Business

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

The energy price cap is set to fall again, according to a closely-watched forecast, as the energy regulator has said the average home is using less energy. The average household will be paying roughly £200 less from autumn than they are from next month, energy research specialist Cornwall Insight said. Ahead of Ofgem’s new price

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

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

The cost of a two-year fixed rate mortgage has climbed above 6% while the equivalent rate on a five-year fixed rate mortgage has reached 5.67% but the headline figures belie the pain that households really face. We are now facing the worst mortgage squeeze since the housing crash of the 1990s. At 13%, mortgage rates

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,

The operator of Britain’s electricity system says it is to keep a scheme that aims to help prevent blackouts for the coming winter. National Grid ESO said it was “prudent to maintain” the demand flexibility service (DFS), which was introduced in 2022 in the wake of Europe’s gas squeeze caused by the war in Ukraine.

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

Household supplier E.On Next has been told to pay £4m back to its customers following a review that found customer service weaknesses at every company in the sector. Ofgem ordered the money be shared by 500,000 households in compensation for the firm’s “unacceptable” call services. It works out at £8 each. An additional £1m is

WhatsApp is adding the Twitter-like ability to follow accounts outside your personal contacts. The new feature will be in a new section of the app called “updates”, separate from your existing private chats, and behave similarly to news feeds on other social media platforms. Rather than needing to add a contact via their phone number,

The Organisation for Economic Co-operation and Development is warning the UK will have one of the highest inflation rates in the G20 this year. Ian King speaks to the chief economist at the OECD, Clare Lombardelli about the likely impact. The founder of meal subscription service, FoodHak shares how the company is incorporating AI into

The UK has recorded its first annual contraction in house prices in more than 10 years after rising interest rates piled pressure on mortgage borrowers, new research from Halifax shows. The mortgage lender said house prices were 1%, or £3,000, lower in May than they were in the same month last year, marking the first

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