Business

As Liz Truss faces open revolt in her party over her planned tax cuts, her chancellor will today try to reassure the IMF that everything is under control. Ministers continue to be under pressure for the market chaos that erupted after the government announced its £45bn package of unfunded tax cuts last month. The prime

The chancellor’s mini-budget “complicated matters” for the Bank of England as it battled to bring down inflation, the International Monetary Fund’s chief economist has told Sky News. In an interview at the IMF’s annual meetings in Washington, Pierre-Olivier Gourinchas warned the coming years would “not be very pleasant” for the global economy. He also said

Jacob Rees-Mogg has declared his confidence in the governor of the Bank of England, but disputed that pension funds are at “systemic” risk. Speaking to Sky News, the business secretary said “of course” he has confidence in Andrew Bailey, describing him as “respected”. He questioned, however, whether there was a “systemic problem” with pensions after

The Bank of England has warned of “a material risk to UK financial stability” as it widened its programme to buy up government bonds. The move has been made as a result of “further significant repricing of UK government debt” in one pension-linked market, the Bank said. It added that it was “dysfunction” and the

The Bank of England’s governor has ruled out extending its bond-buying support for pension funds beyond Friday’s deadline, prompting a dramatic fall in the value of the pound. Andrew Bailey told an event in Washington that funds had “three days left… to get this done” after a series of interventions to support the “dysfunctional” market

Mortgages continued to become more expensive despite the number of products on the market gradually increasing. The average mortgage interest rate on a two-year fixed term mortgage is now 6.3%, according to data compiled by financial information company Moneyfacts. A similar rise has taken place in the average five year fixed term mortgage, which has

The Bank of England has announced it is doubling the value of UK government bonds it can buy up as it enters the final days of its emergency bond buying programme in an effort to support the pension market and allay fears of a cliff edge ending. The Bank has said it is ready to

A former boss of crisis-hit Wasps is spearheading a takeover bid for the Premiership Rugby club that could save it from the threat of relegation or extinction. Sky News has learnt that David Armstrong, who stepped down as Wasps’ chief executive in 2017, is working with Terminum Capital, an investment firm, on a bid to

Octopus Energy is close to clinching a takeover of stricken rival Bulb in a deal that will crystallise up to £4bn of losses for British taxpayers. Sky News has learnt that ministers at the Treasury and the Department for Business, Energy and Industrial Strategy (BEIS) have been told that a sale of Bulb’s 1.6m-strong customer

Kwasi Kwarteng, the chancellor, has ruled out tearing up the regime put in place to segregate high street lenders’ investment banking arms that was put in place after the 2008 financial crisis. Sky News has learnt that Mr Kwarteng told a gathering of industry chief executives this week that bank ring-fencing would not be scrapped

The pound’s value ebbed and flowed on Friday – supported by a Bank of England deputy governor’s vow to persist in the fight against inflation but later hammered as stronger than expected US jobs data lifted the dollar. Remarks by Sir Dave Ramsden, a member of the monetary policy committee (MPC) which sets Bank rate,

The number of company insolvencies in England and Wales hit its highest level for 13 years in the second quarter of the year, according to official figures. The Office for National Statistics (ONS) recorded a total of 5,629 business failures between April and June. It was the highest quarterly number since the third quarter of

Liz Truss has ruled out launching an energy-saving public information campaign amid warnings planned three-hour power blackouts could be imposed in some areas. Business Secretary Jacob Rees-Mogg is believed to have backed a £15m campaign this winter, with The Times reporting the idea was blocked by No 10. It said the campaign was seen as

The latest information on the risks facing gas and electricity supplies suggests there is an increased risk of blackouts this winter – but they can be prevented. National Grid’s Electricity System Operator’s (ESO) updated report on the pressures facing power generators revealed contingency plans for three-hour blackouts in areas where gas-fuelled power falls short of

A measure of confidence in the UK’s creditworthiness has been slashed by another major ratings agency in the wake of the mini-budget, piling further pressure on the under-fire pound. Fitch revealed on Wednesday night that it had cut the outlook for its credit rating on UK government debt to “negative” from “stable”. It maintained its

Two million fewer barrels of oil are to be produced each day, equivalent to 2% of global supply, the Organisation of the Petroleum Exporting Countries (Opec) and Russia have agreed. The move is an effort to increase prices in countries feeling the heat from high energy costs. Members Saudi Arabia and Russia have led the

Motorists are being denied a further 10p cut in petrol prices because retailers have hiked their profit margins, according to the RAC. The motoring organisation said a further oil price fall in September pushed down the average price at forecourts nearly 7p to 162.9p. It was the sixth biggest monthly drop since 2000, but the

Elon Musk is planning to buy social media company Twitter for his original offer price. The world’s richest man is proposing to go ahead with purchasing the platform for $54.20 per share, a total value of $44bn (£38.4bn), following months of legal battles. Earlier, trading in Twitter shares was halted as the stock spiked following

Only 1 in 25 of CEOs in Britain’s largest publicly listed companies are women, according to a new report. Analysis of senior leadership in the FTSE 350 largest companies listed on the London Stock Exchange showed 96% of CEOs are men. This is despite the entry level recruitment often being close to 50:50, according to

The pound and government bond yields have recovered some poise in the wake of the government’s U-turn on abolishing the top rate of income tax. Kwasi Kwarteng revealed early on Monday morning that the decision to axe the 45p rate – part of his growth plan revealed last month – would now not happen in