Business

The return of summer weather last month helped retail sales recover despite a hit from weaker demand for fuel, according to official figures. The Office for National Statistics (ONS) reported a 0.4% rise – a figure that grew to 0.6% when the effects of fuel sales were excluded. It said stronger clothing sales drove the

The Bank of England has warned against complacency after its interest rate was frozen at 5.25%. Governor Andrew Bailey said he is determined to bring inflation back down to the target level of 2% – but with current rates at 6.7%, he added that “the job isn’t done yet”. And amid speculation that the Bank’s

Rice, spaghetti, baked beans and tea bags are among the staple items costing three times as much if the budget versions are not available in supermarkets, new research has found. Which? analysed the prices of almost 26,000 food and drink products for its inflation tracker at eight major supermarkets – Aldi, Asda, Lidl, Morrisons, Ocado,

The Bank of England’s interest rate decision is on a knife edge, with the regulator considered as likely to make borrowing more expensive today as it is to maintain the current rate. The odds of a hike versus holding rates are nearly 50-50 – with money markets betting on a 46% chance that the base

The rate of inflation has eased slightly to 6.7% confounding the predictions of economists that it would rise. The Office for National Statistics (ONS) said the consumer prices index (CPI) measure slowed in the 12 months to August, from the 6.8% figure reported the previous month, thanks to food rising at a weaker pace during

Avanti West Coast has had its contract renewed to operate its UK rail routes, despite issues with delays and cancellations. Both Avanti and another operator, CrossCountry, were awarded agreements lasting up to nine and eight years respectively. Avanti West Coast will continue to operate routes from Scotland, Wales, Manchester and Liverpool to London while CrossCountry

The CBI, the ailing business group, has acknowledged its financial travails for the first time as it postponed what was set to be a crucial annual meeting this week. Sky News has seen a message from the CBI to members which admitted it had “experienced some short term cashflow challenges”. It insisted, however, that it

The government has announced a new fixed sum payment for victims of the Post Office Horizon scandal in an effort to provide quicker compensation. An award of £600,000 is on offer to the 86 postmasters who have had their convictions over turned after faulty Horizon software made it appear they were stealing. Anyone who has

An unrepentant Liz Truss has sought to blame a left-wing infiltration of thinktanks, the Bank of England and other “institutions” for the market turmoil during her brief premiership. Ms Truss was speaking at an Institute for Government event about what she believes are the issues with the UK economy. Her 49 days as prime minister

A former governor of the Bank of England has launched a scathing attack on Liz Truss – accusing her government of turning Britain into “Argentina on the Channel”. Mark Carney also said Brexiteers such as the former Conservative leader – who became the shortest-serving prime minister in history when she resigned last year – had

More than a third of homes for sale have had at least one price cut – the highest proportion recorded in more than a decade, according to a leading property website. The average size of the reduction is also the largest since January 2011 at 6.2%, said Rightmove. When applied to the average asking price,

Mike Ashley, the high street billionaire, is in talks to sell the online clothing label Missguided to Shein, the giant Chinese online fashion player. Sky News has learnt that the two sides are in detailed negotiations about a deal, which would represent Shein’s first acquisition of a British fashion brand. City sources said that Shein

At the main roundabout outside Port Talbot steelworks, union reps and those on their lunch break gathered holding a banner: “British Steel – Back It or Lose It!” Some 4,000 are employed by Tata Steel here, more than 12% of the town’s entire population. One of them is Greg Coggins, who has worked for Tata

Business secretary Kemi Badenoch has had a busy week. It started on Monday with a £75m cheque to BMW to secure 4,000 jobs tied to future production of electric Minis at its Oxford plant. It ends with a £500m subsidy to sweeten the decarbonisation, by Indian industrial giant Tata, of its Port Talbot steel plant

Thousands of jobs are expected to be lost at Britain’s largest steelworks despite a £500m rescue package. The government will make the offer to assist Tata Steel employees who may face redundancy at its site in Port Talbot, as it moves from blast furnaces to greener steel production. Tata is expected to contribute £700m towards

The European Central Bank’s main interest rate has hit its highest level since the creation of the euro in 1999 amid the continuing battle against inflation. The Bank’s deposit rate was raised by 0.25 percentage points to 4% at the latest meeting of the governing council, which manages monetary policy for the 20 countries that

Shares in UK-based chip designer Arm Holdings have soared after the firm made its Nasdaq debut on Thursday. The firm’s stock opened at $56.1 (£45.2) per share – 10% above the initial public offering (IPO) price of $51 (£41). Arm, which is still 90.6% owned by Japan’s SoftBank Group, had earlier secured a valuation of

Deloitte is planning to cut more than 800 jobs in the UK, sources say. The company, one of the ‘big four’ accountancy firms, is considering the move as part of a cost-cutting restructuring. In a statement to Sky News, Deloitte confirmed some roles were potentially at risk of redundancy, but did not go into specifics.

The Range, the value retail chain, has struck a deal to buy the Wilko brand from its collapsed rival’s administrators. Sky News has learnt that The Range, founded and owned by Chris Dawson, has agreed to pay in the region of £5m for the Wilko name. The deal is expected to be announced later on

The head of BP has suddenly resigned following allegations over “personal relationships with colleagues”. Bernard Looney’s departure as chief executive of the British energy giant comes less than four years after he was appointed to the role. The 53-year-old, who was paid more than £10m in wages, bonuses and other benefits last year, is said