Business

There has been a surge in the number of people seeking breathing space from their debts while corporate insolvencies are running at levels not seen for 13 years, according to official figures. The Insolvency Service data covering England and Wales during the second quarter of the year showed 6,342 companies were registered as insolvent in

NatWest has reported a better-than-expected surge in half-year profits as the taxpayer-backed lender reels from the Nigel Farage de-banking debacle. At the end of a week in which its chief executive Dame Alison Rose was forced to quit for her own role in the row, the bank revealed £3.6bn in pre-tax profits – up from

Coutts chief executive Peter Flavel will stand down over his handling of Nigel Farage’s accounts. In a statement from the new NatWest chief executive, it was announced that Mr Flavel had stepped down by mutual consent and with immediate effect. “We have fallen below the bank’s high standards of personal service”, Mr Flavel said. “As

The parent company of British Gas has revealed half-year profits for its UK household supply arm that are up by almost 900%. Centrica said that underlying earnings at British Gas rose to £969m compared to the £98 million achieved a year earlier. It said that the bulk of the growth, however, was not down to

The Federal Reserve – the US central bank known as the Fed – has recommenced its programme of interest rate increases. The rate has been increased by 0.25 percentage points in an effort to further bring down inflation. The Fed had decided to hold interest rates last month, after 10 consecutive rises, as inflation fell

NatWest boss Dame Alison Rose has stepped down as chief executive effective immediately after she admitted to being the source of an inaccurate story about Nigel Farage’s bank account. Her four-year tenure as chief executive has ended in ignominy over her admission that she had discussed Mr Farage’s bank details with a BBC journalist. Howard

NatWest boss Dame Alison Rose has admitted she made a “serious error of judgement” when she discussed Nigel Farage’s Coutts bank accounts with the BBC business editor Simon Jack. Last week Dame Alison apologised to the former UKIP leader for the closure of his accounts and ordered an immediate review of the processes followed by

The company behind many popular consumer brands including Marmite and Magnum ice creams has revealed a surge in profits, as the UK’s competition regulator seeks evidence on whether shoppers are getting a raw deal at the tills. Unilever, which also includes brands such as Domestos and Hellmann’s in its stable, reported a 20% rise in

The BBC has issued an apology to Nigel Farage over a story on the closure of his Coutts bank account, “which turned out not to be accurate”. In a statement, the broadcaster said: “Because of this evidence, we have since changed the headline and the copy on the original online article about his bank account

Bank chiefs have been summoned by City Minister Andrew Griffith to discuss how customers can be protected from being “de-banked” after Coutts terminated its relationship with Nigel Farage. Mr Griffith is expected to write to the bosses of 19 banks, building societies and digital challengers warning that the government will “take all action necessary” to

The specialist retail investor which owns Homebase has pumped millions of pounds of additional funding into Wilko to help salvage its future. Sky News has learnt that Hilco has agreed to lend about £5m to Wilko as the general merchandise chain faces an intensifying cash squeeze. The new debt comes in addition to a £40m

Takeaways and betting shops could be converted into homes more easily as the government launches a review of extensions, conversions and renovations. In proposals to be formally announced on Monday, new freedoms to enlarge existing homes will also be outlined. The idea is to make it easier to “build upwards and outwards, with new extensions

Jeremy Clarkson has warned some bottles of his Hawkstone Cider might explode. The former Top Gear presenter, who owns the craft drink brand, warned there had been a “massive cock-up” in a sweary Twitter update. He wrote: “If the cap has the code L3160, open it underwater, pour it away and get in touch for

The four biggest UK supermarkets have doubled their profit margins on fuel since Russia invaded Ukraine in February 2022, analysis has revealed. Research from the RAC of wholesale and retail prices showed Tesco, Asda, Sainsbury’s and Morrisons – supermarkets that dominate the UK fuel market – had increased their margins from 4.7p per litre prior

Ministers have rebuffed pleas for financial support from a London-listed electric battery manufacturer which faces collapse within days. Sky News has learnt that efforts by AMTE Power to hold substantive discussions with Whitehall about emergency funding have stalled. City sources said that AMTE’s chief executive, Alan Hollis, had been left frustrated by a lack of

The chief executive of NatWest Group has apologised to Nigel Farage for the closure of his bank accounts and ordered an immediate review of the processes followed by its Coutts subsidiary. In a letter to Mr Farage seen by Sky News, Dame Alison Rose said she regretted “deeply inappropriate comments” about the former UKIP leader

Nigel Farage has called on MPs to hold an inquiry into NatWest after one of the group’s banks, Coutts, closed his account. The former UKIP and Brexit Party leader has claimed the elite bank took the action because his views did not align with the firm’s “values”. But other media reports suggested it was down

Banks will be forced to give customers three months’ notice of account closures and to provide a full explanation of the reasons under reforms that could be unveiled in the coming days. Sky News has learnt that the Treasury plans to force British lenders to be more transparent with customers amid an escalating freedom of

Inflation is running at close to four times the Bank of England’s 2% target, but today’s data gives us something to celebrate. The consumer prices index (CPI) fell in June to 7.9%, down from 8.7% in May. Economists were pencilling in a drop to 8.2%, so this means inflation is falling faster than expected. It

A decision by Jaguar Land Rover (JLR) to invest in electric vehicle battery production in the UK is “very welcome”, a Labour MP has said. Darren Jones, chair of the cross-party Business and Trade Committee, was responding to reports that Tata will establish a battery gigafactory in Somerset for its JLR operation, potentially creating thousands