Business

The energy price cap will rise to an average annual £1,717 from October, the industry regulator has confirmed as the clock ticks down to the loss of winter fuel payments for millions of pensioners. The new figure represents a 10% a year – or £12 per month – leap in the typical sum households face

Consumers are feeling more optimistic about their personal finances – but worse about the overall state of the UK economy, according to a closely watched survey. Falling inflation and the Bank of England’s recent decision to cut interest rates are likely to be major factors in the mood shift, commentators said. July’s general election is

One of Mike Lynch’s neighbours has described him as “generous, humble and full of integrity”, telling Sky News he will “leave a hole that cannot be filled” after his death was confirmed on Thursday. Mr Lynch, 59, was confirmed dead by local authorities on Thursday after the Bayesian superyacht he was on with his wife

You remember that “dire economic inheritance” the new government keeps talking about? Earlier in the summer Rachel Reeves produced a document suggesting the state of Britain’s economy and public finances was so dismal – so much worse than expected – that she would be forced into introducing significant measures (which read: lots more tax rises)

Government borrowing rose to the highest amount since the pandemic in July, official figures show. Not since 2021 has there been a July with such high borrowing, according to data from the Office for National Statistics (ONS). It means that there was a £3.1bn difference between what the government took in from things like taxes

A pilot scheme scrapping peak-time ScotRail fares will end next month following a “limited degree of success”. Transport Scotland said the trial – subsidised by the Scottish government – cost £40m but “did not achieve its aims” of encouraging more people to swap their cars for rail travel. The scheme began in October last year

British tech tycoon Mike Lynch and his 18-year-old daughter are among six tourists missing after a luxury yacht sank in a tornado off the coast of Italy. One person has been confirmed dead, believed to be the vessel’s Canadian chef, while four of the missing passengers are British and two are American, according to Italian

Pensioners are being urged to check if they are eligible for the winter fuel allowance after universal payments were scrapped. Last month Chancellor Rachel Reeves said that the tax free benefit, to help older people with higher heating costs during the colder months, would be limited to those on pension credit. The surprise move was

British tech billionaire Mike Lynch is missing off Sicily’s coast after a yacht sank, Sky News understands. One person is dead and six others are missing after a UK-flagged superyacht named Bayesian sank off the coast of Sicily in a storm. Follow live: Superyacht sinks latest Sky News also understands the yacht is owned by

Dozens of Ted Baker stores will shut for the last time this week amid growing doubts over a future licensing partnership with the retail tycoon Mike Ashley. Sky News understands that talks between Mr Ashley’s Frasers Group and Authentic, Ted Baker’s owner, have stalled three months after it appeared that an agreement was imminent. Administrators

Labour has urged rail union leaders to “get around the table” as drivers threaten fresh strikes despite a recent pay rise offer from the government. Sir Keir Starmer’s attempts to resolve years of industrial action were hamstrung when ASLEF (the Associated Society of Locomotive Engineers and Firemen) announced its members employed by LNER would strike

The private equity backer of Six Nations Rugby is plotting to buy a stake in one of Britain’s biggest audit firms – a deal which could have ramifications across the professional services sector. Sky News has learnt that CVC Capital Partners is among the buyout firms preparing to table bids for a controlling stake in

Hundreds of Border Force officers at Heathrow Airport go on strike from the end of the month. The 650 members of the Public and Commercial Services (PCS) union will be on strike from August 31 to September 3, then working-to-rule and refusing to work overtime until September 22. The long-running dispute centres on enforced changes

The accounting giant PwC has been fined £15m by the financial conduct regulator in its first-ever financial penalty on an audit firm. One of the so-called big four accounting firms, PwC was said by the Financial Conduct Authority (FCA) to have missed a number of audit red flags and failed to act immediately to report

British retailers saw sales rise last month after a boost from Euro 2024 and summer discounting, official figures show, in a further sign of a growing economy. The Office for National Statistics (ONS) said retail sales grew 0.5% last month, after contracting 0.9% in June. Money blog: Fines for parents taking children out of school

The boss of mobile phone firm Three has hit out at the UK’s “abysmal” 5G speeds and availability. Chief executive Robert Finnegan made the comments as he urged regulators to approve the company’s planned merger with Vodafone – arguing the £15bn move would pave the way for better investment in network infrastructure. It came as

The UK economy grew 0.6% over three months, official figures show.  But there was no growth at all in June, the Office for National Statistics said, as businesses delayed purchases until after the general election. Gross domestic product (GDP) – the measure of everything produced in the UK – expanded from April to June. This

A “major breakthrough” which could signal the end of national rail strikes has been made in the long-running pay row involving drivers, according to the Department for Transport (DfT). The department says that, following a series of “positive” talks led by the government, the train drivers’ union ASLEF has agreed to recommend a new pay

The price of food bought by poorer people during the cost of living crisis rose more quickly than it did for those with higher incomes, according to new research. Goods disproportionately consumed by people on lower incomes became more expensive faster than costlier kinds of food, thinktank the Institute for Fiscal Studies (IFS) said. Money

The first increase in inflation this year is less a reason for panic than a signal that, after almost three years of wild volatility, the UK’s measure of price increases is returning to a period of what looks far more normal fluctuation. The primary reason CPI stepped up to 2.2% in the year to July