Business

The CBI, once Britain’s most influential business organisation, is facing an urgent cash crunch as it races to cut costs and seal a potential tie-up with a fellow lobbying group. Sky News has learnt that the CBI could be within weeks of running out of cash, spurring it to hold detailed talks about a tie-up

About 80% of mortgage holders and renters are now worried about rising housing costs, according to a poll. Which? said the figure was the highest in the 10-year history of its monthly Consumer Insight Tracker. It comes as rents continue to rise and mortgage payments remain high after the Bank of England hiked interest rates

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