Business

Very few will be surprised by the Bank of England’s decision to keep rates on hold at 4.75%. What is more striking is the policy rift that has emerged. Three members of the rate-setting committee voted to cut rates while the other six opted to keep them as they are. It reflects some of the

The Bank of England has maintained its guidance for “gradual” interest rate cuts next year, following surprise support for a reduction this month. Its rate-setting committee, while deciding to keep Bank rate on hold at 4.75%, noted higher than expected wage rises and inflation despite a slowdown in the economy over the second half of

What a year 2024 was. A massive election – well, two massive elections on either side of the Atlantic, and more elsewhere around the planet – followed by changes of government and plenty of economic milestones along the way. So let’s remind ourselves of some of the big moments of the year, in chart form.

The US central bank has announced an interest rate cut, just hours before the Bank of England is tipped to refrain from following suit. The Federal Reserve cut its main funding rate by a quarter point to a new target range of 4.25%-4.5%, as markets had expected, but signalled that future reductions would happen more

English rent prices have reached another record high, growing by close to 10% in the past year, official figures show. The typical private rental price in England rose 9.3% in the year up to November, costing £116 more than 12 months earlier, according to the Office for National Statistics (ONS). English renters paid an average

Inflation has risen for the second month in a row, according to official figures. The overall rate of price rises – as measured by the consumer price index (CPI) – grew by 2.6% in November. It’s a further move away from the Bank of England‘s target 2% inflation rate after the rate ticked up to

Sir Keir Starmer has defended a decision not to compensate women affected by changes to their retirement age – saying doing so would “burden” the taxpayer. The prime minister said he understood the concerns of the Women Against State Pension Inequality – often known as Waspi women – but their demands were not affordable. He

Thames Water is seeking High Court approval today for a £3bn emergency loan to keep the troubled utility afloat, in a crucial 48-hours for the company and the industry. At a hearing at the Royal Courts of Justice before Mr Justice Trower on Tuesday, Thames will present the loan as the first stage of a

The sale of Royal Mail to Czech billionaire Daniel Kretinsky will be approved this morning, Sky News understands. Mr Kretinsky‘s company EP Group will buy the postal service’s parent company International Distribution Services (IDS). The £5.3bn takeover deal had been agreed in May but was subject to a review under national security laws as Royal

This is a crucial week for the water industry. Regulator Ofwat will on Thursday give its “final determination” on how much bills will rise over the next five years. Before then, Britain’s largest company Thames Water hopes to win court approval for a £3bn bridging loan to stop it running out of cash in the

UK-based partners at Grant Thornton, the accountancy firm, have voted to back the sale of a majority stake to Cinven, the private equity firm. Sky News has learnt that GTUK’s partnership voted unanimously to support the deal, in a move expected to be announced internally as early as Monday. Support for the deal had been

NatWest Group is to hand its chief executive a potential multimillion pound pay boost as it returns to full private ownership after nearly 17 years in state hands. Sky News has learnt that the chair of the bank’s remuneration committee, Lena Wilson, is consulting leading institutional shareholders about an overhaul of its boardroom pay policy.

Tube and rail fares in London will go up by 4.6% from next March, the capital’s mayor has said. The hike matches the rise in regulated train fares for England’s mainline railway. From 2 March, Transport for London’s (TfL) daily caps will increase by 40p-70p, depending on what zones are travelled through. Labour mayor Sadiq

Royal Mail has been fined £10.5m for missing postal delivery targets. Regulator Ofcom said 74.7% of first class mail and 92.7% of second class was delivered on time in 2023/24. The targets were 93% and 98.5%. A “challenging financial position” was blamed by the company for its poor performance, the regulator said. There were also

The economy remained in a reverse gear during October, according to official figures covering the month ahead of the government’s first budget. The Office for National Statistics (ONS) said output fell 0.1% following the 0.1% decline recorded for the previous month. The figures showed zero growth in the powerhouse services sector, with manufacturing and construction

It might be tempting, given how much coverage has focused on it recently, to assume the forthcoming changes to inheritance tax regime are the single biggest issue facing farmers these days.  But the reality is these tax changes come at a moment of extraordinary pressure, with farmers having to contend with a swathe of unsettling

The Daily Telegraph’s publisher is to hand hundreds of staff a £500 bonus this month as uncertainty over its ownership looks set to stretch into a third calendar year. Sky News has seen an email sent on Thursday by Anna Jones, Telegraph Media Group’s chief executive, in which she told employees that they would receive

Two of Britain’s biggest high street banks have quit a body dedicated to enhancing industry lending practices, sparking a furious row and casting doubt over its future. Sky News has learnt that HSBC and Lloyds Banking Group have terminated their membership of the Lending Standards Board (LSB). Their resignations – alongside that of Santander UK

Small British businesses have stopped selling to Northern Ireland as well as Europe due to extra administrative hurdles posed by new EU customs rules coming into effect. Many small firms said they are unable to meet new requirements for paperwork and numbering of each product as well as the need to have an “authorised representative”

A $10bn-plus takeover bid for one of America’s biggest pharmacy chains is set to trigger a fresh auction of Boots the Chemist after a string of aborted attempts to sell the British retail giant. Sky News understands that Sycamore Partners, the private equity firm, is expected to seek separate ownership for Boots if it succeeds

Thames Water has revealed a 40% spike in sewage spills while warning that a looming decision on what it can charge customers is “fundamental to our future”. The UK’s biggest supplier, which has been battling to avert the prospect of a special administration amid a massive debt pile, has consistently argued that the regulator’s ruling

An attempt by Rupert Murdoch to change who controls the future of his media empire has been blocked, according to reports in The New York Times. The newspaper claims a sealed court document accuses the 93-year-old of acting in “bad faith” by attempting to amend his family trust to benefit his eldest son, Lachlan. Currently,

The entrepreneur Dale Vince has made a fresh approach to the owner of The Guardian in a bid to persuade it to open talks with him about The Observer, days after its sale was agreed to a digital start-up. Sky News has seen an email sent at the weekend by Mr Vince to Ole Jacob

A London-listed marketing specialist backed by Lord Ashcroft, the former Conservative Party treasurer, will this week announce the purchase of a key digital partner to sporting properties including the Men’s T20 Cricket World Cup. Sky News has learnt that Brave Bison, which trades on the junior AIM exchange and has a market capitalisation of just

Harland & Wolff (H&W), the shipyard-owner which built the Titanic, is closing on a government-backed rescue deal with a Spanish shipping industry group. Sky News can reveal that Navantia has won approval from Downing Street to acquire H&W’s four UK shipyards in a transaction which could be formally agreed as early as next week. If

TikTok has lost an appeal against plans to ban the video-sharing app in the US. The social media platform had argued the proposal was a breach of the US First Amendment, which protects freedom of speech. TikTok pushed to overturn a law that could lead to its ban in a few months. However, the petition

Fourteen new trains are to be built at a Hitachi plant in County Durham, securing hundreds of jobs. The plan safeguards 700 jobs with a £500m investment for the Newton Aycliffe site. The plant and its workers had faced an uncertain future with an upcoming gap in its order book before work begins on HS2

Dale Vince, the activist and entrepreneur, has accused the owners of The Guardian of telling “a complete untruth” about his interest in taking control of The Observer. Speaking to Sky News, Mr Vince, who has extensive interests in green energy and owns Forest Green Rovers Football Club, said his discussions with Guardian Media Group (GMG)

The owner of The Guardian is pressing ahead with the sale of the world’s oldest Sunday newspaper to a fledgling digital media company, just hours after scores of journalists went on strike in protest at the deal. Guardian Media Group (GMG) and its parent, the Scott Trust, confirmed on Friday that the sale of The

Across Europe, car companies are cutting jobs and shutting factories – to the extent that some question their very existence. So it’s worth asking the question: what’s gone wrong with Europe (and for that matter America’s) car industry? While some will reach for their own pet conclusions (Brexit! Electric vehicle deadlines! Government regulations!) in practice

Thames Water’s largest creditor group has failed to secure a veto over whether a £3bn emergency funding injection is used to settle regulatory fines imposed for a string of environmental and performance failings. Sky News can reveal that a clause stipulating that the company’s A lenders – which account for well over £10bn of the

The owner of Guinness is understood to have placed limits on pub and bar purchases of the Irish-made stout in the UK following a rush of sales, which has reportedly sparked some panic buying ahead of Christmas. The number of kegs that can be ordered from the Diageo-owned brand was being “managed”, the company said

One of Britain’s biggest parcel carriers has been hit by a capacity crisis at the start of the crunch festive trading period, forcing it to urge key customers to divert business to rival delivery firms. Sky News has learnt that Yodel, which was due to recruit thousands of seasonal workers to help it deal with