Business

Energy industry leaders have warned the UK could fall behind a key target for new offshore wind power ahead of the results of a government auction that is widely expected to flop. Multiple industry sources have told Sky News the auction, the results of which are expected to be announced on Friday, has received little

The governor of the Bank of England has told MPs that interest rates may not rise much further amid expectations that inflation is set to fall “markedly” by the end of the year. Andrew Bailey said rates were “much nearer now to the top of the cycle” following a 14th consecutive hike – to 5.25%

Rick Haythornthwaite, the City grandee who has chaired companies including Centrica and Network Rail, is being lined up as the new chairman of NatWest Group in the wake of the row about the de-banking of Nigel Farage. Sky News has learnt that Mr Haythornthwaite, who currently chairs Ocado and the AA, is expected to be

The price of petrol in the UK could soon rise further after the cost of oil jumped to its highest level this year. Brent crude climbed to more than $91 (£72) a barrel on Tuesday afternoon, a price not seen in the market since November 2022. It later fell back slightly by the evening to

Wilko’s administrators have offloaded 51 Wilko stores to B&M but the discount retailer is yet to confirm whether workers at the sites will be retained. Sky News had earlier reported on the expected announcement, with City editor Mark Kleinman adding that hopes were fading for a wider rescue deal that would take in the vast

Shares in Superdry plunged to a record low on Monday after the struggling fashion retailer reported a bigger-than-expected annual loss. It came as trading in the British brand resumed after the company revealed on Friday that it ended the year to April with an adjusted pre-tax loss of £21.7m – compared with a profit of

It’s been a crazy few years for the cost of many services and essentials, with fuel prices among the bills enduring something of a roller-coaster ride. Pump prices during the COVID pandemic sank as low as £1.07 a litre for petrol and £1.11 for diesel as demand fell off a cliff due to lockdowns. As

The boss of Universal Music Group and the fashion designer Anya Hindmarch are among a coterie of British business leaders being lined up to join a revamped government Board of Trade. Sky News has learnt that Ms Hindmarch, the UMG chairman and chief executive Sir Lucian Grainge and Tim Bevan, the co-founder of film producer

Chancellor Jeremy Hunt is confident his plan to reduce rising prices is working and will soon ease the financial strain on UK households. Ahead of parliament returning on Monday, Mr Hunt acknowledged that many households across the country are still struggling financially. He emphasised that “sticking to the plan” to reduce inflation is the best

Sajid Javid, Jacob Rees-Mogg, Greg Clark, Rishi Sunak, Grant Shapps and Kemi Badenoch: the list of Tory chancellors and business secretaries who have sought to unlock the puzzle of the British steel industry’s future in recent years is almost as long as the number of active production facilities remaining in Britain. And as the issue

The government is in advanced talks with Britain’s biggest steel producer to hand over a £500m aid package aimed at securing the long-term future of steelmaking in South Wales. Sky News can exclusively reveal that Whitehall officials and Tata Steel are close to agreeing a deal that would commit more than £1bn to the future

Mohamed Al Fayed has died at the age of 94. The Egyptian-born businessman was best known as a former owner of the Harrods department store and Fulham football club in London. He sold Harrods to Qatar Holdings in May 2010. Three years later, he also sold Fulham FC, to the US businessman Shahid Khan. Al

House prices fell by 5.3% in the year to August – a bigger-than-expected drop, according to Nationwide. The lender’s figures were released as interest rate hikes by the Bank of England to tackle inflation send mortgage payments higher – as well as rental costs. Additional housing bills are piling more misery on families at a

The owner of HMV is finalising a deal to rescue the majority of Wilko’s operations, salvaging more than 8,000 jobs at the stricken high street retailer. Sky News has learnt that Wilko’s administrators, PricewaterhouseCoopers (PwC), began consulting the chain’s major creditors on Thursday on the terms of an agreement with Doug Putman. One source with

A bid to buy the entire Wilko business has fallen through, Sky News understands. Private equity firm M2 Capital had hoped to purchase the discount homeware chain and its 400 stores, but the deal is off following talks with administrators PwC. Job losses are now expected among Wilko’s head office, distribution and support centre staff.

Job losses at Wilko could be announced on Thursday after an offer to buy the entire business reportedly failed to “pass basic checks”, according to a union representing workers. The GMB said it had been told redundancy plans at the discount homeware chain, which were said to have been suspended earlier this week, could be