Business

The Bank of England’s dramatic intervention today was in response to a “run dynamic” emerging in the British pensions system which could have resulted in the collapse of a swathe of institutions within hours, Sky News understands. Bank staff worked through the night on Tuesday and into Wednesday morning to prepare the unprecedented package, which

This is an extraordinary moment. We’ll get to the details in a moment but before we do let’s not lose sight of the big picture. The Bank of England has just stepped in to fix a part of the financial market which had broken following the government’s mini-budget last Friday. It has intervened – not

The International Monetary Fund (IMF) has criticised the UK government’s mini-budget, saying the plans for tax cuts and spending will increase inequality and counteract the Bank of England’s monetary policy. The conflicting government and currency policies, of seeking to ramp up growth via tax cuts and rein in inflation through interest rate rises, attracted sharp

Images of banknotes featuring a portrait of the King will be revealed by the end of this year – but the public won’t be able to get their hands on the cash until 2024. Under the Bank of England plans, coins and banknotes featuring King Charles III and Queen Elizabeth II will co-circulate. Currency featuring

The market turmoil caused by Friday’s seismic mini-budget has hit mortgage offerings as providers withdrew partial and entire lending ranges. Virgin Money and Skipton Building Society have temporarily withdrawn their entire mortgage product range, while Halifax, the country’s largest mortgage lender, said it is to remove fee-paying mortgages. Fee-paying mortgages allow borrowers to pay a

The overnight fall in the value of the pound, descending to its lowest level against the dollar since decimalisation in 1971, matters because of what it says about global market confidence in the UK economy. The plunge in sterling’s value, against a backdrop of a strong dollar globally, gathered speed on Friday following the publication

Pendragon, the London-listed car dealer behind brands including Evans Halshaw and Stratstone, has received a fresh £400m takeover approach from its largest shareholder. Sky News has learnt that Hedin Group, which owns roughly 26% of Pendragon, has tabled a 29p-a-share offer for the company. The approach is expected to be confirmed in a stock exchange

GSK, the FTSE-100 pharmaceuticals giant, has poached Burberry Group’s finance chief to create a rare all-female executive leadership team in London’s blue-chip share index. Sky News has learnt that GSK could announce as soon as Monday morning that it has recruited Julie Brown to replace Iain Mackay, who has served as its chief financial officer

The owner of Hoseasons and some of Europe’s biggest holiday rental operations has hired banks to oversee a sale that could value it at up to £2bn. Sky News has learnt that Platinum Equity, a US-based private equity firm, has appointed Goldman Sachs and Morgan Stanley to oversee a strategic review of Awaze, which it

Drivers are paying an extra £5 per tank of petrol due to the fall in the value of the pound, according to new analysis. Pump price savings from the cost of oil dropping back to where it was before Russia invaded Ukraine are being “severely undermined” by the weakness of sterling, the AA said. This

The growth plan outlined by the chancellor to lift the UK from the depths of the cost of living crisis and back to prosperity has been met with horror on financial markets, with the pound taking a particular hammering late in the day. Sterling, bonds and share values all fell sharply in the wake of

Income tax will be cut by one penny, Chancellor Kwasi Kwarteng has announced, as part of a raft of measures aimed at boosting economic growth. The reduction in the basic rate from 20% to 19% will be introduced in April 2023 – one year earlier than planned. At the same time, the 45% top rate

A top executive at Morrisons is in talks to leave, days after it emerged that the Bradford-based grocer had been displaced as Britain’s fourth-biggest supermarket chain. Sky News has learnt that Trevor Strain, Morrisons’ chief operating officer and previously its finance chief, is close to finalising his departure. Mr Strain, who has frequently been touted

Before we get on to the Bank of England’s decision today we urgently need to clear something up. There’s a misconception which sometimes floats around at times like this, that while interest rates are on the rise, the fact that they’re so low compared with historical standards means there’s no reason to be concerned.  You’ve

Andy Byford, the Transport for London (TfL) chief who helped steer the capital’s bus and Tube networks through the most financially precarious periods in their history, has resigned weeks after securing a new long-term funding deal. Sky News can reveal that Mr Byford’s departure as TfL commissioner will be announced on Thursday morning. His exit

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