Business

Money markets have begun to price in a Bank of England interest rate of 6.5%. The interest rate on ten year government bonds (the gilt yield as it’s sometimes called) exceeded the peak it hit after the mini-budget of September last year – that one which provoked a crisis in many parts of the bond

Food inflation is “starting to fall”, Sainsbury’s has said, as the retailer saw sales boosted by bank holidays and warmer weather. The UK’s second largest supermarket said on Tuesday it expects pre-tax profits of between £640m and £700m for 2023 as grocery sales grew due to lower prices, but fuel sales sharply fell. It said

One of Britain’s most senior boardroom figures is to replace John Allan at the helm of Tesco. Sky News can exclusively reveal that Gerry Murphy, the chairman of Burberry and Tate & Lyle, has been chosen to replace Mr Allan, whose recent departure was hastened by a series of personal misconduct allegations. Sources said Dr

Energy giant Centrica has increased capacity at the UK’s largest gas storage facility to boost resilience in the coming winter. The Rough site, located 18 miles off the East Yorkshire coast in the North Sea, had been mothballed in 2017 but reopened last year, when it was able to store around 30 billion cubic feet

Rising mortgage rates have yet to hit the housing market but threaten to be a “significant drag” in the short-term, Nationwide has said. However, the high street lender said “a relatively soft landing is still possible” against a backdrop of income growth and modest falls in property prices. The building society also said while typical

The energy price cap is set to fall again, according to a closely-watched forecast, as the energy regulator has said the average home is using less energy. The average household will be paying roughly £200 less from autumn than they are from next month, but still “well above” historical levels, energy research specialist Cornwall Insight

Bosses of The Daily Telegraph’s parent company will instruct bankers within weeks to launch an auction of one of Britain’s best-known newspaper publishers. Sky News has learnt that Nick Hugh, the chief executive of Telegraph Media Group (TMG), told staff on Tuesday that the new board of Press Acquisitions was in the process of hiring

The National Grid Electricity Systems Operator (ESO) has confirmed it will have no coal-fired power as back-up this winter, if needed, to help keep the lights on. There were five contingency units to call on last winter as the energy market reeled from the impact of Russia’s war in Ukraine. They were warmed up several

Manchester United have raised their forecasts for annual revenue and profit, weeks after the club secured its place in next season’s Champions League. The club, which is seven months into a sale process, said stronger commercial and matchday revenue over the last season was tipped to push total revenue to a record between £630m-£640m in

Microsoft’s record takeover bid for video games giant Activision Blizzard has gone before a US federal court. The Windows and Xbox maker wants to buy the company best known for the Call Of Duty, Warcraft, and Diablo franchises for $69bn (£54.2bn). It would be the largest tech acquisition ever. But the UK competitions watchdog blocked

After UK inflation remained at the same level in May, Ian King reflects on the figures with HSBC economist Liz Martins. Managing director for operations at the World Bank, Anna Bjerde, speaks about how the rebuilding of Ukraine can be managed and financed. Parker Conrad from HR platform Rippling discusses how companies like his support

A pair of British executives are seeking to buck the trend of waning sentiment towards special purpose acquisition companies (SPACs) by establishing a £1bn listed vehicle for investors to access the Lloyd’s of London insurance market. Sky News has learnt that Financials Acquisition Corp (FINSAC), which floated in the UK in the spring of 2022,

As smartphone screens have got bigger, and laptops more powerful, tablets have gone through something of an identity crisis. Once pitched as an obvious middle ground between the computer in your pocket and the one on your lap, the thinking behind them seems increasingly muddled. There are iPads for people who want a keyboard and

A Spotify executive has spoken out about the scrapping of Harry and Meghan’s $20m (£15m) deal with the streaming service, calling the royal couple “f****** grifters”. Bill Simmons, who is head of podcast innovation and monetisation, criticised the pair after it was announced they were being dropped by Spotify for reportedly not creating enough content.

Britain is facing a deepening “mortgage crunch”, with households already wrestling with the cost of living crisis facing yet a further squeeze on their budgets. It has been warned that those renewing their property loans next year will end up paying out on average an extra £2,900 annually. Most expensive items in a summer BBQ

Annual mortgage repayments are set to rise by £2,900 for the average household remortgaging next year, according to a think tank. As the UK’s “mortgage crunch” deepens, total annual mortgage repayments could rise by £15.8bn by 2026, the Resolution Foundation said. Prolonged inflation has raised expectations that the Bank of England’s base rate-rising cycle, which

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.

Mortgage payers taking out new loans today are now facing the biggest home loan squeeze since the early 1990s housing crash, with the pain only set to worsen in the coming months. The average rate on a new five-year mortgage has now ticked up to 5.54%, according to Moneyfacts. This is, in headline terms, the

Household supplier E.On Next has been told to pay £4m back to its customers following a review that found customer service weaknesses at every company in the sector. Ofgem ordered the money be shared by 500,000 households in compensation for the firm’s “unacceptable” call services. It works out at £8 each. An additional £1m is