Business

Mortgage lenders and Chancellor Jeremy Hunt have agreed that people should be given a 12-month break before repossession proceedings start amid soaring interest rates. After the rise of the base rate to 5%, Mr Hunt met with leaders of financial institutions including Lloyds, NatWest, Barclays and Virgin Money. They agreed that the repossession break should

Average fixed mortgage rates are largely unchanged following the Bank of England’s shock announcement of a 5% base interest rate, according to a financial information company. There has been no change to the average mortgage rate for a two-year fixed deal, Moneyfacts data showed. The rate has remained at 6.19%, the same as the day

There was a surprise rise in retail sales last month despite inflationary pressure and rising borrowing costs, official figures show. The Office for National Statistics (ONS) said retail sales volumes grew by 0.3% in May, far better than the 0.2% decline forecast by economists, as warm weather boosted sales of outdoor goods and summer clothes.

A rail union has revealed three fresh strike dates in July as part of a continuing fight for better pay. The RMT said its 20,000 members working across 14 train operating companies would walk out on 20, 22 and 29 July. The Open Championship is taking place at Royal Liverpool from 16-23 July, while fans

People in government tell me they think the governor of the Bank of England is failing in his job, but cannot do anything about it.  That Andrew Bailey is under pressure is not in doubt. Today’s 8.7% year-on-year inflation rise is a painfully long way from the governor’s 2% target – meaning tomorrow, the Bank

The prime minister and his chancellor find themselves in something of a conundrum. They have committed themselves to halving inflation this year – without referring to the fact this is actually something the politicians outsourced to the Bank of England 25 years ago – even, if the chancellor is to be believed, this comes at

The rate of price rises has remained 8.7% despite expectations of a fall, according to official figures. The Office for National Statistics (ONS) announced the consumer price index measure of inflation stood at 8.7% in the year up to May, the same as the rate in April. A slight decrease, to 8.4%, had been expected

The chancellor has ruled out mortgage bill support for fear it would increase inflation. Answering questions in the House of Commons, Jeremy Hunt told MPs that “schemes which involve injecting large amounts of cash into the economy, right now will be inflationary”. Despite expressing sympathy for people with higher mortgage costs he said, “we won’t

The pace of grocery inflation has eased to its slowest monthly rate this year, according to industry data that backs hopes the worst may be over. Kantar Worldpanel, which tracks supermarket sales and prices, reported a rate of 16.5% over the four weeks to 11 June. That was down from the 17.2% figure revealed a

It’s too early to talk about job losses, as part of a deal that would create the UK’s biggest mobile phone operator, the Vodafone UK chief executive exclusively told Sky’s Ian King Live programme. “Some roles” might be impacted by the merger with Three, Ahmed Essam said, in his first interview since the deal was

Thousands of jobs could be created in Scotland under a Labour proposal to create a publicly-owned clean energy company with its headquarters north of the border, the leader of the opposition has said. Sir Keir Starmer set out his proposal to launch Great British Energy (GBN) during his party conference speech in Liverpool last year

A robotics start-up in which the online grocer Ocado is a sizeable shareholder is this weekend on the brink of collapse. Sky News has learnt that Karakuri, which developed technology capable of assembling ready-meals for food industry clients, is on the brink of filing a notice of intention to appoint administrators. City sources said that

Britain is facing a deepening “mortgage crunch”, with households already wrestling with the cost of living crisis facing yet a further squeeze on their budgets. It has been warned that those renewing their property loans next year will end up paying out on average an extra £2,900 annually. Most expensive items in a summer BBQ

The bosses of Britain’s biggest banks have told Rishi Sunak that technology companies must contribute to the cost of an online fraud “pandemic” that is undermining international investor confidence in the UK economy. Sky News has obtained a letter to the prime minister signed by the chief executives of nine lenders, including Barclays, NatWest and

Annual mortgage repayments are set to rise by £2,900 for the average household remortgaging next year, according to a think tank. As the UK’s “mortgage crunch” deepens, total annual mortgage repayments could rise by £15.8bn by 2026, the Resolution Foundation said. Prolonged inflation has raised expectations that the Bank of England’s base rate-rising cycle, which

Tesco has reported “encouraging early signs” that grocery inflation is starting to ease while revealing a leap in sales. The UK’s largest retailer said there was a slowdown in price growth across the market and it was continuing to focus on value for its customers. The company updated on its performance as the food sector

Millions of people were left waiting too long for energy support due to a lack of government “bandwidth”, according to a report from the cross-party Public Accounts Committee. More than a million households became eligible for support too late, while a further two million homes using prepayment meters have yet to redeem their £400 voucher,

The operator of Britain’s electricity system says it is to keep a scheme that aims to help prevent blackouts for the coming winter. National Grid ESO said it was “prudent to maintain” the demand flexibility service (DFS), which was introduced in 2022 in the wake of Europe’s gas squeeze caused by the war in Ukraine.

English football’s biggest clubs have been asked to vote on a proposal to hand tens of millions of pounds in additional funding to the wider game. Sky News has learnt that the 20 top-flight clubs, including Treble-winners Manchester City, have been balloted on whether to make permanent an extra funding package that was set up

Premier League revenue growth has continued to outpace that of its main European rivals, according to an eagerly-awaited report that also warns Championship sides are “living beyond their means”. Deloitte’s annual review of football finances showed that combined club revenue in England’s top tier rose by 12% to a record £5.5bn during the 2021/22 season.