Business

Rupert Murdoch is stepping down as chair of Fox and News Corp. His son Lachlan will become the sole chair of News Corp – and continue as executive chair and CEO of Fox Corporation. In an announcement, Lachlan congratulated his father on a “remarkable 70-year career” – and said the 92-year-old will continue to provide

It is arguably the most exciting non-event in recent economic history. For 14 successive monetary policy meetings, the Bank of England raised its official interest rate – all the way from 0.1% up to 5.25%. Today, for the first time since late 2021, it voted to leave borrowing costs unchanged. Reaction to BoE’s decision –

Amid the gale raging both literally and figuratively around Downing Street this morning over the government’s green policies, a ray of sunshine has arrived from an unexpected source – inflation. Experts had predicted the figure for August would tick up to 7.1% from 6.8% in July – but instead, the ONS revealed it had actually

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

Lenders to Cazoo, the British-based online car retailer, will take control of the company’s shares as part of a deep financial restructuring expected to be announced within days. Sky News has learnt that Cazoo was on Tuesday putting the finishing touches to a $630m debt-for-equity swap that will leave Viking Global Investors, a US-based fund,

A former governor of the Bank of England has told Sky News that while it was too slow to turn off the stimulus taps after the COVID pandemic, its actions to tame inflation are now “in the right area.” Lord Mervyn King, who presided over the Bank’s response to the global financial crisis in 2008,

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 John Lewis Partnership (JLP) has revealed its transformation plan will take two more years to complete than expected, while revealing a fall in losses over the first half of its financial year. The employee-owned company, in which staff are known as partners, said that a combination of higher costs due to inflation and a

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