Business

A veteran investment banker is being lined up to chair one of Britain’s biggest car parts manufacturers as it prepares for a newly independent life as a standalone listed company. Sky News has learnt that Simon Mackenzie-Smith, a prominent City figure during a long career at Bank of America Merrill Lynch, is close to being

The head of NatWest, which is part state-owned, has defended the amount of tax big banks pay. Alison Rose, the chief executive, said banks were taxed more than “any other sector” and more than the financial service sectors in other countries. Speaking on Ian King Live, Ms Rose said: “On taxes, the banking sector already

Elon Musk is finally buying Twitter, promising – or to some, threatening – sweeping changes for one of the world’s biggest social media platforms. With a self-proclaimed remit to ensure everyone’s timeline becomes the ultimate home of free speech, and a vague long-term goal to transform it into “X, the everything app”, the billionaire is

Gross domestic product in the US bounced back in the third quarter, reversing a trend over the first six months that suggested the country was heading for a recession. The country’s GDP increased by 2.6% between July and September of this year, beating experts’ forecasts and reversing a steep decline of 0.6% in the previous

Elon Musk has been seen entering Twitter HQ – carrying what appears to be a sink. Mr Musk tweeted a video showing himself walking into the building in San Francisco a day after reports that he could close his $44bn takeover of the site by the end of this week. The 51-year-old captioned the video:

Jeremy Hunt has delayed the announcement of the government’s economic plan from Halloween to 17 November, saying it will help ministers make “difficult decisions… that stand the test of time”. A medium term fiscal statement was due to be delivered by the chancellor in the Commons on 31 October – along with a forecast from

The pound hit a six-week high as Rishi Sunak became prime minister today, another sign of the markets welcoming the country’s new leader. Sterling was up 1.8% against the dollar at $1.147, having risen by 1.92% to $1.150 earlier in the day – the highest level since 15 September. On Friday afternoon the pound had

The price of low-cost everyday grocery items has increased 17% in the 12 months to September, data from the Office of National Statistics (ONS) has shown, more than the average rate of food and drink inflation. The figures, based on web-scraped supermarket data for 30 everyday grocery items, showed the cost of items had already

The financial markets appear to have welcomed news that Rishi Sunak will be the UK’s next prime minister. The pound was up 0.15% against the US dollar just moments after Sir Graham Brady, chairman of the 1922 committee, said that only one valid nomination had been received for the top job. On Friday afternoon, the

The financial markets have enjoyed a rebound as Boris Johnson dropped out of the leadership race, leaving Rishi Sunak as the favourite to become prime minister. On Monday morning, the FTSE 100 started the day with a 0.5% rise, pushing it above the 7,000-point mark for the first time in a week. And the pound

Almost six in 10 UK adults are struggling to keep up with their bills, according to new research from the City regulator. The Financial Conduct Authority (FCA) estimated that 7.8 million people were struggling to keep up with their bills – an increase of around 2.5 million people since 2020 – when around 5.3 million

The country’s biggest supermarket chain has raised the price for its popular lunchtime meal deal for the first time in more than a decade as costs soar. Tesco revealed that the package, typically a sandwich, packet of crisps and a soft drink, would rise from £3.50 to £3.90 for customers who are not Clubcard holders.

Just when you thought it was safe to step back into the gilts market… things are getting nervy again. Around lunchtime on Friday the odds on Boris Johnson winning the Conservative leadership battle rapidly shortened. For a moment, the former prime minister was favourite, on Betfair’s betting markets, to become the next PM. Johnson backed

Train passengers have been warned to expect disruption on rail networks as a strike hits services on some of Britain’s busiest routes today. Members of the Rail, Maritime and Transport (RMT) union working for Avanti West Coast are staging a 24-hour walk-out in a dispute over rosters. Commuters have been warned to expect a “significantly

Moody’s rating agency has cut its UK’s financial outlook to negative but maintained its sovereign rating at Aa3. On Friday, the agency lowered the UK’s outlook to negative from stable, citing policy uncertainty amid high inflation and weaker growth prospects. Moody’s said the government’s “ability to engender confidence in its commitment to fiscal prudence” will

The latest official data on the state of the public finances and consumer spending makes for grim reading as the country awaits its next leader, with financial markets reflecting renewed jitters over the contenders and economy. The Office for National Statistics (ONS) reported that public sector net borrowing came in at £20bn last month –