Business

Labour has finally confirmed it is ditching a flagship pledge to spend £28bn-a-year on green investments if it wins the next general election. The party says it will now spend just £23.7bn on environmental schemes over the course of its first term in office – equivalent to just under £5bn a year. However, Labour insists

There has been a jump in the number of properties falling behind with mortgage payments, according to industry figures that also show an 11% rise in repossessions of buy-to-let (BTL) properties. UK Finance said cost of living pressures and higher interest rates continued to take a toll on borrowers over the final three months of

The world’s largest offshore wind developer has scaled back development targets and announced hundreds of job cuts as the renewable industry struggles under the pressure of rising costs. Orsted, the company developing the Norfolk coast windfarm, Hornsea 3, also suspended shareholder payments in an effort to strengthen its balance sheet. In common with the industry

The culture secretary will hold talks this week with the Premier League and its 20 clubs amid the continuing impasse over a financial redistribution deal for English football. Sky News has learnt that Lucy Frazer will attend a dinner on Thursday evening with executives from the top-flight clubs, as well as Alison Brittain, the Premier

The annual cost of enjoying a moderate standard of living in retirement has risen by £8,000 in a year, according to the pensions industry body. The Pensions and Lifetime Savings Association (PLSA) put the yearly price of a retirement income deemed “moderate” for a single person at £31,300 for 2023 to 2024 – up from

Retailers suffered a “lacklustre” January as bad weather and cost of living pressures discouraged shoppers from opening their wallets after Christmas, according to new research. Total retail sales across the UK increased by only 1.2% year-on-year in January – down sharply from growth of 4.2% during the same period last year, figures from the British

The company that owns Facebook and Instagram has said it is planning to label all images on its social media platforms that have been created using artificial intelligence (AI). Meta, which also owns the Threads social media site, has already been placing “Imagined with AI” labels on photorealistic images created using its own Meta AI

The fashion designer Sir Paul Smith has told Sky News that a campaign to overturn the so-called tourist tax is not just about “helping rich shoppers coming to buy cheap handbags”, but boosting the wider economy. In an interview with Business Live, he explained why he added his name to a letter to the chancellor

The owner of Tangle Teezer, the British hair-styling brand, has enlisted investment bankers to explore options for the company that could include an eventual sale. Sky News has learnt that Mayfair Equity Partners, the private equity backer of companies such as Ovo Energy, has hired Harris Williams to oversee a strategic review. The move comes

A manufacturer of sports supplements part-owned by JD Sports Fashion is beginning preparations for a £1bn flotation that could help breathe fresh life into London’s moribund market for new share offerings. Sky News has learnt that Applied Nutrition, which is based in Liverpool, has been interviewing investment bankers in recent weeks about a listing that

The founder of Superdry is in talks with the owner of Laura Ashley and an investor which previously backed Paperchase about a bid to take the London-listed fashion retailer private. Sky News has learnt that Julian Dunkerton has held initial discussions with Gordon Brothers and Rcapital, both of which specialise in investments in financially challenged

Former Post Office boss Paula Vennells will give evidence to the next phase of the inquiry into the Horizon IT scandal. She served as chief executive from 2012 to 2019, and has faced questions about why hundreds of subpostmasters were wrongly convicted of fraud and false accounting under her watch. Scrutiny grew after she was

An arm of the giant Indian conglomerate Tata is in the frame to take over the running of Britain’s Faster Payments Service – even as one of its sister companies prepares to lay off thousands of Welsh-based steelworkers. Sky News has learnt that Tata Consultancy Services (TCS) is a leading contender to become the administrator

The average household water and sewerage bill in England and Wales is to go up by an average 6% from April to help unlock “record investment”, an industry group has announced. Water UK said the increases, equivalent to £27 a year, would leave households with an average annual bill of £473. The body said the

One of the members of the Bank of England’s rate-setting Monetary Policy Committee has voted for a cut in its base-level interest rate for the first time since the pandemic, as Britain’s central bank forecast that inflation could be down at its 2% target within a few months. The Bank opted to leave borrowing costs

Jeremy Hunt has cast doubts over introducing big tax cuts at the next budget, saying he is unlikely to have the fiscal “room” he had in the autumn. Earlier this month, the chancellor hinted at further reductions come 6 March, saying the government’s plan of “prioritising tax cuts” was working, and that it would “stick

Facebook is 20 years old today. On 4 February 2004 Mark Zuckerberg launched ‘thefacebook.com’ from his Harvard dormitory. Two decades later, many users struggle to remember a time they weren’t scrolling through its news feed – or that of its social media sibling, Instagram. While allowing us to find long-lost friends and family, and supporting

House prices ticked upwards in January, despite expectations of further falls, the UK’s largest building society has said. Homes cost 0.7% more in January than in December, the Nationwide house price index said. Read moreMoney latest – Mapped: Average rents in every UK region It’s in contrast to predictions by the same lender a month

The new chief executive of BT Group and the boss of Britain’s biggest high street lender are among a cohort of business leaders who will be unveiled by Downing Street on Wednesday as advisers to Rishi Sunak. Sky News has learnt that Allison Kirkby, who will replace Philip Jansen as BT CEO on Thursday, is

The International Monetary Fund (IMF) has said Jeremy Hunt should not be planning to cut taxes any time soon. In what will be seen as a bombshell intervention ahead of this year’s election, the Fund, widely regarded as the world’s most authoritative economic body, said its analysts had advised the UK Treasury not to cut