Business

The pound has hit its highest level against the US dollar since March 2022 after the chair of the Federal Reserve declared that “the time has come” for an interest rate cut. Jay Powell’s remarks to the US central bank’s annual economic conference at Jackson Hole, Wyoming, did not specify when rate cuts would begin

The energy price cap will rise in October to an annual average of £1,717. Industry regulator Ofgem said the 10% rise was largely due to higher wholesale gas prices and urged bill-payers to “shop around” for fixed-rate deals. Money latest:Warning £2,500 will be added to stamp duty ‘overnight’ But the latest increase – which means

Some of London’s leading universities are plotting to create a £500m fund to back start-ups created by their academics, even as the wider higher education sector confronts a growing financial crisis. Sky News has learnt that University College London (UCL), Kings College London and Queen Mary University are in talks to establish a jointly owned

One of Mike Lynch’s neighbours has described him as “generous, humble and full of integrity”, telling Sky News he will “leave a hole that cannot be filled” after his death was confirmed on Thursday. Mr Lynch, 59, was confirmed dead by local authorities on Thursday after the Bayesian superyacht he was on with his wife

The energy price cap will rise to an average annual £1,717 from October, the industry regulator has confirmed as the clock ticks down to the loss of winter fuel payments for millions of pensioners. The new figure represents a 10% a year – or £12 per month – leap in the typical sum households face

You remember that “dire economic inheritance” the new government keeps talking about? Earlier in the summer Rachel Reeves produced a document suggesting the state of Britain’s economy and public finances was so dismal – so much worse than expected – that she would be forced into introducing significant measures (which read: lots more tax rises)

Brazil has awarded special protected status to Scotch whisky – with the UK’s trade secretary toasting the decision by visiting a distillery in Scotland. Brazil legally recognised Scotch whisky during the UK’s pre-election period in June and the move is expected to give distillers better access to South America’s largest economy. The Department for Business

Government borrowing rose to the highest amount since the pandemic in July, official figures show. Not since 2021 has there been a July with such high borrowing, according to data from the Office for National Statistics (ONS). It means that there was a £3.1bn difference between what the government took in from things like taxes

A pilot scheme scrapping peak-time ScotRail fares will end next month following a “limited degree of success”. Transport Scotland said the trial – subsidised by the Scottish government – cost £40m but “did not achieve its aims” of encouraging more people to swap their cars for rail travel. The scheme began in October last year

Mike Lynch’s co-defendant in a recent US fraud trial has died after a road accident a few days before Mr Lynch went missing. Stephen Chamberlain, the former vice president of the finance company Autonomy, was hit by a car while out running in Cambridgeshire on Saturday morning, his lawyer said. Mr Chamberlain had faced the

British tech billionaire Mike Lynch is missing off Sicily’s coast after a yacht sank, Sky News understands. One person is dead and six others are missing after a UK-flagged superyacht named Bayesian sank off the coast of Sicily in a storm. Follow live: Superyacht sinks latest Sky News also understands the yacht is owned by

The housing market experienced a surge in activity following the Bank of England’s recent decision to cut interest rates, according to a leading property website. Estate agents reported a 19% jump in enquiries about properties for sale after 1 August, when compared with the same period last year, research by Rightmove found. It came after

Dozens of Ted Baker stores will shut for the last time this week amid growing doubts over a future licensing partnership with the retail tycoon Mike Ashley. Sky News understands that talks between Mr Ashley’s Frasers Group and Authentic, Ted Baker’s owner, have stalled three months after it appeared that an agreement was imminent. Administrators

The private equity backer of Six Nations Rugby is plotting to buy a stake in one of Britain’s biggest audit firms – a deal which could have ramifications across the professional services sector. Sky News has learnt that CVC Capital Partners is among the buyout firms preparing to table bids for a controlling stake in

Hundreds of Border Force officers at Heathrow Airport go on strike from the end of the month. The 650 members of the Public and Commercial Services (PCS) union will be on strike from August 31 to September 3, then working-to-rule and refusing to work overtime until September 22. The long-running dispute centres on enforced changes

The accounting giant PwC has been fined £15m by the financial conduct regulator in its first-ever financial penalty on an audit firm. One of the so-called big four accounting firms, PwC was said by the Financial Conduct Authority (FCA) to have missed a number of audit red flags and failed to act immediately to report

British retailers saw sales rise last month after a boost from Euro 2024 and summer discounting, official figures show, in a further sign of a growing economy. The Office for National Statistics (ONS) said retail sales grew 0.5% last month, after contracting 0.9% in June. Money blog: Fines for parents taking children out of school

Ed Sheeran has bought a 1.4% stake in Ipswich Town, it has been revealed. The singer – who has sponsored the team’s shirts since 2021 – has signed on as a “passive” investor and will not become a board member, the football club confirmed. However, as part of the deal, Sheeran will receive perks such

The boss of mobile phone firm Three has hit out at the UK’s “abysmal” 5G speeds and availability. Chief executive Robert Finnegan made the comments as he urged regulators to approve the company’s planned merger with Vodafone – arguing the £15bn move would pave the way for better investment in network infrastructure. It came as

The UK economy grew 0.6% over three months, official figures show.  But there was no growth at all in June, the Office for National Statistics said, as businesses delayed purchases until after the general election. Gross domestic product (GDP) – the measure of everything produced in the UK – expanded from April to June. This