Business

The total value of fraud in three COVID-19 schemes totalled £4.5bn, of which the taxpayer is only going to get £1.1bn back, the head of HM Revenue and Customs (HMRC) has told MPs. Speaking at the Treasury Committee on Wednesday, HMRC chief executive Jim Harra said the £4.5bn was lost to fraud in the furlough,

HSBC has announced plans to shut a further 114 UK branches – over a quarter of its surviving sites. The UK-based but mainly Asia-focused bank said those affected would be shut from April next year. The decision, as the wider banking sector has consistently claimed over many years, is the result of the surge in

More energy suppliers could go bust this winter potentially taking government payments intended for customers with them, the chief executive of British Gas owner Centrica has warned. Chris O’Shea told Sky News that the UK energy market, regulated by Ofgem, offers “wealthy individuals” behind some retail suppliers a “free bet” to speculate, with other bill

The number of mortgages approved by lenders plunged to their lowest monthly level in more than two years during October, according to data from the Bank of England. A total of 58,977 loans were issued last month, down from 65,967 in September. Financial analysts said the figures likely reflected two main factors; the mortgage market

The National Grid will not implement its blackout prevention scheme tomorrrow evening after French energy suppliers said they were struggling to cope with demand. Earlier today it was announced that the Demand Flexibility Service (DFS), which is designed to avoid blackouts, may have been brought in for the first time on Tuesday evening to reduce

Stock markets in Asia have seen sharp falls while a recent easing in oil prices gained new momentum on Monday in reaction to growing COVID lockdowns and public protests against them in China. Brent crude futures were 3% down on the day at $81 a barrel as investors fretted over demand in the world’s second-largest

Qatar is reviewing its investments in London after the organisation running the capital’s transport system banned the Middle East country’s advertisements on the Tube, buses and taxis. A source with knowledge of the review has told Sky News the decision by Transport for London (TfL) is “another blatant example of double standards and virtue signalling

The England and Wales Cricket Board (ECB) has received a £400m private equity approach that would see it relinquish majority ownership of The Hundred while raising funds to inject into the sport’s cash-strapped counties. Sky News has learnt that the governing body has in recent weeks been handed an offer from Bridgepoint Group, the London-listed

An extra £118m, at least, will be spent this year on temporary accommodation, such as hotels and B&Bs, by councils, a Sky News investigation has found. If trends continue, local authorities in England will spend nearly a quarter more (24%) this financial year than pre-COVID-19. Outside London, expenditure is on track to increase by 55%.

Primark has announced a £140m investment leading to the opening of four new shops and the creation of at least 850 jobs. The retailer said it plans to make the investment over the next two years in its UK operations. As part of that investment, the company said “at least” four news shops will be

The gas and electricity watchdog has announced a series of new rules for energy companies, including requiring firms to hold more capital, similar to the regulations placed on the banks in the wake of the financial crisis. Ofgem has proposed the regulations to protect customers and make firms more resilient after a number of electricity

UK car production has returned to growth, although it is still well below pre-pandemic levels, the Society of Motor Manufacturers and Traders says. Some 69,524 cars were built in October, up 7.4% on the same month a year ago. September had seen a fall in numbers, after four consecutive months of growth, illustrating how supply

A pound could buy $1.21 on Thursday morning, the highest amount since mid-August, making imports cheaper for UK companies and consumers. The 20 cents rise in sterling buying power from an all-time low in the days following the September mini-budget and the associated market upset, is due to dollar weakness rather than pound strength. The

The amount energy companies can charge for electricity and gas will rise from January but households will be protected from the increase. Ofgem, the energy regulator which limits the amount suppliers can charge for each unit of electricity and gas, increased its cap for the first three months of next year to 67 pence per

Pay growth has only kept up with inflation in one industry, official figures show. According to data from the Office of National Statistics (ONS), regular wages – wages excluding bonuses – have only risen as fast as prices in the professional and scientific industry. Jobs in the sector include legal services, management, engineering and scientific

Bikes and car parts retailer Halfords has announced it is to recruit 1,000 car repair technicians over the next 12 months. The company is hoping to attract retirees back into the workforce and to increase the number of women in the technical roles, as competition for workers caused problems. “A competitive labour market has led

A fresh round of rail strikes in the run-up to Christmas and in the New Year have been announced. Workers are to stage a series of 48-hour strikes in December and January in the long-running dispute over pay, jobs and conditions, the Rail, Maritime and Transport Workers (RMT) union said. Over 40,000 members across Network

Government borrowing leapt above COVID-19 levels to reach the fourth highest monthly amount since records began in 1993, official data shows. The Office for National Statistics (ONS) reported that public sector net borrowing came in at £13.5bn in October as the energy bills support scheme were rolled out. The figure is actually £7.5bn less than

Shell will review £25bn of investments in British projects after the chancellor extended the windfall tax on energy companies, its UK chairman has told Sky News. David Bunch said the oil giant would re-examine each of its projects on a “case-by-case basis” after Jeremy Hunt increased the levy on “excess” oil and gas profits from

UK firms should be “looking to the British workforce” rather than relying on immigrants to fill jobs post-Brexit, a minister has said. At its annual conference, the director general of the Confederation of British Industry (CBI), Tony Danker, called on the government to use immigration to solve worker shortages in the UK, saying it must