Business

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

Next, the fashion to homewares retailer, has cut its sales forecast for the second half of its financial year and annual profit guidance because of the tough economy. The company used the publication of its half-year results to the end of July to say that there were too many variables at play amid the cost

Lenders pulled a record number of mortgages in a single day on Wednesday, more than double the previous record set in the depths of the pandemic. There has also been a “sudden spike” in mortgage rates as the economic turmoil caused by the chancellor’s mini-budget grips the markets. There were nearly 1,000 fewer mortgage products

The International Monetary Fund (IMF) has criticised the UK government’s mini-budget, saying the plans for tax cuts and spending will increase inequality and counteract the Bank of England’s monetary policy. The conflicting government and currency policies, of seeking to ramp up growth via tax cuts and rein in inflation through interest rate rises, attracted sharp

Two more of the biggest mortgage providers have suspended mortgage deals as the Bank of England signalled it would raise interest rates to rein in inflation after the chancellor’s mini-budget. Santander and HSBC withdrew mortgage products on Tuesday as the Bank’s chief economist indicated it would hike interest rates to new highs in November and

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 Virgin Money and Skipton Building Society have temporarily withdrawn their entire mortgage product range, while Halifax, the country’s largest mortgage lender, said it is to remove fee-paying mortgages.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

The overnight fall in the value of the pound, descending to its lowest level against the dollar since decimalisation in 1971, matters because of what it says about global market confidence in the UK economy. The plunge in sterling’s value, against a backdrop of a strong dollar globally, gathered speed on Friday following the publication

The cost of charging an electric car using public charge points on a pay-as-you-go basis has risen by 42% in just four months, according to the RAC. The motoring group said the average price for using the chargers has increased by 18.75p per kilowatt hour (kWh) since May, reaching 63.29p per kWh. The latest figures

Pendragon, the London-listed car dealer behind brands including Evans Halshaw and Stratstone, has received a fresh £400m takeover approach from its largest shareholder. Sky News has learnt that Hedin Group, which owns roughly 26% of Pendragon, has tabled a 29p-a-share offer for the company. The approach is expected to be confirmed in a stock exchange

GSK, the FTSE-100 pharmaceuticals giant, has poached Burberry Group’s finance chief to create a rare all-female executive leadership team in London’s blue-chip share index. Sky News has learnt that GSK could announce as soon as Monday morning that it has recruited Julie Brown to replace Iain Mackay, who has served as its chief financial officer

The owner of Hoseasons and some of Europe’s biggest holiday rental operations has hired banks to oversee a sale that could value it at up to £2bn. Sky News has learnt that Platinum Equity, a US-based private equity firm, has appointed Goldman Sachs and Morgan Stanley to oversee a strategic review of Awaze, which it

The growth plan outlined by the chancellor to lift the UK from the depths of the cost of living crisis and back to prosperity has been met with horror on financial markets, with the pound taking a particular hammering late in the day. Sterling, bonds and share values all fell sharply in the wake of

Income tax will be cut by one penny, Chancellor Kwasi Kwarteng has announced, as part of a raft of measures aimed at boosting economic growth. The reduction in the basic rate from 20% to 19% will be introduced in April 2023 – one year earlier than planned. At the same time, the 45% top rate

A top executive at Morrisons is in talks to leave, days after it emerged that the Bradford-based grocer had been displaced as Britain’s fourth-biggest supermarket chain. Sky News has learnt that Trevor Strain, Morrisons’ chief operating officer and previously its finance chief, is close to finalising his departure. Mr Strain, who has frequently been touted

The interest rate has been raised to 2.25% – the highest level since the 2008 financial crisis. The Bank of England’s half a point hike followed a three-way split in the voting. Financial markets had widely expected the Bank to follow the US Federal Reserve last night with a 0.75 percentage points rise but economists

The voluntary real living wage has been raised earlier than usual to provide more financial support to hundreds of thousands of workers amid the cost of living crisis. The Living Wage Foundation, which sets the hourly rates that employers can opt in to, said they would go up by £1 to £10.90 across the UK

Liz Truss is putting the public finances on a “unsustainable path” with her plans to slash taxes while capping energy bills, a leading economic think tank has warned. The Institute for Fiscal Studies (IFS) has calculated that the combination of higher spending and tax cuts means government borrowing is expected to hit £100bn a year

All businesses in Britain and Northern Ireland will receive a discount on energy bills funded by taxpayer subsidy, the government is expected to announce on Wednesday. Industry sources have been told to expect a universal scheme that will apply to all sectors of the economy when Business Secretary Jacob Rees-Mogg unveils details of the scheme

The owner of Holland & Barrett, one of Britain’s biggest health food retailers, is plotting to buy back nearly £900m of debt as part of a restructuring aimed at restoring it to a stable financial footing. Sky News has learnt that LetterOne, the Russian-linked investment vehicle, notified Holland & Barrett’s lenders on Tuesday that it