Business

UK housebuilding has fallen at the steepest rate in more than a decade – outside of the pandemic years – as high borrowing costs impact demand, according to a closely watched survey. The June downturn in housebuilding was “steep and accelerated”, according to the S&P Global/CIPS construction purchasing managers’ index (PMI). Residential construction decreased at

Higher wages are the “biggest driver of price rises” for two-thirds of businesses, according to the findings of a report which will do nothing to ease worries at the Bank of England that inflation is coming under control. The British Chambers of Commerce’s (BCC) economic survey of its members, covering April to June, showed that

The government should subsidise safe e-bikes to combat the risks posed from unregulated batteries, an industry figure has said. The call comes after the death of a family in a Cambridge flat fire which was most likely caused by an electric bike that was charging. Gemma Germeney, 31, died at the scene in the early

The water industry regulator has admitted investors in crisis-hit Thames Water have become “more concerned about the turnaround of the company”, as it seeks £1bn to help shore up its immediate financial future. Ofwat chief executive David Black told a Lords committee that while talks were continuing, new shareholders may have to be sought if

The bosses of the country’s four main lenders are facing pressure to raise “measly” easy access savings rates. The Treasury Committee of MPs said it had written to the chief executives of NatWest, Lloyds, HSBC UK and Barclays to demand that savers are fairly rewarded. Lenders have been accused of being quick to reflect Bank

Drivers have been paying more for fuel since 2019 due to weakening competition between retailers, a regulator has said. They said that increased supermarket fuel margins led to drivers paying an extra 6p per litre. Asda has also been fined £60,000 for a failure to provide information when required, the regulator added. It comes in

The average mortgage rate for a five-year fixed deal has risen to 6.01%, according to a financial information company. Meanwhile, the average two-year fixed rate mortgage has increased to 6.47%, Moneyfacts said. The previous average for a five-year rate was 5.97% on Monday, while the two-year deal was 6.42%. A five-year fixed deal is at

A manufacturer of sustainable packaging backed by Diageo, the global spirits giant, will this week unveil a new round of funding to enable the delivery of a commercially scalable production line. Sky News has learnt that Pulpex, which produced the first Johnnie Walker whisky bottle made entirely from paper-based products in 2021, will announce on

A minister has ordered a local council to end its experiment with a four-day week “immediately” over concerns about the “value for money” for local taxpayers. South Cambridgeshire District Council, the first local authority in the UK to undertake such a trial, had announced plans to extend it until April. Local government minister Lee Rowley

One of Britain’s most senior boardroom figures is to replace John Allan at the helm of Tesco. Sky News can exclusively reveal that Gerry Murphy, the chairman of Burberry and Tate & Lyle, has been chosen to replace Mr Allan, whose recent departure was hastened by a series of personal misconduct allegations. Sources said Dr

Households will pay less for their gas and electricity from today but bills will still be almost double what they were before the energy crisis. The average household energy bill will fall by £426 a year from 1 July after Ofgem dropped its price cap following tumbling wholesale prices. People had been advised to submit

Apple has entered the history books as the first public company to be valued at $3trn. The 47-year-old technology juggernaut, co-founded by Silicon Valley legend, the late Steve Jobs in 1966, officially closed up 2.3% at $193.97 per share at the end of trading on Friday. This brought its market value to $3.04trn – equivalent

Rising mortgage rates have yet to hit the housing market but threaten to be a “significant drag” in the short-term, Nationwide has said. However, the high street lender said “a relatively soft landing is still possible” against a backdrop of income growth and modest falls in property prices. The building society also said while typical

The energy price cap is set to fall again, according to a closely-watched forecast, as the energy regulator has said the average home is using less energy. The average household will be paying roughly £200 less from autumn than they are from next month, but still “well above” historical levels, energy research specialist Cornwall Insight

UK households withdrew a record amount from their savings last month and were more cautious with credit card spending, according to Bank of England data highlighting the extent of the squeeze on consumers. The smallest net increase in monthly unsecured lending this year, at £1.1bn, was recorded by the bank in May. A figure closer

The governor of the Bank of England, which has raised interest rates to a 15-year high, has said the UK labour market and not Brexit is to blame for stubbornly high inflation. Andrew Bailey said the tight jobs market – with near-record low unemployment, more than a million jobs vacancies and wage growth of 7.2%

The government said it is prepared for a range of scenarios amid fears Britain’s biggest water company could collapse. Sky News has learnt that ministers and Ofwat, the industry regulator, have started to hold discussions about the possibility of placing indebted Thames Water into temporary public ownership. Contingency plans are being drawn up amid growing

The government has begun drawing up contingency plans for the collapse of Thames Water amid growing doubts in Whitehall about the ability of Britain’s biggest water company to service its £14bn debt-pile. Sky News has learnt that ministers and Ofwat, the industry regulator, have started to hold discussions about the possibility of placing Thames Water

The chancellor has told banks “in no uncertain terms” they must pass on higher interest rates to savers. Jeremy Hunt faced pressure from both Labour and his own Conservative backbenchers on the matter during a statement about support to mortgage holders agreed on Friday. Labour’s Dame Angela Eagle – a Treasury minister under Gordon Brown

Food inflation in the UK has continued to slow from April’s record-breaking rise – but is still up nearly 15% year on year, new retail figures show. It means prices are still increasing, just at a slower pace than previously. There was a 14.6% increase in food prices in the year up to June, research