Business

The Bank of England has imposed the biggest interest rate hike since 1995 in a bid to tackle inflation, but is adding significant costs to borrowers in the process. Consumer finance experts told Sky News there were significant savings to be had by switching to a fixed rate mortgage deal and shopping around for higher

BP has reported a second-quarter profit of £6.9bn ($8.45bn) – its highest in 14 years – at a time when consumer fuel prices have been at record highs. BP’s underlying replacement cost profit, the company’s definition of net earnings, was the strongest since 2008 and far exceeded analysts’ expectations of £5.6bn ($6.8bn). That compares to

The UK’s largest sportswear retailer JD Sports Fashion is to sell its Footasylum chain following a long battle with the country’s competition watchdog. The business will be sold to German asset management firm Aurelius for £37.5m – a substantial loss on the £90m JD Sports paid for it three years ago. The news confirms a

The Financial Conduct Authority has finalised tougher rules for the marketing of high-risk investments. Under the new rules, firms approving and issuing marketing must have the right expertise and those marketing some types of high-risk investments will have to do better checks to make sure those investments are well matched to consumers. Some incentives such

A London-based commodities broker controlled by a group of former Lehman Brothers executives will this week clinch a takeover of a major industry peer. Sky News has learnt that Marex Group will announce on Monday that it has reached an agreement to buy ED&F Man Capital Markets from ED&F Man Holdings. The purchase price is

Octopus Energy has asked the government for a £1bn taxpayer funding package to seal a takeover of Bulb, its stricken rival. Sky News has learnt that privately owned Octopus is nearing a deal with ministers to acquire its smaller competitor, which collapsed late last year. City sources said this weekend that a deal would involve

With so much fog surrounding the prospects for the UK economy, results statements from the country’s main commercial banks this week were an ideal opportunity to make sense of things, as the big lenders tend to have a good idea of what is happening on the ground. The overall picture painted – and this is

Credit card borrowing last month increased at the fastest annual rate since 2005, according to new figures from the Bank of England. At the same time, the amount of money being deposited into accounts plummeted, as concerns grow about the rapidly increasing cost of living. Consumer credit, which includes borrowing on credit cards, overdrafts, personal

The UK’s competition watchdog is investigating Asos, Boohoo and George at Asda over claims about the sustainability of their products. The Competition and Markets Authority said it would examine the eco-friendly and sustainability claims made by the three businesses about items including clothing, footwear and accessories. In January the CMA started to look at sustainability

British Airways owner IAG has returned to quarterly profitability for the first time since the coronavirus pandemic, but blamed Heathrow for its current “operational challenges”. IAG chief executive Luis Gallego said the group’s best performing airlines were Iberia and Vueling, which were boosted by a recovery in the Spanish domestic market and routes to Latin

Up to 40% of households could be drawn into fuel poverty by soaring energy prices this winter, the boss of one of the UK’s largest energy providers has told Sky News. Rising wholesale gas prices, fuelled by the war in Ukraine, mean the domestic energy price cap is forecast to increase from the current £1,971

A union has revealed plans for a strike next month that it says will bring operations at the UK’s largest container port to a “standstill”. Unite made the threat while revealing the results of a ballot among its members at Felixstowe, ultimately employed by international ports operator CK Hutchison. The union said workers backed industrial

Train drivers at nine rail companies will strike on 13 August, the Aslef union has announced, as passengers faced further disruption today due to industrial action. Only around one in five trains ran on Wednesday, on about half the network, with some areas having no trains all day. Picket lines were mounted outside stations as

Growing fears Russia may switch off supplies of natural gas to Europe have pushed UK wholesale prices to levels last seen in the early days of the war in Ukraine, with a market expert telling Sky News there is worse to come. The contract for next-month UK delivery was more than 12% higher at one

The world’s lender of last resort has appealed for central banks to raise interest rates and for governments to take a responsible stance with public finances while warning of a harder impact from the global inflation shock. The International Monetary Fund (IMF) used its updated World Economic Outlook to take another red pen to growth

With price cap forecasts pointing to an extremely difficult winter, MPs have called for the government to update its energy support package. A number of measures were unveiled earlier this year aimed at helping people pay their bills, as prices rocketed due to a massive rise in wholesale energy costs. Most households will receive at

Ryanair has warned that rising fuel prices will increase costs despite reporting a first-quarter profit. The airline industry has been impacted by significant disruption at airports and the Ukraine war but the budget airliner reported profits after tax of €170m (£145m) in Q1 (April to June 2022) against net losses of €273m (£233m). Passenger numbers

Barclays is taking a stake in Copper, one of the most prominent names in the fast-evolving cryptocurrency sector, even as the industry continues to be rocked by a swathe of bankruptcies. Sky News has learnt that the UK-based bank is among a crop of new investors joining a funding round for Copper, which counts former

The Insolvency Service has written to Lex Greensill and other former directors of the supply chain finance group which bore his name as it intensifies a probe that could trigger formal proceedings to disqualify them as company directors. Sky News has learnt that the unit which investigates corporate collapses in Britain has submitted a series

More than 40,000 rail workers are striking after talks failed to resolve a dispute over pay, jobs, and conditions. Members of two unions are walking out, affecting rail services across the country – the latest industrial action adding to the country’s transport woes. Who is going on strike? Members of the Rail, Maritime and Transport