Business

UK price rises slowed in August compared to July, but are still at the highest rates in more than 40 years. However, they are slow in comparison to some other parts of Europe. In the UK there are several inflationary issues to contend with – a weak pound, low unemployment, an increasingly cashless society and

Hundreds of businesses are urging the chancellor to offer details about the support they’ll receive with their energy bills. The letter to Kwasi Kwarteng was signed by 300 companies and written by Kate Nicholls, the CEO of UK Hospitality. She welcomed the support that would be given to households as part of Liz Truss’ policies

Unemployment has fallen to its lowest level since 1974, standing at 3.6% in the three months to July. The Office for National Statistics said the number of people in employment grew by just 40,000 in the May-July period, but this has not necessarily translated into higher wages. Regular pay, excluding bonuses grew by 5.2% over

Since the end of the pandemic and the reopening of economies around the world, labour markets have become tighter, in the jargon. In short, in developed economies such as Europe and the United States, there are fewer workers available. Much of this was put down to the so-called great resignation as workers decided, after the

The UK economy grew by just 0.2% in July, according to the Office for National Statistics. The figure was below the 0.4% growth expected by economists, and follows a fall of 0.6% in June. While this means it is 1.1% above pre-coronavirus levels, GDP was still flat in the three months to July compared with

Mike Ashley, the high street tycoon who has snapped up some of Britain’s best-known retailers, is plotting a takeover of Gieves & Hawkes, the historic Savile Row tailor. Sky News has learnt that Mr Ashley’s Frasers Group is among a handful of bidders vying for control of the brand, which is being sold after its

There is much we do not know about the government’s new plans to help people out with their energy bills. We do not know how much they will cost. We do not have a clear sense of how they will be financed or paid for. We do not know precisely how the scheme will work

The digital lender Atom Bank is close to picking bankers to work on a stock market listing after calling off talks about a £700m merger with a vehicle set up by Donald Trump’s former commerce secretary. Sky News has learnt that Atom Bank is interviewing investment banks about roles on an initial public offering –

The European Central Bank (ECB) has hiked its key interest rates by an unprecedented 75 basis points, signalling that further rises are likely. On Thursday afternoon, the bank – which makes monetary policy for the eurozone and the European Union – lifted the deposit rate from zero to 0.75% and the main refinancing rate was

A typical household will pay no more than £2,500 annually for its gas and electricity bills from the start of October, Prime Minister Liz Truss has announced. In the first major policy announcement of her premiership, Ms Truss said the new price guarantee will last for two years and save the average household in England,

An unprecedented intervention in the energy market will shield households, businesses and public sector organisations from the worst of the surge in wholesale gas prices. The Truss government’s “energy price guarantee” aims to keep the bill pain facing the public at less than half the amount predicted for the winter ahead, with firms also getting

Primark has ruled out further price increases “beyond those already actioned and planned”, in a bid to protect sales in the tough economy. The discount retailer’s parent firm Associated British Foods (ABF) made the announcement as it warned of lower group profits for its next financial year, which begins later this month. The company said

Liz Truss will set out her plan on Thursday to help households and businesses with soaring energy costs. Downing Street said the action would be “bold” and “decisive” and will support people across the UK facing rocketing bills, whilst also increasing domestic energy supply. Ms Truss is due to unveil her proposals to Parliament, opening

The British pound has hit its lowest level against the US dollar in almost four decades. Just after 2pm on Wednesday, sterling fell to $1.1407, according to Refinitiv data – its lowest point since 1985. The pound has lost more than 15% against the dollar so far this year, hurt by both the dollar’s strength

The bosses of Britain’s biggest banks will hold talks with the new chancellor on Wednesday as he tries to exert a grip on the stalling UK economy. Sky News has learnt that Kwasi Kwarteng has convened a meeting with the chief executives of lenders including Barclays, Lloyds Banking Group and NatWest Group just hours after

The co-founder of Lastminute.com and dozens of other leading British start-up founders are urging Liz Truss to host a new national competition for entrepreneurs as the incoming premier seeks ways to kickstart a faltering UK economy. Sky News has seen a letter signed by Brent Hoberman, co-founder of the online travel site, and Samir Desai,