Business

The Bank of England has cut interest rates by a quarter percentage point to 5%. The Bank’s nine-member Monetary Policy Committee (MPC) voted five to four to bring borrowing costs down, bringing to an end the joint-longest plateau for rates since the Bank was granted independence in 1997. Lower interest rates will instantly be reflected

Tax rises will likely be announced in the autumn budget, chancellor Rachel Reeves has admitted. She said Labour would stick to its election manifesto pledge not to raise national insurance, income tax or VAT. During the election campaign, Labour candidates avoided answering questions on whether other taxes would be increased – and the Conservatives warned

The Bank of England will implement its first interest rate cut since 2020 at midday on Thursday, if financial markets and many economists are right, hours after the US central bank signalled it could act next month. The Federal Reserve held its benchmark rate in the 5.25%-5.50% range on Wednesday evening but downgraded its view

This year’s budget to support the next wave of renewable energy schemes has been raised to a “record” £1.5bn, the government has announced, following a failed funding process in 2023. Energy Secretary Ed Miliband said the additional £500m for the looming renewable energy auction represented a commitment towards Labour’s goal of delivering clean, cheap, low-carbon

A new scheme offering settlements of £600,000 to victims of the Post Office scandal has been unveiled by the government. Ministers said it would help sub-postmasters traumatised by the scandal, in which faulty IT software called Horizon led hundreds of staff to be falsely accused of stealing from branches, receive financial support without “unnecessary bureaucracy”.

Rachel Reeves has accused her predecessor of hiding a “£22bn funding gap” for the current financial year, announcing a series of “tough decisions” to compensate. The chancellor told MPs that the investigation she ordered into the spending plans Labour inherited following the election found a Conservative “cover-up” that “put party ahead of country”. Her statement,

Rachel Reeves has scrapped some winter fuel payments, along with a raft of other government programmes and policies to plug a projected government overspend of £22bn. The chancellor said those not in receipt of pension credit will no longer receive the extra money as she repeatedly told MPs: “If we cannot afford it, we cannot

Rachel Reeves will signal Labour’s plans to cut government departments and the Civil Service as the new administration looks to accuse Rishi Sunak of “covering up” problems with the economy. The chancellor is set to speak to the House of Commons on Monday following a review of the government finances after taking office at the

Eddie Jordan, the former Formula One team-owner, has launched a multimillion pound legal fight against HSBC over its alleged mis-selling of a complex bond in which he invested. Sky News has learnt that Mr Jordan, who became one of Grand Prix motor racing’s most flamboyant and successful figures during a stint at the helm of

Cineworld has confirmed six cinemas will close as part of plans to cut jobs and save money, as the company struggles with debt. The firm is yet to confirm the full details of its restructuring plan, reported by Sky News on Thursday, that would see 25 UK cinemas close their doors and cut hundreds of

Cineworld has confirmed six cinemas will close as part of plans to cut jobs and save money, as the company struggles with debt. The cinemas will shut in “late September 2024” if the cost-cutting plans get legal approval. They are: • Glasgow Parkhead; • Bedford; • Hinckley; • Loughborough; • Yate; • Swindon – Regent

Chancellor Rachel Reeves has promised to “fix” the “mess” the Conservative government left in the economy, amid reports of a £20bn “black hole” in the public finances. Ms Reeves, who is currently on a visit to the G20 in Brazil, told broadcasters she aimed to tell the world that the UK “is open for business”

Competition among fuel retailers is “failing consumers” because drivers are still paying too much to fill up, according to regulators. In an update on its monitoring of the fuel market, the Competition and Markets Authority (CMA) said the cost to all motorists from the previously identified increase in retail fuel margins since 2019 was over

The chief executive of AstraZeneca has criticised a public health body for refusing to make one of its breast cancer treatments available to NHS patients in England and Wales. The National Institute for Health and Care Excellence (NICE) decided in March this year that patients should be denied access to Enhertu because it said the

The private equity giant Apollo Global Management is on the brink of a deal to buy Evri, the British parcel delivery company, in a £2.7bn deal. Sky News has learnt that Apollo has seen off competition to acquire the company from rivals including JD.com, the Chinese internet group, and DHL. The deal could be announced

The new government should cut taxes on electric vehicles to revive flagging sales and help the industry hit its climate goals, the motor trade body has said. New car sales fell across the board in the last six months, with petrol, diesel and electric cars all falling 7.6%, but the industry is particularly concerned about

It is now even harder and more expensive for the UK’s biggest water provider to borrow money as leading credit ratings agency Moody’s has downgraded its debt to “junk” status. Thames Water’s parent company had already defaulted on some loan payments that make up its £16.5bn debt pile. More pressure will be put on its

Efforts to secure access to cash for consumers and businesses are being stepped up through a series of new rules to be imposed by the City watchdog. The Financial Conduct Authority (FCA) said that from 18 September, banks and building societies would face greater obligations to weigh if local communities lack access to services, like

A majority of England’s nine water and sewage companies are “failing to get the basics right”, according to annual rankings which labelled four operators as responsible for 90% of serious pollution incidents. The report by the Environment Agency (EA) covering 2023 showed there were 47 of the most serious pollution instances recorded – up from

Almost half of private renters in England are living in homes that are cold, damp or mouldy, even in the summer, according to new figures. A survey by Citizens Advice found 45% of private renters are currently experiencing damp, mould or excessive cold in their home. And the research found 48% of these households have