Business

There has been a sharp decline in the rate of inflation to 4.6%, driven by a big easing in energy costs. The Office for National Statistics (ONS) said the annual rate slowed last month, from the 6.7% figure reported in September, mainly due to the lower energy price cap imposed on households at the start

A rise in costs including for energy and repairs has contributed to annual car insurance premiums hitting a new record high, according to an industry body. The Association of British Insurers (ABI) reported a 29% leap in paid-for average comprehensive cover during the third quarter of the year compared to the same period in 2022.

The battle against inflation could receive a boost – if a big fall in global oil costs is sustained. Brent crude futures fell by 4% on Tuesday to levels not seen since July on the back of data that suggested demand would continue to slide in China – the world’s second biggest economy. Brent was

After six months of falls house prices across the country are on the rise again, according to analysis from part of the UK’s biggest mortgage lender. Last month, for the first time since March, the cost of buying a house increased as the number of properties on the market shrunk, according to the Halifax house

The England footballer Ollie Watkins is among a group of investors ploughing new funds into a fast-growing British online sneaker and streetwear marketplace. Sky News understands that Mr Watkins, who played for Aston Villa on Sunday in the 2-0 defeat at Nottingham Forest, is backing The Edit LDN, which has operated concessions in department stores

Ian King talks to Sky News’s city editor Mark Kleinman about the future of Manchester United. He also speaks to the founder and chief executive of Venrai, Jason Tucker-Feltham, about Sam Bankman-Fried – who’s been found guilty of crypto fraud. Mary Aiken, Professor of Cyberpsychology at Capitol Technology University in Washington, is also interviewed on

It took just four hours for a jury to find fallen “crypto king” Sam Bankman-Fried guilty of fraud. The 31-year-old has been convicted of stealing billions of dollars from customers of FTX, which was the world’s second-largest crypto exchange before its dramatic collapse last year. To this day, FTX users – at least 80,000 of

The energy price cap is set to rise in January at a steeper level than initially expected due to “growing volatility” in global wholesale costs, according to a closely watched report. Market specialist Cornwall Insight said the Israel-Hamas war and the effects of industrial action overseas had contributed to a shift in its energy price

Elon Musk will head to Downing Street for talks with Rishi Sunak today following the prime minister’s AI safety summit. The billionaire owner of SpaceX and Tesla jetted in for the event at Bletchley Park, which began on Wednesday with attending countries backing an agreement on the need to manage risks posed by the technology.

The US and China have endorsed a joint declaration on the need to manage the potentially “catastrophic” risks posed by Artificial Intelligence. The world’s leading AI powers were among 28 nations to agree to the UK’s Bletchley Declaration, which stresses the need for countries to work together to manage the powerful technology. It was published

A stake of up to 10% in the Premier League football club West Ham United has been put up for sale, providing the latest test of international investors’ appetite for a slice of one of England’s top-flight clubs. Sky News has learnt that Vanessa Gold, daughter of the late businessman David Gold and a joint-chair

Food inflation has decreased for the sixth month in a row and is now at a level not seen in more than a year, according to figures from an industry lobby group and consumer information company. In the year up to October the rate of food price rises stood at 8.8%, down from 9.9% in

Lenders approved the lowest number of mortgages since January last month, according to figures from the Bank of England. Just 43,328 home loans for house purchases were signed off in September – a third consecutive monthly decline – while net approvals for remortgaging fell to 20,600. That was the lowest total since January 1999. The

Rishi Sunak has been warned not to ignore the “here and now” threats to people’s jobs posed by artificial intelligence, as Elon Musk and the creator of ChatGPT jet in for a landmark UK summit. Bletchley Park is set to welcome more than 100 figures from politics and business from today, including the likes of

Meta has reported a sharp rise in revenue following an upturn in advertising on its social media platforms Facebook and Instagram. It reported revenue of $34.2bn (£28.2bn) for the quarter to the end of September – a 23% increase on the same period last year. Analysts had been expecting a figure of $33.6bn (£27.7bn). Reduced

Bitcoin shot up 6% on Tuesday to its highest value in nearly a year-and-a-half. The price rose as high as $35,198 (£28,844) at one point amid speculation US regulators could soon approve an exchange-traded fund (ETF) based on its market price. This would allow investors to gain exposure to Bitcoin without owning the cryptocurrency directly

Emma Crosby is joined by Olivia Gallarati, who’s an oil markets analyst at Energy Aspects. Chris Noice from the Association of Convenience Stores speaks to Emma about the problem of shoplifting. And Vistry announces job cuts after a slump in demand. :: Listen and subscribe to The Ian King Business Podcast here. Advertisement

One of Britain’s biggest chains of car repair shops is gearing up for a sale that could value it at about £400m. Sky News has learnt that Steer Automotive Group has appointed City advisers to sound out prospective buyers. Sources said on Friday that a formal process was not yet underway although initial discussions were

Nokia has revealed plans to shed up to 14,000 jobs following a slump in sales. The Finland-based telecoms technology firm, which has 86,000 staff worldwide, said it was launching a cost-saving drive across the business in a bid to boost its margins. Nokia reported a 20% fall in sales during its third quarter. Comparable net

Last month’s inflation data release completely changed the outlook for Britain’s economic policy. The number came in far below what economists had expected, prompting the Bank of England to pause its rises in interest rates, with wider implications for the state of the British economy. This month’s inflation release – covering the rise in prices