Business

The global economy will suffer a $2.8trn (£2.6trn) hit next year in the wake of Russia’s war in Ukraine, according to an international policy forum that is predicting zero growth for the UK. The Organisation for Economic Cooperation and Development (OECD) said its projection for lost output worldwide was based on a comparison between its

Okay, let’s start with the good news. Having dropped to the lowest level in history at the start of the day, the pound later bounced back. By the middle of the afternoon, it was trading at around $1.09 against the US dollar, which was higher than it was at the end of play on Friday.

Labour will pledge to “build British industry” through the use of a state-owned investment fund during the second day of the party’s conference in Liverpool. In her speech later today, Rachel Reeves, the shadow chancellor, will set out the party’s industrial strategy, which includes promises to invest in national projects from battery factories to clean

Aldi has pledged to continue to offer the lowest grocery prices in the UK despite suffering a steep fall in profits. The supermarket chain’s chief executive, Giles Hurley, told Sky News: “We’ve made a very clear commitment that we will always charge the lowest prices in the UK, no matter what. And that’s a contract

A former executive at the owner of Boots is in discussions about joining the board of the Russia-linked vehicle which owns Holland & Barrett. Sky News has learnt that Alex Gourlay, who stepped down as co-chief operating officer of Walgreens Boots Alliance earlier this year, is in advanced talks to become a non-executive director of

The overnight fall in the value of the pound, descending to its lowest level against the dollar since decimalisation in 1971, matters because of what it says about global market confidence in the UK economy. The plunge in sterling’s value, against a backdrop of a strong dollar globally, gathered speed on Friday following the publication

The Bank of England says it “will not hesitate to change interest rates as necessary” after markets reacted badly to the chancellor’s tax-cutting mini-budget. In a statement, the Bank said it was “monitoring developments in financial markets very closely in light of the significant repricing of financial assets”. It came after the pound fell to

Mike Ashley, the high street tycoon who has snapped up some of Britain’s best-known retailers, is plotting a takeover of Gieves & Hawkes, the historic Savile Row tailor. Sky News has learnt that Mr Ashley’s Frasers Group is among a handful of bidders vying for control of the brand, which is being sold after its

Primark has ruled out further price increases “beyond those already actioned and planned”, in a bid to protect sales in the tough economy. The discount retailer’s parent firm Associated British Foods (ABF) made the announcement as it warned of lower group profits for its next financial year, which begins later this month. The company said

The digital lender Atom Bank is close to picking bankers to work on a stock market listing after calling off talks about a £700m merger with a vehicle set up by Donald Trump’s former commerce secretary. Sky News has learnt that Atom Bank is interviewing investment banks about roles on an initial public offering –

There is much we do not know about the government’s new plans to help people out with their energy bills. We do not know how much they will cost. We do not have a clear sense of how they will be financed or paid for. We do not know precisely how the scheme will work

An unprecedented intervention in the energy market will shield households, businesses and public sector organisations from the worst of the surge in wholesale gas prices. The Truss government’s “energy price guarantee” aims to keep the bill pain facing the public at less than half the amount predicted for the winter ahead, with firms also getting

The European Central Bank (ECB) has hiked its key interest rates by an unprecedented 75 basis points, signalling that further rises are likely. On Thursday afternoon, the bank – which makes monetary policy for the eurozone and the European Union – lifted the deposit rate from zero to 0.75% and the main refinancing rate was

A typical household will pay no more than £2,500 annually for its gas and electricity bills from the start of October, Prime Minister Liz Truss has announced. In the first major policy announcement of her premiership, Ms Truss said the new price guarantee will last for two years and save the average household in England,

Liz Truss will set out her plan on Thursday to help households and businesses with soaring energy costs. Downing Street said the action would be “bold” and “decisive” and will support people across the UK facing rocketing bills, whilst also increasing domestic energy supply. Ms Truss is due to unveil her proposals to parliament, opening

The British pound has hit its lowest level against the US dollar in almost four decades. Just after 2pm on Wednesday, sterling fell to $1.1407, according to Refinitiv data – its lowest point since 1985. The pound has lost more than 15% against the dollar so far this year, hurt by both the dollar’s strength