Business

One of the government’s most loyal ministers has warned that a windfall tax on oil and gas companies will not be “economically cost-free”. The tax was announced by Chancellor Rishi Sunak as part of a £21bn support package aimed at helping people cope with the rising cost of living. But Jacob Rees-Mogg, the minister for

Eight million of the poorest UK households will receive a one off “cost of living payment” of £650 – and there will be an effective windfall tax on the profits of oil and gas companies, the chancellor has announced. Rishi Sunak said the package of support for households is worth over £5bn and will come

Chancellor Rishi Sunak is expected to bow to pressure to impose a windfall tax on energy companies when he sets out the government’s latest plan to tackle the cost of living crisis later. Although not confirmed, Treasury sources have also not denied reports that he will scrap the requirement to repay the £200 discount on

Volkswagen (VW) has reached a £193m settlement with UK drivers involved in a class action lawsuit over the so-called dieselgate scandal in 2015. The German carmaker, which had refused to compensate the owners of diesel models affected in the UK citing EU law, faced claims brought on behalf of 91,000 people by several legal firms.

The sale of Chelsea FC has been given approval by the UK government following the proposed takeover by the Todd Boehly / Clearlake Consortium. In a statement the government said it had “reached a position where we could issue a licence that permits the sale” of the club. “We are satisfied the proceeds of the

The UK’s energy price cap is expected to rise in October to around £2,800, Ofgem’s chief executive says. The cap which applies until 31 September is currently £1,971 a year, which was itself a 54% or £693 rise from the previous cap six months earlier. Ofgem chief executive Jonathan Brearley has told the Business, Energy

UK private sector growth is the weakest it has been since last year’s winter lockdown, as the cost of living crisis hits consumer demand. The closely-watched S&P Global / CIPS Flash UK Purchasing Managers Index (PMI) hit 51.8 in May – a 15-month low and down from 58.2 in April. Anything above 50 is considered

The governor of the Bank of England has hit back at criticism that its decisions have contributed to the highest inflation in 40 years. Andrew Bailey said he “rejected” the argument made by a predecessor, in an interview with Sky News, that the Bank of England and other central banks including the Federal Reserve and

Energy companies have been told by the government that “all options are on the table” if they do not reinvest their bumper profits – amid a growing clamour for a windfall tax. Simon Clarke, chief secretary to the Treasury, acknowledged the “extraordinary pressure on family finances” and said imposing such a levy could not be

Europe’s reliance on Russian oil and gas is funding the rape and murder of Ukrainian children, an MP and member of the country’s delegation to the World Economic Forum in Davos has told Sky News. Ivana Kylmpush-Tsintsadze, an MP and former minister, said Western states and companies need to end “business as usual” with Moscow,

Hundreds of staple grocery items had shot up in price by more than a fifth over the two years prior to the surge in food inflation caused by Russia’s war in Ukraine, according to an investigation. As households get to grips with a growing cost of living crisis, the consumer group Which? said that shoppers

The Royal Agricultural University (RAU) is launching a new scholarship scheme to encourage more British students from ethnic minorities to enter the farming sector. The RAU, one of the leading agricultural institutions in the UK, hopes the two undergraduate scholarships will increase diversity and equality in the industry – which is predominately made up of

A senior figure in Donald Trump’s Cabinet is plotting a £700m deal that would see one of Britain’s biggest digital-only banks being listed on the US stock market. Sky News has learnt that a special purpose acquisition company (SPAC) set up by Wilbur Ross, who was President Trump’s commerce secretary between 2017 and 2021, is

Britons must brace themselves for a “very unpleasant period”, with “considerable” interest rate hikes now needed to prevent a re-run of the 1970s, former Bank of England governor Mervyn King has warned. Lord King launched a coruscating attack on central banks including the Bank of England itself, saying they shared responsibility for the cost of

British consumer confidence has plunged to its lowest level since records began nearly 50 years ago, a survey has suggested, adding to fears that the economy will soon be hit by a slowdown in consumer spending.  Market research firm GfK said its consumer confidence gauge sunk to a score of -40 in May, down from

National Grid has seen its annual pre-tax profits increase by 107% to £3.4bn. The energy network operator attributed much of the rise to its £7.8bn purchase of Western Power Distribution (WPD), which was recently fined £14.9m for failing to help vulnerable customers. National Grid, which delivers electricity to households and businesses, previously said profits in