Business

Gas and electricity bills are going up as the new energy price cap takes effect. You may have read that from 1 October the price cap will mean average energy bills will increase by 27% from £1,971 a year to £2,500. But it isn’t as simple as that. House prices warning as growth slows to

Liz Truss has doubled down on her controversial tax-cutting agenda, telling Conservative rebels that she is “going to do things differently” and that “there is no option but to change”. The prime minister is set to face a wretched week at the Tory Party conference after the disastrous reaction to Kwasi Kwarteng‘s tax-cutting mini-budget last

The owners of Britain’s second-biggest steel producer are seeking an urgent package of financial support from taxpayers amid renewed fears for thousands of industrial jobs in the north of England. Sky News has learnt that Jingye Group, which bought British Steel out of insolvency in 2020, has told ministers that the company’s two blast furnaces

Consumers are being warned they may be targeted by scammers as the government’s energy price guarantee comes into effect. Messages asking for people to provide personal or financial details to receive support should be treated as fraudulent activity, as no applications are required, the business secretary has said. The £400 Energy Bill Support Scheme will

Liz Truss and Kwasi Kwarteng have met the head of the UK’s independent fiscal watchdog amid the fallout from the government’s mini-budget. The government confirmed that publication of the forecast would not be brought forward from 23 November – more than seven weeks away. The Office for Budget Responsibility (OBR) confirmed it would deliver an

Britain’s economy grew by 0.2% in the three months to June, reversing the initial estimate of a 0.1% contraction, official figures show. The upward revision of the second quarter GDP by the Office for National Statistics implies the UK is not in recession, as predicted by the Bank of England earlier this month. Quarter of

A powerful group of cross-party MPs has demanded the chancellor release a full economic forecast by the end of October – a month earlier than planned. The Treasury Select Committee, made up of MPs from all parties and chaired by a Conservative MP, has called on Kwasi Kwarteng to release a full economic forecast from

Prime Minister Liz Truss’s external adviser on the economy has told Sky News that the chancellor had “taken his eye off the ball” and “overstepped the mark” with his mini-budget. Gerard Lyons, who is often referred to as Ms Truss’s favourite economist, said the the chancellor, Kwasi Kwarteng failed to adequately prepare the financial markets

The Bank of England’s dramatic intervention today was in response to a “run dynamic” emerging in the British pensions system which could have resulted in the collapse of a swathe of institutions within hours, Sky News understands. Bank staff worked through the night on Tuesday and into Wednesday morning to prepare the unprecedented package, which

Shoppers are paying a record 10.6% more for food than they were a year ago, figures show. Overall shop price inflation accelerated to 5.7% in September, up from 5.1% in August, in another record since the British Retail Consortium-Nielson IQ index began in 2005. Food price inflation rose past last month’s 9.3% to 10.6%, driven

The Bank of England’s chief economist has said the government’s mini-budget, which led to the pound falling to a record low against the dollar, will require “a significant monetary policy response”. Speaking at the International Monetary Policy Forum, Huw Pill reasserted the Bank of England’s willingness to act to rein in inflation. Mortgage repayments could

The market turmoil caused by Friday’s seismic mini-budget has hit mortgage offerings as providers withdrew partial and entire lending ranges. Virgin Money and Skipton Building Society have temporarily withdrawn their entire mortgage product range, while Halifax, the country’s largest mortgage lender, said it is to remove fee-paying mortgages. Fee-paying mortgages allow borrowers to pay a

UK Post Offices are expecting a “last moment” influx of customers depositing paper £20 and £50 banknotes this week before they can no longer be used in shops. Friday 30 September is the deadline that the Bank of England’s paper notes will have legal tender status. After that date, only polymer banknotes will be acceptable

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.