Business

The British economy increasingly resembles those sepia-toned clips of early American aeronauts trying and failing to get off the ground. Typically these hapless pioneers race along a harbour wall, strapped to a homemade contraption informed more by the spirit of optimism than a realistic grasp of physics. With hand-cranked mechanical wings clanking, they race towards

The UK economy has performed worse than previously thought and below the expectations of economists, new official figures show, meaning the country has taken the first step towards recession. There’s been a downward revision to a key measure of economic growth, the Office for National Statistics (ONS) said on Friday morning. Rather than remaining stagnant,

The Home Office has rowed back on plans to increase the salary threshold for family members of migrants in the UK following a backlash Home Secretary James Cleverly told the Commons earlier this month that the threshold for a family visa would rise from £18,600 to £38,700 by “next spring” in a bid to reduce

Government borrowing and debt grew in November, official figures showed, casting doubt on the likelihood of one of the prime minister’s key pledges. In the financial year, from April up to last month, borrowing grew to £116.4bn. That’s the second highest since records began in 1993 and an increase of £24.4bn on the same period

The cost of shipping goods has increased by 45% in the past week as major companies paused activity in the Red Sea global supply artery and chose diversions that can add an extra two weeks to journey times. The most widely used measure of freight cost, the Shanghai Containerised Freight Index (SCFI), rose by almost

Spring energy bills are projected to ease as energy markets stabilise, according to a closely-watched forecast. Energy bills in the three months from April to June are projected to fall 16% to £1,660 a year for the average user, according to research firm Cornwall Insight. It’s a £268 drop from the energy cap from next

The rate of price rises significantly slowed again in November to another two year low, official figures show. Inflation stood at 3.9% last month, according to the Office for National Statistics (ONS), a dramatic fall from the 4.6% recorded a month earlier as price increases slowed in transport, recreation and culture, and food. Economists polled

Bahrain’s sovereign wealth fund is gaining full ownership of McLaren Group, one of the most revered names in British premium manufacturing, as part of long-term plans to secure a partnership with a global industry giant. Sky News has learnt that Mumtalakat, the Gulf state’s investment fund, is on the brink of a deal with McLaren’s

Shipping companies have cautiously welcomed the announcement of a US-led multinational naval force to fend off Red Sea attacks, but are still re-routing vessels as the line of impacted crafts grows. The world’s second-largest shipping company, Maersk, said it’s “very positive” to have joint efforts on maritime security, but it needs to see more detail

Behind almost every purchase you make, from Christmas lights to a new car, there is a ship. Almost everything we buy, use, wear, and much of what we eat, spends at least some of its life in a container at sea. These giant craft are the lifeblood of the global economy, circumnavigating the globe to

Adobe says it has abandoned its $20bn (£15.8bn) merger with designer platform Figma amid opposition from European regulators. The UK’s Competition and Markets Authority (CMA) had revealed earlier in the day that Adobe, best-known for its Photoshop editing software, would not propose remedies to resolve its concerns over the buyout. The watchdog’s European Union counterpart

The owners of Edinburgh Airport have picked bankers to launch an auction next year that could draw bids of £2.5bn. Sky News has learnt that Global Infrastructure Partners (GIP) has hired HSBC and JP Morgan to orchestrate a sale of the Scottish capital’s aviation hub. The process, which is expected to get underway at some

The high street billionaire Mike Ashley is in talks to buy Matchesfashion, the luxury clothing site, in a deal that would crystallise heavy losses for Apax Partners, its private equity backer since 2017. Sky News has learnt that Mr Ashley’s Frasers Group is in detailed negotiations about a deal that could see it take control

Two of the world’s biggest shipping firms have suspended all journeys through the Red Sea following a surge of recent attacks on vessels. Danish giant Maersk said it would “pause” all container shipments until further notice after a near-miss involving its Maersk Gibraltar ship on Thursday. Meanwhile, German firm Hapag-Lloyd said it was also halting

NatWest says an external review has found no evidence of political or other such discrimination in the closure of customer accounts at its Coutts arm, amid the Nigel Farage debanking row. The bank, which commissioned the law firm Travers Smith to investigate the affair, said 84 customer account closures – including all relevant PEP (politically

The energy price cap could be lifted for a set period to help suppliers recover a record £3bn of bad debt accrued through unpaid bills, the industry regulator has announced. Ofgem said on Friday it was consulting on proposals for a one-off cap adjustment of £16 – equivalent to around £1.33 a month – to

Software programmers, IT specialists and chefs could be in shorter supply when an increased minimum salary for skilled worker visas kicks in next year, according to analysis conducted for Sky News. Currently companies sponsoring a skilled worker from overseas for a visa have to pay a minimum salary of £26,200, but that will increase to

The Bank of England has left interest rates on hold for the third successive meeting, insisting that it is determined to keep borrowing costs at their 5.25% level for some time. Unlike the Federal Reserve, which dropped heavy hints at its latest meeting yesterday that it is preparing for multiple cuts in US interest rates

The former boss of BP will forfeit more than £32m in actual and potential pay for “misleading” its board over workplace relationships, the company has announced. It comes after Bernard Looney stepped down as the oil giant’s chief executive in September following allegations that he failed to fully disclose details of romances with colleagues as

The Federal Reserve has again held interest rates – ahead of a Bank of England announcement on Thursday in which it is widely expected to do the same. The US central bank said there was no immediate need for a hike because inflation had “eased over the past year,” as it also suggested borrowing costs