Millions of people were left waiting too long for energy support due to a lack of government “bandwidth”, according to a report from the cross-party Public Accounts Committee. More than a million households became eligible for support too late, while a further two million homes using prepayment meters have yet to redeem their £400 voucher,
Business
The operator of Britain’s electricity system says it is to keep a scheme that aims to help prevent blackouts for the coming winter. National Grid ESO said it was “prudent to maintain” the demand flexibility service (DFS), which was introduced in 2022 in the wake of Europe’s gas squeeze caused by the war in Ukraine.
The Federal Reserve, which is the US central bank, has held interest rates after 10 consecutive rises. The decision was announced a day after official figures showed US inflation was 4% – less than half the UK’s current level of 8.7%. Latest data from the Bureau of Labor Statistics said prices rose 4% in May,
A deal that will create the country’s biggest mobile phone operator has been struck by Vodafone and the owner of Three UK, CK Hutchison. The combined group, which will comprise only their respective UK operations, will be majority-owned by Vodafone with 51% of the equity. The deal, if approved by regulators, will create a group
Cineworld’s London-listed holding company is preparing to file for administration as part of a comprehensive financial restructuring that will wipe out its shareholders. Sky News understands that the multinational cinema operator is lining up AlixPartners to act as administrator to help effect a transfer of ownership to its lenders. An announcement is expected to be
Next weekend’s security staff strikes at Heathrow have been postponed as Unite, the union, considers a pay offer. Last week security staff at the UK’s largest airport announced an escalation of strike action, with walkouts to take place nearly every weekend from mid-June to the end of August. Two thousand staff were due to strike
Basic wage increases picked up pace at a higher rate than expected in the 12 months to April, according to the latest official figures. The Office for National Statistics (ONS) said average earnings, excluding bonuses, grew at 7.2% over the 12 months – up from the 6.7% recorded in March and higher than the 6.9%
HSBC’s UK boss has warned that mortgage costs have further to rise but it is “trying to limit the pain”. Ian Stuart told Sky’s Ian King Live it had 300,000 customers coming off fixed rate deals this year and admitted they faced a shock in the current market. “If you took a mortgage maybe two
The prime minister is lining up a technology entrepreneur who co-founded the music industry business Songkick to spearhead a £100m government taskforce set up to forge Britain’s future artificial intelligence capability. Sky News has learnt that Ian Hogarth, who is now an investor in dozens of start-ups, is a leading candidate to chair the Foundation
Homeowners are being hit with a “Tory mortgage penalty” of £7,000, Labour has claimed, with interest rates triple what they were two years ago. Pat McFadden, shadow chief secretary to the Treasury, blamed what he called the “reckless economic gamble” taken by Liz Truss and Kwasi Kwarteng during their short stint in power. Labour’s analysis
The crisis-hit hedge fund Odey Asset Management has offloaded its stake in AO, the London-listed electrical goods retailer, suggesting that it may be unable to stall a fire-sale of assets amid a wave of sexual misconduct allegations against its founder. Sky News has learnt that the firm set up by Crispin Odey was the seller
Greggs says it wants to open new stores in Cornwall and the South West of England – in a move that could put the bakery chain toe-to-toe with traditional Cornish pasty makers. The company’s boss, Roisin Currie, says the company is on track to open 150 new shops nationwide this year – and could open
The government has wobbled on the oil and gas windfall tax, reflecting a growing government concern about the effect of the 75% marginal rate on a sector that supports over 200,000 jobs. It is worth pointing out that the promised relief is dependent on fossil fuel prices falling beyond a certain level for two consecutive
The government is scaling back the windfall tax on bumper oil and gas profits in response to fossil fuel companies warning they are cutting back on investment. Prices had reached historic highs following the invasion of Ukraine, resulting in record profits for oil and gas producers such as Shell and BP. The windfall tax –
The former owners of The Daily Telegraph have tabled a proposal to restructure its debt to Britain’s biggest high street lender in a last-ditch attempt to regain control of the right-wing newspaper. Sky News has learnt that the Barclay family submitted an offer to Lloyds Banking Group on Wednesday that would have entailed the bank
The UK jobs market had more candidates going for fewer jobs last month with wages increasing more slowly than before, according to a closely watched survey. May had the highest number of jobseekers in two and a half years as more people were made redundant and hiring slowed, a survey of 400 UK recruitment and
The Daily Telegraph newspaper has inched closer to a sale after Lloyds Banking Group seized control of its parent firm over unpaid loans and placed it in the hands of receivers. Sky News has previously reported how the bank was understood to have undertaken the drastic move and was in the process of appointing investment
Britain’s biggest high street lender is lining up bankers to launch a £600m auction of the Telegraph newspapers and The Spectator magazine within days amid a bitter row with the titles’ long-standing owners. Sky News has learnt that Lloyds Banking Group is being advised by Lazard on its options for some of Britain’s best-known media
Britain will have the highest inflation of any major developed economy this year but should narrowly avoid recession, the Organisation for Economic Co-operation and Development (OECD) has said in its latest set of forecasts. The Paris-based OECD – a club of rich countries – said that inflation in Britain will be higher in 2023 than
The CBI faced ridicule hours before a vote on its future on Tuesday after a senior executive hailed its “transparent” handling of the misconduct crisis which has left it facing collapse – despite blocking the media and resigned members from watching a pivotal general meeting. Sky News has seen an email sent by Henry Aldridge,
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