Business

The pound has fallen to a 37-year low against the dollar after figures showed that the cost of servicing UK government debt last month hit a record high for August – before Liz Truss came to power with promises to splash the cash. The Office for National Statistics said that interest payments were £8.2bn last

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

Around six million people on disability benefits will receive £150 from today to help them cope with rising living costs, but some say the money is not enough. Katy Styles is a full-time carer for her husband Mark, who suffers from a rare form of motor neurone disease and will be eligible for the one-off

Many supermarkets, cinemas and schools will be closed on Monday as a mark of respect on the day of the Queen’s funeral. It has been declared a bank holiday – meaning many businesses will shut their doors and many GP appointments have been postponed. A number of pub groups have said they will keep venues

The executive who has built Future into one of Britain’s biggest listed digital media companies is preparing to step down next year after nearly a decade in charge. Sky News has learnt that Zillah Byng-Thorne, Future’s chief executive since April 2014, has informed the company’s chairman that she plans to retire from the publisher of

Atom Bank’s finance chief since its launch nearly a decade ago is stepping down just months before a possible flotation of the digital-only lender. Sky News understands that David McCarthy is to leave the Durham-based bank after eight years as part of its leadership team. Shareholders in Atom Bank were notified about his departure in

The disappointing retail sales figures for August, published on Friday, have sent the pound spiralling to a fresh 37-year low. At one point, sterling was trading at $1.1348, a level not seen since March 1985. The pound has fallen by almost 16% against the US dollar during the last year. Against the euro meanwhile, the

Retail sales fell by much more than expected in August as the cost of living crisis dragged on demand for both essential and non-essential goods, prompting further pain for the pound. Figures from the Office for National Statistics (ONS) showed retail sales volumes shifting from shaky growth the previous month to a decline, of 1.6%,

When the Queen died, fortunes passed down the line of succession along with titles. Her death made her eldest son a hugely rich man as well as King, while his heir secured a guaranteed income of more than £20m a year along with the title Prince of Wales. The Royal Family is funded by a

The John Lewis Partnership says it is “forgoing profit” to help customers, partners and suppliers navigate the challenges of the cost of living crisis. The employee-owned company, comprising the eponymous department store chain and Waitrose supermarkets, reported a loss of £99m for the half-year to 30 July compared to a red figure of £29m a

Chancellor Kwasi Kwarteng is considering a plan to scrap caps on bankers’ bonuses as part of a post-Brexit bid to boost the City’s competitiveness and the UK economy, Sky News understands. He argues the cap, which was introduced under EU rules in 2014 following the 2008 financial crisis and subsequent eurozone debt crisis, would make

It may still be as near as you can get to double figures. It may yet be heading higher still. It may be squeezing households across the country, but squint a little bit and there’s some good news in Wednesday’s inflation data. For the first time in a long time, not only did the rate

The rate of inflation eased slightly to 9.9% in the 12 months to August, aided by a fall in fuel costs. The Office for National Statistics said that the fall in fuel prices was the main factor in the fall from the 10.1% CPI seen in July. The rise in food prices has been the

Center Parcs has U-turned on plans to ask customers to leave just for the day when it closes its five UK sites for the Queen’s funeral after a backlash. Complaints started to flood in via its social media pages after the company said it would shut sites from 10am on the day to allow staff

UK price rises slowed in August compared to July, but are still at the highest rates in more than 40 years. However, they are slow in comparison to some other parts of Europe. In the UK there are several inflationary issues to contend with – a weak pound, low unemployment, an increasingly cashless society and

Hundreds of businesses are urging the chancellor to offer details about the support they’ll receive with their energy bills. The letter to Kwasi Kwarteng was signed by 300 companies and written by Kate Nicholls, the CEO of UK Hospitality. It reads: “We welcome the support that has been given to households – including our customers

Since the end of the pandemic and the reopening of economies around the world, labour markets have become tighter, in the jargon. In short, in developed economies such as Europe and the United States, there are fewer workers available. Much of this was put down to the so-called great resignation as workers decided, after the

The UK economy grew by just 0.2% in July, according to the Office for National Statistics. The figure was below the 0.4% growth expected by economists, and follows a fall of 0.6% in June. While this means it is 1.1% above pre-coronavirus levels, GDP was still flat in the three months to July compared with

Mike Ashley, the high street tycoon who has snapped up some of Britain’s best-known retailers, is plotting a takeover of Gieves & Hawkes, the historic Savile Row tailor. Sky News has learnt that Mr Ashley’s Frasers Group is among a handful of bidders vying for control of the brand, which is being sold after its

There is much we do not know about the government’s new plans to help people out with their energy bills. We do not know how much they will cost. We do not have a clear sense of how they will be financed or paid for. We do not know precisely how the scheme will work