Business

Tesla chief executive Elon Musk has said he will not sell any more of his stock in the company for two years. Mr Musk, who founded the electric vehicle-maker, was speaking on a Twitter Spaces audio chat when he said the economy is likely to be in a “serious recession” next year. Tesla’s board is

Snug, a British sofa manufacturer, is in talks about a sale four years after its launch. Sky News understands that Snug, which was founded by Rob Bridgman, is working with the accountancy firm Evelyn Partners to find a buyer before the end of the year. Sources said a deadline of 23 December had been set

As a symbol of the year in crypto, the sight of Sam Bankman-Fried being hustled out of court in Nassau to a blacked-out SUV that would take him to an airfield, and an extradition flight to New York, takes some beating. For the highest-profile player in cryptocurrency, 2022 has come to an abrupt and unforgiving

Rishi Sunak and Ursula von der Leyen have insisted they will work together to find a solution to the row over the Northern Ireland Protocol, as pressure grows to break the diplomatic deadlock. In a call on Thursday, the prime minister and the European Commission president discussed the post-Brexit trading arrangements in Northern Ireland. A

Cryptocurrency trading is “too dangerous” to remain outside mainstream financial regulation and could pose “a systemic problem” without action, the deputy governor of the Bank of England has warned. Speaking for the first time since the founder of the crypto trading platform FTX was arrested and charged with massive fraud, Sir Jon Cunliffe told Sky

Regulated rail fares in England will increase by up to 5.9% from 5 March next year, the Department for Transport has announced. The increase is being imposed to support “crucial investment and the financial stability” of the railway, the department said. Transport Secretary Mark Harper said: “This is the biggest-ever government intervention in rail fares.

The average UK property is £17,500 more expensive now than a year ago though house price growth has slowed and London properties are nearly 25% cheaper than five years ago, according to data from property website Zoopla. House prices have risen 7.5% over the past year, though the increase has slowed in the past three

An insolvent solar farms empire which received hundreds of millions of pounds in funding from a debt-laden English local authority is being put up for sale. Sky News has learnt that Interpath Advisory, which was appointed administrator to Toucan Energy last month, will confirm on Friday that KPMG, the accountancy firm, has been hired to

Given the drama of 2022, there is no guessing what 2023 will throw at us. Still, that needn’t stop us having a shot, so without further ado, here are some of the charts that might help tell the story of 2023. 1. The gas divergence One of the most curious things about 2022 was that

Government borrowing reached the highest amount for November since records began in 1993, official data shows. Last month, net public sector borrowing – excluding public sector banks – totalled £22bn, according to figures from the Office for National Statistics (ONS). The figure was up by £13.9bn compared to November 2021 and nearly £9bn higher than

The London-listed advertising technology company whose directors include Rebekah Brooks, the boss of The Sun newspaper’s publisher, has kicked off talks that could lead to it being sold. Sky News has learnt that Tremor International, whose shares have halved in the last 12 months, is working with bankers at Goldman Sachs to solicit takeover interest.

When looking back at the year gone by, it is rather hard to know where to start. The death of a monarch, war in mainland Europe, the shortest running prime minister of all time. It has been an extraordinary 12 months of news, especially for the economy. Rather than running through the whole thing in

British Airways has apologised to customers after suffering “a technical issue” with its flight planning systems that has affected flights departing the US and elsewhere globally ahead of Christmas. BA said it had fixed the glitch, first experienced overnight, that had grounded many long haul services ahead of scheduled departures and left many passengers complaining

The founder of Xpediator, a London-listed logistics company, is hatching a plan to take it private. Sky News understands that Stephen Blyth, who stepped down as Xpediator’s chief executive in 2020, has assembled financial backing for a takeover offer. The identity of Mr Blyth’s backers and the price at which a bid would be pitched

Visits to high streets slumped last week, according to industry data showing a “key” impact from rail strikes amid wider evidence of a hit to the economy from the industrial action. Springboard reported that shopper numbers across Britain fell 4.6% last week versus the week before amid the disruption to public transport – also blamed

Construction businesses are going bust at their fastest rate in a decade, driving the number of company insolvencies to its highest level since the financial crisis. Rising material costs, staff shortages and plummeting consumer demand are weighing on businesses, forcing them to squeeze their margins to unsustainable levels. Official figures show that in the second

Pubs, clubs and bars in England and Wales could be allowed to open for longer to celebrate the King’s coronation. The government has said it will consult on extending licensing hours from 11pm until 1am on 5, 6, and 7 May across the Bank Holiday weekend. The Home Office said the move will provide “an

The former head of the Bank of England’s governing body is to chair the bulk of Goldman Sachs’ operations outside the US – one of the most influential jobs at the Wall Street titan. Sky News has learnt that Sir Bradley Fried, who stepped down as chair of the Court of the Bank of England only

Rishi Sunak has abandoned his predecessor’s plan to intervene in global energy markets by spending billions of pounds on foreign gas imports. Sky News has learnt that Liz Truss’s Energy Supply Taskforce (EST), which was launched in September, is being scrapped. Headed by Madelaine McTernan, who was director-general of the government’s COVID-19 Vaccine Taskforce, the

There was a surprise fall in retail sales last month as shoppers remained cautious given the squeeze on budgets from inflation in the run-up to Christmas. The Office for National Statistics (ONS) reported a fall in sales volumes of 0.3% compared to October when the effects of fuel sales were excluded. Economists had expected to

Workers at Rolls-Royce Motor Cars’ Goodwood factory are to receive a pay award worth up to 17.6% after negotiations between the luxury automaker and Unite the union. In all, 1,200 production workers at the West Sussex plant are to receive a salary boost of 10% and a one-off payment of £2,000 from January, avoiding the

The Bank of England has revealed a 0.5 percentage point interest rate increase – its ninth consecutive rise as it maintains its battle against inflation. The decision, by its monetary policy committee (MPC), took the bank rate to 3.5% – a fresh high not seen since the 2008 financial crisis. The move, however, represented a

The rules limiting the volume of liquids allowed on planes and requiring electronics to be taken out of hand luggage in security are to change. The government has set a deadline of June 2024 for major UK airports to install new security technology, which will make obsolete the rule to bring no more than 100ml

US interest rates are now at their highest since the global financial crisis as the US central bank has again imposed an increase as it seeks to lower inflation. The Federal Reserve, known as the Fed, has imposed a 0.50 percentage points rise in interest rates. The widely-expected rise will mean more expensive borrowing for

The rate of inflation eased to 10.7% from 11.1% last month, according to official figures showing that food and the cost of a night out continue to rise in price ahead of Christmas. The Office for National Statistics (ONS) said falling motor fuel prices led the decline in the core consumer prices index (CPI) measure

A London-listed advertising technology provider has caved into shareholder pressure and abandoned plans to recalibrate a multimillion-pound executive pay scheme. Sky News has learnt that Tremor International has withdrawn two resolutions that were scheduled to be voted on at its annual meeting on Wednesday. They related to a repricing of share options and an increase

The UK recorded its second largest fall in real wage growth since records began in 2001 during October and the unemployment rate rose, according to new official jobs figures which also highlight the growing impact of strikes on the economy. The Office for National Statistics (ONS) reported that wage growth was 4.2% weaker when the

Rail strikes will go ahead this week after union members voted to reject an offer from Network Rail. Members of the RMT union will walk out on 13, 14 and 16 and 17 December. More strikes are planned from 6pm on Christmas Eve to 5.59am on 27 December. It was expected that the offer would

The economy returned to growth in October, according to early official figures which experts suggest could be the last to show expansion for some time. The Office for National Statistics (ONS) reported growth of 0.5% – following a contraction of 0.6% in September which was largely put down to disruption to usual activity because of

Troops are being trained to drive ambulances ahead of strikes as the government holds emergency COBRA meetings to limit disruption while 10 different industries go on strike this week. Over the weekend, government sources said a decision had not yet been made to put in a formal request to the Ministry of Defence but said

Britain’s biggest retailer is preparing to kick off a search for a new chairman, firing the starting gun on a race to fill one of the FTSE-100’s most prestigious boardroom posts. Sky News has learnt that Tesco is drawing up plans to begin identifying a replacement for John Allan, who will step down in 2024.

It can feel like all the money is flying straight out of your bank account this month, but payday isn’t quite as far away as you may think. There is also a range of extra benefits available in December which could ease some pressures amid the cost of living crisis. Here are some key money

The cost of antibiotics needed to treat Strep A has skyrocketed – as industry professionals claim prices have been hiked up to take advantage of “unprecedented” demand. Multiple pharmacies have warned they cannot obtain the necessary medications to treat Strep A as a 16th child died in Sussex with a suspected infection on Friday –