising prices is working and will soon ease the financial strain on UK households. Ahead of parliament returning on Monday, Mr Hunt acknowledged that many households across the country are still struggling financially. He emphasised that “sticking to the plan” to reduce inflation is the best

Sajid Javid, Jacob Rees-Mogg, Greg Clark, Rishi Sunak, Grant Shapps and Kemi Badenoch: the list of Tory chancellors and business secretaries who have sought to unlock the puzzle of the British steel industry’s future in recent years is almost as long as the number of active production facilities remaining in Britain. And as the issue

Little has been heard from Mohamed Fayed during the last decade. He sold Harrods to Qatar Holdings as long ago as May 2010 and his other main trophy asset in the UK, Fulham FC, was offloaded to the US businessman Shahid Khan in July 2013. That latter deal brought down the curtain on a controversial

Comparing the UK economy with its pre-pandemic size has become an almost totemic way of highlighting its sluggish performance post-COVID. It has certainly been a gift for Opposition politicians and in particular when – in September last year – the Office for National Statistics (ONS) produced evidence that the UK was the only economy in

The energy regulator has lifted maximum compensation payment levels available to households and businesses from storm-related power cuts. Ofgem said they could now claim up to £2,000, from the current £700, following its review of the response to Storm Arwen by distribution network operators (DNOs) in 2021. These firms are the six companies responsible for

The owner of HMV is finalising a deal to rescue the majority of Wilko’s operations, salvaging more than 8,000 jobs at the stricken high street retailer. Sky News has learnt that Wilko’s administrators, PricewaterhouseCoopers (PwC), began consulting the chain’s major creditors on Thursday on the terms of an agreement with Doug Putman. One source with

The UK car industry has declared it is “recovering” after production last month rose by almost a third compared to a year ago. The Society of Motor Manufacturers and Traders (SMMT) reported a 31.6% hike in output during July versus the same month in 2022. It said the 76,451 vehicles made represented a sixth consecutive

Job losses at Wilko could be announced on Thursday after an offer to buy the entire business reportedly failed to “pass basic checks”, according to a union representing workers. The GMB said it had been told redundancy plans at the discount homeware chain, which were said to have been suspended earlier this week, could be

Adverts for acupuncture and craniosacral therapy have been banned for making misleading claims about the treatment of long COVID. A paid-for Facebook ad and an Instagram post for Jo Llewellyn, a craniosacral therapist, included the claim that craniosacral therapists treat long COVID. Meanwhile, an Instagram post for Peachy Acupuncture said acupuncture and doses of vitamin

Redundancies among Wilko’s 12,500-strong workforce have been suspended while further bids for the collapsed retailer are considered, a union has said. The GMB said it had been assured by administrators PwC about the move during a meeting on Tuesday morning. The discount homeware goods company collapsed earlier this month after struggling from inflationary pressures, competition

The expansion of Sadiq Khan’s controversial ultra low emissions zone (ULEZ) will come into force on Tuesday despite facing a number of political hurdles. The zone – which charges motorists £12.50 a day if their car does not comply with emissions standards – will cover every London borough and not just the city centre, as

A trio of former Deliveroo executives have secured investment for a new property search engine start-up backed by a Google artificial intelligence fund. Sky News understands that Jitty will announce this week that it has raised $2m from investors led by Gradient Ventures, an AI fund established by the global technology behemoth. Jitty, which will

“When the time comes, disconnect the main flex cable.” Besides being a short guy named Tom, I never felt I had any sort of Mission: Impossible credentials until I donned safety googles and got handed a screwdriver and plastic scalpel at what’s thought to be the UK’s biggest phone recycling factory. Fixing the screen on

The owner of HMV has approached a number of debt providers to back a last-gasp rescue bid for Wilko, the ailing high street retailer. Sky News understands that Doug Putman has sounded out firms including Gordon Brothers and Hilco – from which he bought HMV in 2018 – about helping to finance an offer for

The former owners of The Daily Telegraph have lined up hundreds of millions of pounds from Middle Eastern investors in a bid to wrest back control of the newspaper from Britain’s biggest high street bank. Sky News can exclusively reveal that the Barclay family lodged a proposal last week to buy back roughly £1bn of

Rail services across England will be crippled today because of another strike in the deadlocked dispute over pay, jobs and conditions. Around 20,000 members of the Rail, Maritime and Transport (RMT) union at 14 train operators are expected to join the walk out. Trains will start later on Saturday and finish earlier and some areas

Rail services across England will be crippled today because of another strike in the deadlocked dispute over pay, jobs and conditions. Around 20,000 members of the Rail, Maritime and Transport (RMT) union at 14 train operators are expected to join the walk out. Trains will start later on Saturday and finish earlier and some areas

It was one of the most lucrative changes of career in business history. In 1964, Fred DeLuca was a 17-year-old medical student working in a hardware store to help pay his way through college. Realising he was not earning enough for his needs, he asked a family friend, Peter Buck, whether he had any bright

A group of trading nations known as BRICS, which is hoping to rival the G7, is set to grow in size after inviting six new countries to join – including Iran and Saudi Arabia. BRICS – which has, until now, comprised of Brazil, Russia, India, China, and South Africa – announced the proposed expansion at

The US tech firm that dominates the market for chips used in artificial intelligence (AI) has delighted investors with a doubling in quarterly revenue, promising more of the same in future. Nvidia shares gained almost 10% in after-hours trading in New York on Wednesday night when it revealed a string of numbers that beat analysts’

Fears for thousands of retail jobs at the ailing chain Wilko deepened on Wednesday evening when trade union officials warned that the majority of its shops were likely to close within days. Sky News has learnt that administrators at PricewaterhouseCoopers (PwC) are in advanced talks to carve up parts of the 400-strong chain, with Poundland’s

A closely-watched indicator of economic activity suggests the economy is on course to contract in the current third quarter of the year. A preliminary reading for the S&P Global/CIPS Purchasing Managers’ Index (PMI), which covers the dominant services sector and manufacturing, highlighted a slump in factory output and broader weakness during August. It blamed stubbornly

Falling house prices and record wage growth has meant houses have become more affordable on paper, but the rising cost of borrowing has cancelled out any benefit. The cost of a typical UK home is 6.7 times average earnings, down from a peak of 7.3 last summer, according to analysis from the country’s biggest mortgage

The UK’s competition regulator has launched a fresh investigation into Microsoft’s proposed £55bn takeover of Call of Duty maker Activision Blizzard after the tech firm offered a new remedy in a bid to get the deal over the line. The Competition and Markets Authority (CMA) confirmed on Tuesday that it stood by its final decision