Business

The UK is no longer lagging behind in the G7 group of wealthy countries as revised figures show economic growth was bigger than first thought. The economy grew more than previously thought in the first three months of the year, latest figures from the Office of National Statistics (ONS) show. The data shows UK economic

Unsecured creditors in Wilko face recovering as little as 4p in the pound of the money they are owed, according to the first estimate published by the collapsed retailer’s administrator. Sky News has learnt that PricewaterhouseCoopers’ proposals, circulated on Thursday evening, informed unsecured creditors in Wilko Limited, the main trading company, that they were likely

Rishi Sunak is under growing pressure to provide support for millions of households expected to struggle with energy costs this winter. More than 140 charities and organisations are urging the prime minister to avoid a “costly sticking plaster” and support Britons against “once unthinkable” prices. Energy bills are set to be about 13% more expensive

The risk of the lights going out is down this winter, with power margins almost back to levels seen before the energy crisis, according to an eagerly awaited report. National Grid ESO’s annual winter outlook, which assesses its own readiness for the coldest months of November to March, said it only saw a matter of

The timing could hardly be any more provocative. Barely 24 hours after the International Energy Agency (IEA) reiterated in a new piece of analysis that there was no need for new oil or gas projects if the world is to get to net zero, Britain has approved the biggest new oilfield in more than a

The UK’s largest untapped oil and gas field has been given the green light by the government’s North Sea Transition Authority (NSTA), defying climate warnings about the damage from new fossil fuel projects. Norwegian state oil giant Equinor expects to pump 325 million barrels of oil from Rosebank, 80 miles off the Shetland coast in

America’s largest bank says it has resolved its final lawsuits relating to the Jeffrey Epstein scandal, including a case it brought against former executive Jes Staley. JPMorgan Chase has faced a series of claims related to disgraced financier Epstein – a client of the bank from 1998 until 2013 – who killed himself in a

Customers will receive £114m off their water bills next year as the regulator has said water companies fell short of standards. The majority of water and wastewater companies in England and Wales underperformed, Ofwat said as part of its water company performance report. As a result, all but five of the 17 utility providers will

Nissan has committed itself to the sale of only electric cars across Europe from 2030, the year when the UK was supposed to have banned new vehicles powered by petrol and diesel. The Japanese carmaker also confirmed that all new models to be launched on the continent from now on would be fully electric. Its

Scrapping the HS2 rail line to Manchester would be a “gross act of vandalism”, senior Tories have warned Rishi Sunak. Former chancellor George Osborne and ex-deputy prime minister Lord Heseltine said the move would mean “abandoning” the North and Midlands. Writing in The Times, they warned the prime minister: “Governments are remembered for what they

One of Britain’s most prominent university spinout ventures is backing a developer of therapies for neurological diseases as part of a capital-raising to fund it through to clinical trials. Sky News understands that Crucible Therapeutics, which was founded by University of Sheffield academics at its Department of Neuroscience, will announce this week that it has

Former Tory prime ministers have warned Rishi Sunak about “delivering a mutilated HS2” after his government refused to deny it was considering axing part of the project. Boris Johnson said suggestions the Birmingham to Manchester route could be cut over cost concerns were “desperate” and “Treasury-driven nonsense”. He went on to urge the prime minister

KPMG is in advanced talks with regulators about a record fine running into tens of millions of pounds for failings in its auditing of Carillion, the construction company which collapsed in 2018 with the loss of thousands of jobs. Sky News has learnt that discussions between the accountancy firm and the Financial Reporting Council (FRC)

Wilko will close the last of its remaining high street stores next month. The collapsed homeware retailer’s final 111 sites will shut on three dates in early October. Most sites have already closed, with the latest wave closing for good yesterday. More than 10,000 jobs are expected be lost as a result of Wilko’s collapse.

Amazon Prime customers will face a choice between watching adverts or paying more to remove them when updates to the firm’s streaming service kick in at the start of next year, The company also warned that live events, such as sports, will continue to include commercials even if people have upgraded to the new ad-free

The return of summer weather last month helped retail sales recover despite a hit from weaker demand for fuel, according to official figures. The Office for National Statistics (ONS) reported a 0.4% rise – a figure that grew to 0.6% when the effects of fuel sales were excluded. It said stronger clothing sales drove the