Business

The energy regulator has threatened action against household suppliers if they put investors before hard-pressed households. Ofgem’s chief executive Jonathan Brearley warned that financial practices seen before the energy crisis would not be tolerated. New rules were brought in last November to bolster the resilience of business models after the collapse of more than 20

One of Britain’s most senior boardroom figures is to replace John Allan at the helm of Tesco. Sky News can exclusively reveal that Gerry Murphy, the chairman of Burberry and Tate & Lyle, has been chosen to replace Mr Allan, whose recent departure was hastened by a series of personal misconduct allegations. Sources said Dr

Energy giant Centrica has increased capacity at the UK’s largest gas storage facility to boost resilience in the coming winter. The Rough site, located 18 miles off the East Yorkshire coast in the North Sea, had been mothballed in 2017 but reopened last year, when it was able to store around 30 billion cubic feet

Rising mortgage rates have yet to hit the housing market but threaten to be a “significant drag” in the short-term, Nationwide has said. However, the high street lender said “a relatively soft landing is still possible” against a backdrop of income growth and modest falls in property prices. The building society also said while typical

Bosses of The Daily Telegraph’s parent company will instruct bankers within weeks to launch an auction of one of Britain’s best-known newspaper publishers. Sky News has learnt that Nick Hugh, the chief executive of Telegraph Media Group (TMG), told staff on Tuesday that the new board of Press Acquisitions was in the process of hiring

The National Grid Electricity Systems Operator (ESO) has confirmed it will have no coal-fired power as back-up this winter, if needed, to help keep the lights on. There were five contingency units to call on last winter as the energy market reeled from the impact of Russia’s war in Ukraine. They were warmed up several

Manchester United have raised their forecasts for annual revenue and profit, weeks after the club secured its place in next season’s Champions League. The club, which is seven months into a sale process, said stronger commercial and matchday revenue over the last season was tipped to push total revenue to a record between £630m-£640m in

Hollywood actors Ryan Reynolds and Rob McElhenney are investing in a Formula One team in their latest sporting venture. The Deadpool star, along with business partner and It’s Always Sunny In Philadelphia co-creator and actor Rob McElhenney, both 46, saw Wrexham AFC promoted to the Football League following a 15-year absence after taking over the

After UK inflation remained at the same level in May, Ian King reflects on the figures with HSBC economist Liz Martins. Managing director for operations at the World Bank, Anna Bjerde, speaks about how the rebuilding of Ukraine can be managed and financed. Parker Conrad from HR platform Rippling discusses how companies like his support

A pair of British executives are seeking to buck the trend of waning sentiment towards special purpose acquisition companies (SPACs) by establishing a £1bn listed vehicle for investors to access the Lloyd’s of London insurance market. Sky News has learnt that Financials Acquisition Corp (FINSAC), which floated in the UK in the spring of 2022,

As smartphone screens have got bigger, and laptops more powerful, tablets have gone through something of an identity crisis. Once pitched as an obvious middle ground between the computer in your pocket and the one on your lap, the thinking behind them seems increasingly muddled. There are iPads for people who want a keyboard and

Britain is facing a deepening “mortgage crunch”, with households already wrestling with the cost of living crisis facing yet a further squeeze on their budgets. It has been warned that those renewing their property loans next year will end up paying out on average an extra £2,900 annually. Most expensive items in a summer BBQ

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

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,

Mortgage payers taking out new loans today are now facing the biggest home loan squeeze since the early 1990s housing crash, with the pain only set to worsen in the coming months. The average rate on a new five-year mortgage has now ticked up to 5.54%, according to Moneyfacts. This is, in headline terms, the

A Singaporean sovereign wealth fund has joined the list of suitors vying to take control of Center Parcs, the UK’s biggest chain of upmarket holiday resorts. Sky News has learnt that the city state’s Government Investment Corporation (GIC) is in talks to table a joint bid for Center Parcs with KSL Capital Partners, the private

British tech companies and universities are to receive millions of pounds of investment to develop new technology that generates solar power from space. The rapidly emerging technology collects energy from the sun using solar panels attached to satellites, which then beam it back to Earth using wireless technology. Generating power from space has huge potential

The Daily Telegraph newspaper has inched closer to a sale after Lloyds Banking Group seized control of its parent firm over unpaid loans and placed it in the hands of receivers. Sky News has previously reported how the bank was understood to have undertaken the drastic move and was in the process of appointing investment

The president of Microsoft has met with the chancellor amid efforts to overturn the competition watchdog’s decision to block its planned takeover of Activision Blizzard. Brad Smith said in a meeting with Jeremy Hunt that he would try to work with regulators to win approval for the technology giant’s $69bn (£56bn) purchase of the Call

The largest US crypto asset trading platform has been accused of illegally operating without regulatory approval. The US Securities and Exchange Commission (SEC) said it had filed a lawsuit against Coinbase. The action also accuses its Prime and Wallet units of operating as unregistered brokers. News of the case prompted a 20% decline in the