Business

Roughly £5.5bn of potential state revenue has been lost due to tax evasion, according to the government spending watchdog. The vast majority of evasion took place in small businesses which can “easily exploit” weaknesses in government systems, the National Audit Office (NAO) said. But the body that collects tax – HM Revenue and Customs (HMRC)

A landmark report into the Grenfell Tower fire named and shamed companies which it said were responsible for the 2017 disaster which claimed the lives of 72 people. The report, the final phase of a seven-year public inquiry into the fire at the west London high-rise building, concludes that incompetence, dishonesty and greed led to

GE, one of the world’s best-known conglomerates has swooped to buy a British climate technology start-up in its quest to reduce the aviation industry’s environmental impact. Sky News has learnt that GE Aerospace has struck a deal to buy Satavia, a Cambridge-based company which helps to mitigate the warming effect of aircraft contrail clouds. Founded

The number of mortgages approved reached a near two-year high, according to Bank of England figures, as hopes of cheaper borrowing encouraged would-be buyers. Mortgage approvals increased to 62,000 in July, a level not seen since September 2022, a sign that buyers were waiting for hopes of reduced interest rates and the associated lower mortgage

House prices are now growing at the fastest annual rate in nearly two years, the UK’s largest building society has said, with rises expected to continue. In the year up to August, houses became 2.4% more valuable with the average property costing £265,375, according to Nationwide. But prices are still below the all-time highs recorded

The government will not defend the legal challenges brought against plans to develop the UK’s largest untapped oil and gas field and a second North Sea site. Rosebank, 80 miles west of Shetland, contains around 300 million barrels of oil and is the UK’s last major undeveloped oil site. It is twice the size of

The owner of Ted Baker will on Wednesday announce that it has struck a deal with an American group to re-establish an online presence in the UK, days after its remaining retail stores were shut for good. Sky News has learnt that Authentic, which has owned Ted Baker since 2022, has struck a deal with

Burberry and easyJet are on course to be relegated from the FTSE 100 next month following the latest quarterly review of the index’s constituents. Marker operator FTSE Russell said it would make a final determination based on their respective share prices at the close of business next Tuesday. Its indicative findings would also see the

Brazil has awarded special protected status to Scotch whisky – with the UK’s trade secretary toasting the decision by visiting a distillery in Scotland. Brazil legally recognised Scotch whisky during the UK’s pre-election period in June and the move is expected to give distillers better access to South America’s largest economy. The Department for Business

The average household energy bill is set to rise by £146 in October, experts say. Energy consultancy Cornwall Insight said typical bills would likely go up by 9% to £1,714 a year, up from £1,568 currently, when the latest price cap change takes effect. The figure is below its previous prediction in June, when it

The housing market experienced a surge in activity following the Bank of England’s recent decision to cut interest rates, according to a leading property website. Estate agents reported a 19% jump in enquiries about properties for sale after 1 August, when compared with the same period last year, research by Rightmove found. It came after

Dozens of Ted Baker stores will shut for the last time this week amid growing doubts over a future licensing partnership with the retail tycoon Mike Ashley. Sky News understands that talks between Mr Ashley’s Frasers Group and Authentic, Ted Baker’s owner, have stalled three months after it appeared that an agreement was imminent. Administrators

The boss of mobile phone firm Three has hit out at the UK’s “abysmal” 5G speeds and availability. Chief executive Robert Finnegan made the comments as he urged regulators to approve the company’s planned merger with Vodafone – arguing the £15bn move would pave the way for better investment in network infrastructure. It came as

The UK inflation rate is up for the first time this year. Prices went up by 2.2% in the year until July – moving the rate above the Bank of England target of 2%. Experts had expected an uptick as energy prices are falling by less than they did a year ago. The increase doesn’t

General Motors is being accused of collecting data about the “bad” habits of drivers and selling it on to insurers.  The state of Texas is suing the car company over the allegations, claiming it installed technology on more than 14 million vehicles to collect data about drivers. The lawsuit alleges GM – which manufactures brands

British wholesale gas prices have climbed to their highest level in more than eight months – risking a future spike in energy bills – amid fears over escalating tensions in the war between Ukraine and Russia. Prices surged past 100p per therm on Monday, the highest since December 2023, according to London Stock Exchange Group

House prices rose by 0.8% in July following three flat months for the market, according to one of the UK’s biggest mortgage lenders. Halifax said the average cost of a home rose by more than £2,200 to £291,268 last month, when compared with June. The month-on-month increase was bigger than expected. Economists had forecast a

English rugby chiefs have agreed to sell the naming rights to Twickenham Stadium, the home of the national rugby union side for the last century. Sky News can reveal that the Rugby Football Union (RFU) has struck a deal with Allianz, the German insurer, to add its brand to one of the world’s most famous

At the end of a mixed fortnight’s worth of trading updates from the US tech giants, it was down to the biggest of them – Apple – to lift investor spirits. The $3.35trn (£2.63trn) giant, established again in June as the world’s biggest company after five months during which Microsoft was bigger, reported sales of

Freetrade, the stock trading app set up to rival the likes of Hargreaves Lansdown, is to pull out of the Swedish market and focus its business solely on the UK. Sky News understands that Freetrade, which has about 750,000 customers in Britain, plans to inform customers on Friday that it is winding down operations in