Business

The construction industry has bucked recent trends and returned to growth in July, according to a closely watched survey. Just a month after UK housebuilding fell at the steepest rate in more than a decade – outside the pandemic years – commercial activity and civil engineering work grew, according to the S&P Global/CIPS construction purchasing

Tinder is testing a new tool that lets AI pick your best photos. The feature was detailed during an earnings call with investors by parent company Match, which also owns online dating platforms like OkCupid and Hinge. Chief executive Bernard Kim said it could “take out the stress” someone feels when picking pictures, and help

A final decision is in sight for Microsoft’s protracted bid to acquire the maker of Call Of Duty now that the UK’s competition regulator has closed its public consultation on the matter. The Competition and Markets Authority will consider comments from the public – which were submitted over the past week – and Microsoft’s amended

The Bank of England has increased the base interest rate from 5% to 5.25% in the 14th consecutive hike. It is the highest interest rate rise since March 2008. Rates have been consistently raised since December 2021 in an effort to make borrowing more expensive and dampen economic activity by taking money out of the

UK car sales have grown all year, despite borrowing becoming more expensive and a cost of living crisis creating difficult financial conditions for consumers. The number of new cars registered grew 28% in July, compared to a year earlier, in the seventh month of growth this year, according to data from the Society of Motor

The Bank of England is expected to increase its interest rate for the 14th time in a row today. Economists believe a 0.25 percentage point rise – to 5.25% – is the most likely increase to be announced at midday. However, the Bank’s Monetary Policy Committee (MPC) defied expectations last time when they hiked the

UK energy chiefs will gather in Downing Street today to discuss net zero as a debate rages in both main parties about the future of green policies. Industry leaders from EDF, SSE, Shell and BP will meet Grant Shapps, the energy security secretary, just days after the government announced it would grant more than 100

BP has recorded a big drop in profits in the first half of its financial year, as energy prices fell from the highs seen after Russia’s invasion of Ukraine. The oil and gas giant reported net profits of just over $2.5bn (£2bn) for the three months to the end of June. It’s half the $5bn

Food price inflation has slowed to its lowest level this year – as costs fall for staples such as oils, fats, fish, and breakfast cereals, research suggests. However the rate of 13.4% – in the year up to July – still remains high. But the British Retail Consortium (BRC), which compiled the figures with retail

The amount of money borrowed by consumers rose to a five-year high in June as inflation and interest rate pressure hit households, Bank of England figures show. Net consumer credit rose to the highest since April 2018 – £1.7bn was borrowed last month, following a £500m decrease in lending in May. The increase came as

Britain’s biggest mortgage lenders will this week launch a multimillion pound campaign aimed at illustrating the range of support they are providing to cash-strapped customers as the industry faces its most intense scrutiny in years. Sky News understands that a £5m advertising blitz paid for by participating banks will urge customers to ‘reach out’ if

One of the private equity backers of the AA breakdown recovery service has poached a veteran City banker to take a leadership role at its operations in Europe. Sky News has learnt that Warburg Pincus is lining up Andrew Sibbald, the chairman of Evercore Partners’ London-based business, to become the firm’s co-head of Europe. Mr

Nigel Farage has launched a website to tackle de-banking following the fallout from the closure of his account with Coutts. The former UKIP and Brexit Party leader sparked a crisis at the prestigious bank’s parent company NatWest after complaining he had been excluded over his political views. It led to the chief executives of both

An activist fund manager has been building a stake in Dr Martens, the globally renowned bootmaker which has seen its valuation slump amid supply chain bottlenecks and a slowdown in US sales. Sky News has learnt that Sparta Capital has quietly accumulated stock worth tens of millions of pounds in London-listed Dr Martens, and has

Mortgage payers are now in the minority in the UK. Data from the census reveals that there are more people renting, and more people owning their homes outright, than there are people still paying off their mortgage. Within the EU just three countries – Germany, Austria and Denmark – have more renters as a share

NatWest has reported a better-than-expected surge in half-year profits as the taxpayer-backed lender reels from the Nigel Farage de-banking debacle. At the end of a week in which its chief executive Dame Alison Rose was forced to quit for her own role in the row, the bank revealed £3.6bn in pre-tax profits – up from

British towns have lost 6,000 retail outlets over the past five years, though the vacancy rate has improved in some settings, figures show. The biggest 650 towns across Britain have lost a combined 6,000 retail outlets, such as shops and restaurants, since 2018, the British Retail Consortium (BRC) said. Its vacancy monitor, compiled in conjunction

Coutts chief executive Peter Flavel will stand down over his handling of Nigel Farage’s accounts. In a statement from the new NatWest chief executive, it was announced that Mr Flavel had stepped down by mutual consent and with immediate effect. “We have fallen below the bank’s high standards of personal service”, Mr Flavel said. “As

Tech giant Meta is the latest company to beat Wall Street revenue expectations as the number of people using its platforms grew, but Metaverse losses mounted and AI spending rose. Revenue at the WhatsApp, Instagram and Facebook parent company was up 11% to $32bn (£24.7bn), greater than the 7% growth expected by analysts. User numbers

Dame Alison Rose’s fate was sealed when reporters checking in with Downing Street and the Treasury were told the PM and chancellor had “significant concerns” about her conduct. That communication – brief, unambiguous and deadly – was in contrast to the exchange with a journalist that ultimately cost Dame Alison her position as Britain’s highest