Business

Mortgages continued to become more expensive despite the number of products on the market gradually increasing. The average mortgage interest rate on a two-year fixed term mortgage is now 6.3%, according to data compiled by financial information company Moneyfacts. A similar rise has taken place in the average five year fixed term mortgage, which has

The Bank of England has announced it is doubling the value of UK government bonds it can buy up as it enters the final days of its emergency bond buying programme in an effort to support the pension market and allay fears of a cliff edge ending. The Bank has said it is ready to

A former boss of crisis-hit Wasps is spearheading a takeover bid for the Premiership Rugby club that could save it from the threat of relegation or extinction. Sky News has learnt that David Armstrong, who stepped down as Wasps’ chief executive in 2017, is working with Terminum Capital, an investment firm, on a bid to

Rail passengers are in for more travel chaos as only around one in five trains are set to run today due to another strike. More than 40,000 members of the Rail, Maritime and Transport (RMT) union at Network Rail and 15 train operating companies are staging a walkout over jobs, pay and conditions. Around half

Octopus Energy is close to clinching a takeover of stricken rival Bulb in a deal that will crystallise up to £4bn of losses for British taxpayers. Sky News has learnt that ministers at the Treasury and the Department for Business, Energy and Industrial Strategy (BEIS) have been told that a sale of Bulb’s 1.6m-strong customer

The pound’s value ebbed and flowed on Friday – supported by a Bank of England deputy governor’s vow to persist in the fight against inflation but later hammered as stronger than expected US jobs data lifted the dollar. Remarks by Sir Dave Ramsden, a member of the monetary policy committee (MPC) which sets Bank rate,

Kwasi Kwarteng, the chancellor, has ruled out tearing up the regime put in place to segregate high street lenders’ investment banking arms that was put in place after the 2008 financial crisis. Sky News has learnt that Mr Kwarteng told a gathering of industry chief executives this week that bank ring-fencing would not be scrapped

The number of company insolvencies in England and Wales hit its highest level for 13 years in the second quarter of the year, according to official figures. The Office for National Statistics (ONS) recorded a total of 5,629 business failures between April and June. It was the highest quarterly number since the third quarter of

The country has been put on notice that the chances of gas shortages this winter have risen markedly, prompting a contingency plan to prioritise heating. National Grid’s Electricity System Operator (ESO) warned that planned three-hour power blackouts could be imposed in some areas, in the “unlikely” event supplies of gas fall short of demand. It

A measure of confidence in the UK’s creditworthiness has been slashed by another major ratings agency in the wake of the mini-budget, piling further pressure on the under-fire pound. Fitch revealed on Wednesday night that it had cut the outlook for its credit rating on UK government debt to “negative” from “stable”. It maintained its

Two million fewer barrels of oil are to be produced each day, equivalent to 2% of global supply, the Organisation of the Petroleum Exporting Countries (Opec) and Russia have agreed. The move is an effort to increase prices in countries feeling the heat from high energy costs. Members Saudi Arabia and Russia have led the

The taxpayer support for household energy bills could cost up to £140bn in an “extreme” scenario, an energy market expert has warned. Cornwall Insight, which became a prominent voice in predicting levels for the energy price cap before it was replaced by the government’s energy price guarantee (EPG) this month, said its findings showed a

Elon Musk is planning to buy social media company Twitter for his original offer price. The world’s richest man is proposing to go ahead with purchasing the platform for $54.20 per share, a total value of $44bn (£38.4bn), following months of legal battles. Earlier, trading in Twitter shares was halted as the stock price spiked

Only 1 in 25 of CEOs in Britain’s largest publicly listed companies are women, according to a new report. Analysis of senior leadership in the FTSE 350 largest companies listed on the London Stock Exchange showed 96% of CEOs are men. This is despite the entry level recruitment often being close to 50:50, according to

The energy regulator has warned the UK is facing a “significant risk” of gas shortages this winter. The information, which was revealed in a letter sent from Ofgem last week and first revealed by The Times, spoke of the possibility of “gas supply emergency” measures to help preserve stocks due to the impact of Russia’s

Chancellor Kwasi Kwarteng has confirmed that the government is axing plans to give the wealthiest 1% a tax cut following a bitter backlash from Tory MPs. Mr Kwarteng said in a tweet that the measure had become a “distraction” from his objective to grow the economy. He said: “We get it, we have listened.” Politics