Business

The Bank of England has hiked the interest rate by 0.25% to 0.75% as it forecast inflation surging to 8% next month – and even higher in the autumn. It is the third increase in a row in as many policy meetings by the bank’s rate-setters and restores the cost of borrowing to pre-pandemic levels.

Ministers’ hopes of getting Britain’s new “moonshot” scientific research agency off to a flying start have been dealt a blow by the withdrawal of the boss appointed to lead it just six weeks ago. Sky News has learnt that Dr Peter Highnam, deputy director of the US Defense Advanced Research Projects Agency (DARPA), has decided

The US central bank has fired the starting pistol on interest rate rises as the world’s largest economy faces up to a surge in inflation that is only predicted to accelerate during Russia’s war in Ukraine. The Federal Reserve raised its benchmark rate, for the first time since 2018, by a quarter point to a

Five companies that deliberately targeted the elderly with “predatory” and “coercive” marketing calls in order to sell them unnecessary insurance have been fined more than £400,000 by the UK’s privacy watchdog. The Information Commissioner’s Office (ICO) said the businesses had been purchasing marketing data lists of people who were aged 60 and over, were homeowners,

The UK government has placed an export ban on luxury goods to Russia and hiked up import tariffs from the country on iconic products such as vodka. British vehicles, high-end fashion and art are some of the luxury goods that will no longer be exported to Russia as the UK and other G7 leaders continue

Boris Johnson has called on Western nations to “take back control” of their energy supplies and end an “addiction” to Russian oil and gas that has left them subject to “blackmail” by Vladimir Putin. In an article for the Daily Telegraph, the prime minister insisted the West “cannot go on like this” and remain “economically

The majority of people in Britain don’t think UK’s sanctions imposed on Russia for its invasion of Ukraine go far enough and most would support doing more even if it meant an increase in the cost of living. In an exclusive poll conducted by YouGov for Sky News, 57% of adults said they didn’t think

The property developer Nick Candy has promised to give Chelsea fans a seat on its board if his bid to buy the Stamford Bridge club is successful. Sky News has learnt that Mr Candy, 49, will make the proposal a central part of his pitch to buy Chelsea, which he has supported since boyhood. The

Sir Martin Broughton, the British businessman who rescued Liverpool from a bitter boardroom battle a decade ago, is in talks to spearhead a rescue bid for Chelsea as new details emerge about the financial chaos into which last season’s Champions League-winners have been plunged. Sky News has learnt that Sir Martin, a lifelong Chelsea fan,

There’s a warning that “a tsunami of poverty” will hit rural communities if more help isn’t provided to the 14% of British households living without access to mains gas. Many homes in the countryside which rely on oil, bottled gas, coal and wood to heat and cook are facing rapidly rising bills, made worse due

Bidders for Chelsea Football Club have been given extra time to bid for last season’s Champions League winners after the government’s decision to sanction owner Roman Abramovich threw an already-complex firesale into disarray. Sky News has learnt that parties which have joined the process being run by Raine, the New York-based merchant bank, were informed

The AA has raised hope that the record fuel prices, being hit across the UK daily in the wake of Russia’s invasion of Ukraine, will soon start to ease. The motoring group reported that average pump costs for a litre of unleaded on Thursday rose from 159.57p the previous day to 161.06p. Diesel marched upwards

The UK economy grew by a better than expected 0.8% in January, according to official figures as the chancellor faces intense pressure to deliver support to businesses and families to maintain the recovery from the coronavirus crisis. The Office for National Statistics (ONS) reported that the growth was driven by a return to consumer spending

Vladimir Putin has admitted to “problems and difficulties” caused by sanctions after Russia’s invasion of Ukraine but suggested they would be self-defeating for the West. The tightening squeeze on the Russian economy has prompted the rouble to plunge to record lows and ratings agencies to predict that Moscow will default on its debts. But Mr

Roman Abramovich has been sanctioned by the UK government as part of attempts to crackdown on wealthy Russians with assets in the country. The Chelsea Football Club owner is one of seven more Russian oligarchs who have had sanctions placed on them by ministers on Thursday. Last week, Mr Abramovich announced that he intends to

Rishi Sunak must choose to either borrow billions more or allow households to suffer an income squeeze that could be the worst since the 1970s, a leading think-tank has warned. The Institute for Fiscal Studies said the likely impact of the Ukraine crisis on inflation and public finances may force the chancellor to act when

With Heineken and L’Oreal announcing the effective closure of their Russian operations today, the number of Western companies shunning the country continues to grow. Unilever – the Magnum, Domestos and Dove consumer goods titan – has also called a halt on exports to the country. The announcements in Europe came on the back of last

The two British board members of Huawei’s UK subsidiary are to resign over the Chinese telecoms giant’s refusal to condemn Russia’s invasion of Ukraine. Sky News has learnt that Sir Andrew Cahn and Sir Ken Olisa notified the company on Wednesday that they intend to step down from their positions as non-executive directors. City sources

Boris Johnson has announced he will set out an Energy Independence Plan in the “course of the next few days” as April price hike looms. At Prime Minister’s Questions, Mr Johnson said his government “need to meet the long term impact of the energy price spike”. The announcement came as the prime minister was pressed

UK households face the biggest squeeze on their incomes since the mid-1970s as the Ukraine conflict deepens the cost of living crisis, a think-tank has warned. Britain is already experiencing its steepest inflation in three decades and a renewed surge in oil and gas prices caused by the war is set to push it above