The parent company of British Gas has revealed half-year profits for its UK household supply arm that are up by almost 900%. Centrica said that underlying earnings at British Gas rose to £969m compared to the £98 million achieved a year earlier. It said that the bulk of the growth, however, was not down to
Business
The Federal Reserve – the US central bank known as the Fed – has recommenced its programme of interest rate increases. The rate has been increased by 0.25 percentage points in an effort to further bring down inflation. The Fed had decided to hold interest rates last month, after 10 consecutive rises, as inflation fell
NatWest boss Dame Alison Rose has stepped down as chief executive effective immediately after she admitted to being the source of an inaccurate story about Nigel Farage’s bank account. Her four-year tenure as chief executive has ended in ignominy over her admission that she had discussed Mr Farage’s bank details with a BBC journalist. Howard
NatWest boss Dame Alison Rose has admitted she made a “serious error of judgement” when she discussed Nigel Farage’s Coutts bank accounts with the BBC business editor Simon Jack. Last week Dame Alison apologised to the former UKIP leader for the closure of his accounts and ordered an immediate review of the processes followed by
The company behind many popular consumer brands including Marmite and Magnum ice creams has revealed a surge in profits, as the UK’s competition regulator seeks evidence on whether shoppers are getting a raw deal at the tills. Unilever, which also includes brands such as Domestos and Hellmann’s in its stable, reported a 20% rise in
The BBC has issued an apology to Nigel Farage over a story on the closure of his Coutts bank account, “which turned out not to be accurate”. In a statement, the broadcaster said: “Because of this evidence, we have since changed the headline and the copy on the original online article about his bank account
Bank chiefs have been summoned by City Minister Andrew Griffith to discuss how customers can be protected from being “de-banked” after Coutts terminated its relationship with Nigel Farage. Mr Griffith is expected to write to the bosses of 19 banks, building societies and digital challengers warning that the government will “take all action necessary” to
The veteran chief executive of M&C Saatchi, the top London advertising agency, is to step down, marking the latest phase of a leadership overhaul at the group. Sky News has learnt that Moray MacLennan, who has worked for M&C since it was founded in 1995, is to retire from the company in the coming months. M&C
Takeaways and betting shops could be converted into homes more easily as the government launches a review of extensions, conversions and renovations. In proposals to be formally announced on Monday, new freedoms to enlarge existing homes will also be outlined. The idea is to make it easier to “build upwards and outwards, with new extensions
Jeremy Clarkson has warned some bottles of his Hawkstone Cider might explode. The former Top Gear presenter, who owns the craft drink brand, warned there had been a “massive cock-up” in a sweary Twitter update. He wrote: “If the cap has the code L3160, open it underwater, pour it away and get in touch for
The four biggest UK supermarkets have doubled their profit margins on fuel since Russia invaded Ukraine in February 2022, analysis has revealed. Research from the RAC of wholesale and retail prices showed Tesco, Asda, Sainsbury’s and Morrisons – supermarkets that dominate the UK fuel market – had increased their margins from 4.7p per litre prior
Ministers have rebuffed pleas for financial support from a London-listed electric battery manufacturer which faces collapse within days. Sky News has learnt that efforts by AMTE Power to hold substantive discussions with Whitehall about emergency funding have stalled. City sources said that AMTE’s chief executive, Alan Hollis, had been left frustrated by a lack of
Retail sales grew 0.7% last month beating expectations with fine, sunny weather helping get shoppers out and spending, latest official data show. It follows a rise of 0.1% in May, a figure which the Office for National Statistics had revised down from 0.3%. Experts had forecast an increase of 0.2% in June, according to an
The chief executive of NatWest Group has apologised to Nigel Farage for the closure of his bank accounts and ordered an immediate review of the processes followed by its Coutts subsidiary. In a letter to Mr Farage seen by Sky News, Dame Alison Rose said she regretted “deeply inappropriate comments” about the former UKIP leader
More than 20,000 rail workers will strike on Thursday in a long-running dispute over pay, jobs and conditions – with passengers warned they may experience severe disruption to services. Members of the Rail, Maritime and Transport union (RMT) will walk out on 20, 22 and 29 July while drivers in Aslef are banned from working
Banks will be forced to give customers three months’ notice of account closures and to provide a full explanation of the reasons under reforms that could be unveiled in the coming days. Sky News has learnt that the Treasury plans to force British lenders to be more transparent with customers amid an escalating freedom of
The owner of Jaguar Land Rover has unveiled plans to build an electric car battery factory in the UK. Tata Motors says it’s planning to invest more than £4bn, with Prime Minister Rishi Sunak declaring that the new plant will create thousands of skilled jobs for Britons across the country. The deal is the culmination
A decision by Jaguar Land Rover (JLR) to invest in electric vehicle battery production in the UK is “very welcome”, a Labour MP has said. Darren Jones, chair of the cross-party Business and Trade Committee, was responding to reports that Tata will establish a battery gigafactory in Somerset for its JLR operation, potentially creating thousands
Music tourism generated £6.6bn of spending in the UK in 2022, attracting more than 14 million international and domestic tourists to live events, a report has found. Figures show a resurgence for the live music industry in the first full year of festivals, gigs and concerts following the suspension of events during the COVID pandemic.
Train drivers will refuse to work overtime for a week – threatening disruption to services at the height of the summer holidays. The action – part of a long-running dispute over pay – will begin from 31 July, the ASLEF union announced on Monday. It will affect services across 15 train operating companies, and marks
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