Business

The Bank of England has signalled that a weakening labour market could yet trump rising global challenges to allow for more interest rate cuts in the near term. Policymakers on the nine-member monetary policy committee (MPC) voted 7-3 to maintain Bank rate at 4.25%. There was greater support than was expected for a cut. The…

The US central bank has made no change to interest rates and warned the world’s biggest economy will see less growth and higher inflation due to tariffs. The Federal Reserve, known as the Fed, held rates despite President Donald Trump calling its chair, Jerome Powell, a “stupid person” on Wednesday. “Maybe I should go to…

An infrastructure investor owned by the private equity giant CVC Capital Partners is in talks to back a £500m takeover of Manx Telecom in a deal that unites the Crown Dependencies’ communications providers. Sky News has learnt that CVC DIF is being lined up to help finance a takeover of Manx Telecom by JT Group,…

Is the cost of living crisis over? If you’re looking purely at the annual inflation data, the numbers us journalists, not to mention politicians and economists, tend to focus on, the answer might seem like: probably, yes. Sure, the rate is, at 3.4% in May, higher than the Bank of England’s 2% target. But it’s…

Santander has approached its fellow Spanish banking group Sabadell about a takeover of TSB, its British high street bank. Sky News has learnt that Santander is among the parties which have expressed an interest in a potential deal, months after its boss denied that it was seeking to offload the UK’s fifth-largest retail bank. City…

Kellogg’s cornflakes, Bonne Maman jam, Kent Crisps, Brewdog beer… these are the items on the supermarket shelves in front of me.  I’m in a branch of Azbuka Vkusa (or ‘Alphabet or Taste’) in Moscow, where the aisles look remarkably like those in a Tesco, Sainsbury’s or Waitrose. Russia is the most sanctioned economy in the…

Inflation eased to an annual rate of 3.4% in May, according to official figures released this morning, but the Bank of England is widely expected to leave interest rates on hold despite that. The Office for National Statistics (ONS) reported the consumer prices index measure eased from 3.5% the previous month. It said that despite…

Co-op is offering its members a 25% discount on a £40 shop as a “thank you” gesture after a major cyberattack caused disruption in stores. The retailer’s stock was affected due to the attack in May, leaving shelves bare, and payments were disrupted. Hackers also stole personal data including members’ names and contact details. Image:…

EasyJet cabin crews in Spain will go on strike over their pay for three days next week. The USO union in Spain said the industrial action would take place from Wednesday 25 June to Friday 27 June. It said more than 650 flight attendants – based in Alicante, Barcelona, Malaga and Palma de Mallorca –…

The government will announce another delay to the beleaguered HS2 project on Wednesday, saying the latest target is now impossible. Sky News understands that Transport Secretary Heidi Alexander will announce that the London to Birmingham line will no longer be ready to open by 2033. It is not clear what the new target date will…