Business

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

The taxpayer support for household energy bills could cost up to £140bn in an “extreme” scenario, an energy market expert has warned. Cornwall Insight, which became a prominent voice in predicting levels for the energy price cap before it was replaced by the government’s energy price guarantee (EPG) this month, said its findings showed a

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 price spiked

There is a mounting risk that fuel prices could soon begin to rise again as major oil-producing countries ponder a big cut in output. The Opec+ cartel, which includes Saudi Arabia and Russia among its main members, is expected by markets to reveal this week a collective target to reduce delivery by more than one

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

The price of groceries could surge by £1.7bn due to the cost of carbon dioxide rising by as much as 3000%, new analysis has shown. The UK’s food and drink sector could end up footing the mammoth extra bill for liquid CO2 if gas prices remain high, according to research by the Energy and Climate

Leaves on the line disrupting train services promise to be a thing of the past for many more travellers with new technology being introduced by a major train operator. Northern, which runs nearly 2,000 daily services, is fitting a system to 16 passenger trains which will combat slippery rails by spraying water onto them. The

The owners of Britain’s second-biggest steel producer are seeking an urgent package of financial support from taxpayers amid renewed fears for thousands of industrial jobs in the north of England. Sky News has learnt that Jingye Group, which bought British Steel out of insolvency in 2020, has told ministers that the company’s two blast furnaces

Rail passengers have been urged to only travel if “absolutely necessary” today as members of four trade unions stage a 24-hour walkout. The latest strike by members of the Rail, Maritime and Transport union (RMT), Aslef, Unite and the Transport Salaried Staffs’ Association (TSSA) is expected to cause the worst rail disruption of the year

Liz Truss and Kwasi Kwarteng have met the head of the UK’s independent fiscal watchdog amid the fallout from the government’s mini-budget. The government confirmed that publication of the forecast would not be brought forward from 23 November – more than seven weeks away. The Office for Budget Responsibility (OBR) confirmed it would deliver an

Gas and electricity bills are going up as the new energy price cap takes effect. You may have read that from 1 October the price cap will mean average energy bills will increase by 27% from £1,971 a year to £2,500. But it isn’t as simple as that. House prices warning as growth slows to

Britain’s economy grew by 0.2% in the three months to June, reversing the initial estimate of a 0.1% contraction, official figures show. The upward revision of the second quarter GDP by the Office for National Statistics implies the UK is not in recession, as predicted by the Bank of England earlier this month. Quarter of

A powerful group of cross-party MPs has demanded the chancellor release a full economic forecast by the end of October – a month earlier than planned. The Treasury Select Committee, made up of MPs from all parties and chaired by a Conservative MP, has called on Kwasi Kwarteng to release a full economic forecast from

Shares in companies that depend on consumer spending have plunged after Next, the fashion to homewares retailer, cut its sales forecast for the second half of its financial year and annual profit guidance. The company used the publication of its half-year results to the end of July to say that there were too many variables

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

Boohoo has warned of a focus on “cost efficiencies” ahead as part of efforts to navigate a slowdown in sales globally due to surging inflation. The online fashion retailer cut its full-year outlook while publishing results for the first half of its financial year to 31 August, saying it now expected revenue to fall over

Two more of the biggest mortgage providers have suspended mortgage deals as the Bank of England signalled it would raise interest rates to rein in inflation after the chancellor’s mini-budget. Santander and HSBC withdrew mortgage products on Tuesday as the Bank’s chief economist indicated it would hike interest rates to new highs in November and

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

The cost of charging an electric car using public charge points on a pay-as-you-go basis has risen by 42% in just four months, according to the RAC. The motoring group said the average price for using the chargers has increased by 18.75p per kilowatt hour (kWh) since May, reaching 63.29p per kWh. The latest figures