Business

Former Tesco chairman John Allan – who was forced to step down after misconduct allegations were made against him – has insisted he is “completely innocent”. In his first broadcast interview since the controversy erupted with Sky News’ Sophy Ridge On Sunday programme, the 74-year-old said there was “absolutely no substance” in the claims about

The bosses of Britain’s biggest banks have told Rishi Sunak that technology companies must contribute to the cost of an online fraud “pandemic” that is undermining international investor confidence in the UK economy. Sky News has obtained a letter to the prime minister signed by the chief executives of nine lenders, including Barclays, NatWest and

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

Tesco has reported “encouraging early signs” that grocery inflation is starting to ease while revealing a leap in sales. The UK’s largest retailer said there was a slowdown in price growth across the market and it was continuing to focus on value for its customers. The company updated on its performance as the food sector

Millions of people were left waiting too long for energy support due to a lack of government “bandwidth”, according to a report from the cross-party Public Accounts Committee. More than a million households became eligible for support too late, while a further two million homes using prepayment meters have yet to redeem their £400 voucher,

The interest rate in the 20 Eurozone countries has been hiked to a more than 20-year high. The European Central Bank has increased its benchmark rate to 3.5%, up 0.25 percentage points, making borrowing more expensive. In new forecasts released by the regulator it said it will be two more years before inflation is brought

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.

The Federal Reserve, which is the US central bank, has held interest rates after 10 consecutive rises. The decision was announced a day after official figures showed US inflation was 4% – less than half the UK’s current level of 8.7%. Latest data from the Bureau of Labor Statistics said prices rose 4% in May,

A deal that will create the country’s biggest mobile phone operator has been struck by Vodafone and the owner of Three UK, CK Hutchison. The combined group, which will comprise only their respective UK operations, will be majority-owned by Vodafone with 51% of the equity. The deal, if approved by regulators, will create a group

Cineworld’s London-listed holding company is preparing to file for administration as part of a comprehensive financial restructuring that will wipe out its shareholders. Sky News understands that the multinational cinema operator is lining up AlixPartners to act as administrator to help effect a transfer of ownership to its lenders. An announcement is expected to be

Next weekend’s security staff strikes at Heathrow have been postponed as Unite, the union, considers a pay offer. Last week security staff at the UK’s largest airport announced an escalation of strike action, with walkouts to take place nearly every weekend from mid-June to the end of August. Two thousand staff were due to strike

Basic wage increases picked up pace at a higher rate than expected in the 12 months to April, according to the latest official figures. The Office for National Statistics (ONS) said average earnings, excluding bonuses, grew at 7.2% over the 12 months – up from the 6.7% recorded in March and higher than the 6.9%

HSBC’s UK boss has warned that mortgage costs have further to rise but it is “trying to limit the pain”. Ian Stuart told Sky’s Ian King Live it had 300,000 customers coming off fixed rate deals this year and admitted they faced a shock in the current market. “If you took a mortgage maybe two

The prime minister is lining up a technology entrepreneur who co-founded the music industry business Songkick to spearhead a £100m government taskforce set up to forge Britain’s future artificial intelligence capability. Sky News has learnt that Ian Hogarth, who is now an investor in dozens of start-ups, is a leading candidate to chair the Foundation

Homeowners are being hit with a “Tory mortgage penalty” of £7,000, Labour has claimed, with interest rates triple what they were two years ago. Pat McFadden, shadow chief secretary to the Treasury, blamed what he called the “reckless economic gamble” taken by Liz Truss and Kwasi Kwarteng during their short stint in power. Labour’s analysis

The crisis-hit hedge fund Odey Asset Management has offloaded its stake in AO, the London-listed electrical goods retailer, suggesting that it may be unable to stall a fire-sale of assets amid a wave of sexual misconduct allegations against its founder. Sky News has learnt that the firm set up by Crispin Odey was the seller

Greggs says it wants to open new stores in Cornwall and the South West of England – in a move that could put the bakery chain toe-to-toe with traditional Cornish pasty makers. The company’s boss, Roisin Currie, says the company is on track to open 150 new shops nationwide this year – and could open

The government has wobbled on the oil and gas windfall tax, reflecting a growing government concern about the effect of the 75% marginal rate on a sector that supports over 200,000 jobs. It is worth pointing out that the promised relief is dependent on fossil fuel prices falling beyond a certain level for two consecutive

The government is scaling back the windfall tax on bumper oil and gas profits in response to fossil fuel companies warning they are cutting back on investment. Prices had reached historic highs following the invasion of Ukraine, resulting in record profits for oil and gas producers such as Shell and BP. The windfall tax –

The former owners of The Daily Telegraph have tabled a proposal to restructure its debt to Britain’s biggest high street lender in a last-ditch attempt to regain control of the right-wing newspaper. Sky News has learnt that the Barclay family submitted an offer to Lloyds Banking Group on Wednesday that would have entailed the bank