Banks will be forced to give customers three months’ notice of account closures and to provide a full explanation of the reasons under reforms that could be unveiled in the coming days. Sky News has learnt that the Treasury plans to force British lenders to be more transparent with customers amid an escalating freedom of
Business
The rate of price rises has dropped to 7.9% in the year up to June, according to the Office for National Statistics (ONS). The consumer price index (CPI) measure of inflation shows prices are still rising, just at a slower pace than before, as the rate fell from 8.7% in the year to May. Another
A decision by Jaguar Land Rover (JLR) to invest in electric vehicle battery production in the UK is “very welcome”, a Labour MP has said. Darren Jones, chair of the cross-party Business and Trade Committee, was responding to reports that Tata will establish a battery gigafactory in Somerset for its JLR operation, potentially creating thousands
Supermarket deals have helped grocery price inflation ease for a fourth consecutive month. Closely watched data from Kantar Worldpanel, which tracks supermarket sales and prices, charted the steepest decline in checkout costs during the four weeks to 9 July since grocery inflation peaked in March. Its inflation measure fell by 1.6 percentage points to 14.9%
Train drivers will refuse to work overtime for a week – threatening disruption to services at the height of the summer holidays. The action – part of a long-running dispute over pay – will begin from 31 July, the ASLEF union announced on Monday. It will affect services across 15 train operating companies, and marks
The government has signed an agreement to join an Indo-Pacific trading bloc, although the estimated benefit could only be £1.8bn in GDP. In announcing the formal plans to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Rishi Sunak administration highlighted the £12trn value of the combined GDPs of all the member nations if
Gresham House, a London-listed asset manager which invests in sectors including forestry and battery storage, is in talks about a private equity takeover. Sky News has learnt that Searchlight Capital, a US-based buyout firm, is targeting a take-private of the alternative investment manager, which is run by chief executive Tony Dalwood. If completed, the deal
Kemi Badenoch has signed off UK membership to a major Indo-Pacific trade bloc. The business and trade secretary signed the accession protocol to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in New Zealand on Sunday. The move brings British businesses a step closer to being able to sell to a market of half
The government is poised to shelve plans to crack down on Britain’s fast-growing ‘buy now pay later’ (BNPL) industry amid Whitehall concerns that it could curb the availability of low-interest products. Sky News has learnt that Treasury officials have been told during recent talks with the industry that a number of its biggest players could
Almost 1,000 workers at Gatwick Airport, including baggage handlers and check-in staff, will stage eight days of strikes from later this month. Staff will strike in a dispute over pay, the union Unite announced, at the start of the school summer holidays. Significant disruption, delays and cancellations are “inevitable”, the union said. The workers will
Young adults and renters are some of the groups of people worst hit by rising prices as official figures show around 1 in 20 said they’d run out of food in the past 2 weeks and couldn’t afford more. Those aged 25 to 34 were at greater risk of financial vulnerability than those over the
Unions have won a legal challenge against a law change which allowed companies to use agency staff to fill in the roles of striking workers. The change was introduced when Kwasi Kwarteng was business secretary under Boris Johnson in July last year. Mr Justice Linden was scathing in his written judgement. Politics latest: Rishi Sunak
The UK’s national debt could hit 300% of GDP by the 2070s because of the string of major challenges still facing national governments after a “rapid succession of shocks”, according to a report for the Treasury. The independent Office for Budget Responsibility laid out how climate change, defence and the fact people were living longer
The economy contracted in May as the additional public holiday for the King’s coronation weighed on output, according to official figures. Data from the Office for National Statistics (ONS) showed negative growth of 0.1% during the month, better than economists had predicted but continuing the yo-yo pattern seen throughout the last year that has left
For decades, firefighting foam has been an integral part of fire suppression efforts by firefighters, the military, and airports. However, firefighting foam contains a dangerous class of resilient chemicals, allegedly causing workers and citizens to develop cancer and other severe medical conditions. Firefighting foam gained popularity over traditional water-based methods because it forms a thick
The Bank of England says it expects the proportion of income UK households spend on mortgage payments to remain below levels seen during the financial crisis. Its latest Financial Stability Report declared that squeezed households were proving resilient in the face of challenges posed by rising living costs and interest rate hikes to tackle high
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