Business

An intervention by the chancellor to help shore up flagging financial market confidence in the UK economy has been ruled out by the government, amid further declines in the value of the pound. Sterling fell to its lowest level against the dollar since November 2023 early on Thursday, building on recent losses. A toxic cocktail

Bim Afolami, the former City minister, is to return to HSBC – the bank he worked for before he embarked on a career in politics – in a boardroom role. Sky News has learnt that Mr Afolami, who lost his Hitchin seat at last year’s general election, is to become a non-executive director of the

How worried should Rachel Reeves be about the fact that the interest rates on government bonds have leapt to the highest level in more than a quarter of a century? More to the point, how worried should the rest of us be about it? After all, the interest rate on 30-year government bonds (gilts, as

A representative for one of the world’s biggest fast fashion retailers, Shein was unable to answer questions from MPs over where it sources its cotton from. Shein’s general counsel for Europe Middle East Africa (EMEA) Yinan Zhu was asked if the company sells products containing cotton from China, mainly the region of Xinjiang, where China

UK long-term borrowing costs have hit their highest level since 1998. The unwanted milestone for the Treasury’s coffers was reached ahead of an auction of 30-year bonds, known as gilts, this morning. The yield – the effective interest rate demanded by investors to hold UK public debt – peaked at 5.21%. At that level, it

Shop prices will rise in 2025 as the key Christmas trading period failed to meet retailers’ expectations, according to industry data. Shop sales grew just 0.4% in the so-called golden quarter, the critical three shopping months from October to December, according to the British Retail Consortium (BRC) and big four accounting company KPMG. Many retailers

More than half of private sector firms are planning price hikes to help offset looming tax increases announced in the chancellor’s first budget , according to a corporate lobby group. The British Chambers of Commerce (BCC) warned business confidence was at its lowest level since the market meltdown that followed the Conservatives’ mini budget of

A television network majority-owned by David Montgomery, the media entrepreneur, is to snap up the licence to operate a London-focused TV station from Lord Lebedev, owner of the capital’s weekly Standard newspaper. Sky News has learnt that Local TV Ltd, which was acquired by Mr Montgomery in 2017, is close to announcing a deal to

Outside it is the bleak midwinter. We are smack bang in the middle of some of the country’s best agricultural land. But inside the cavernous warehouse where we’ve come, you wouldn’t have a clue about any of that: there is no daylight; it feels like it could be any time of the day, any season

The owners of Shawbrook Group, the mid-sized British lender, are drawing up plans to kickstart London’s moribund listings arena with a stock market flotation, valuing it at more than £2bn. Sky News has learnt that BC Partners and Pollen Street Capital, which took Shawbrook private in 2017, are close to appointing Goldman Sachs to oversee

Tide, the business banking services platform, has hired advisers to orchestrate a fresh share sale as it pursues rapid growth in the UK and overseas. Sky News understands that Tide has been holding talks with investment banks including Morgan Stanley about launching a primary fundraising worth in excess of £50m in the coming months. The

Donald Trump has said the UK is making “a very big mistake” in its fossil fuel policy – and should “get rid of windmills”. In a post on Friday on his social media platform, Truth Social, Mr Trump shared news from November of a US oil producer pulling out of the North Sea, a major

An outsourcing group backed by Lord Hammond, the former chancellor of the exchequer, is among the suitors circling Telent, a major provider of digital infrastructure services. Sky News has learnt that Amey, which endured years of financial difficulties before being taken over by two private equity firms in 2022, has tabled an indicative offer to

The Post Office is proposing a big hike in the fees that banks pay to allow their customers to access its network as it attempts to secure additional funding to boost postmasters’ pay. Sky News understands that more than two dozen banks and building societies are considering a proposal submitted to them recently by the

The typical household could see major bills rise by almost £270 by April, Sky News analysis suggests. The increase in costs for energy, water and council tax would outstrip inflation and add to pressure on family budgets. The first impact will be felt from New Year’s Day, with the domestic energy price cap rising for

UK business goes into the new year in a surly mood. New Chancellor Rachel Reeves‘s hike in employer’s National Insurance contributions (NICs) in her autumn budget will raise the cost of employing people and that is likely to have an impact on both hiring and investment. For individual sectors, there are specific challenges: the car