Britain's energy price cap should be scrapped or there will be an 'absolute massacre' in the market that could claim another 20 suppliers, the boss of one of Britain's biggest suppliers claimed today.

The energy price cap is likely to cost the industry around £5billion over the next six months as customers fall off their fixed-term tariffs and are moved onto a cap-regulated tariff, Scottish Power chief executive Keith Anderson said.

Inflated prices for second-hand vehicles have been highlighted in new data, as manufacturers continue to struggle to meet production demands of new cars. 

The average price of a used car last week was 23.9 per cent higher compared to the same week a year ago rising to £19,018 - the highest figure Auto Trader says it has recorded.

The Hut Group founder Matt Moulding has cancelled a deal that saw him pledge company shares as collateral against a £100million personal loan.

As he strives to restore confidence following a collapse in the share price, the 49-year-old unwound the arrangement agreed before THG floated.

Deliveroo founder and chief executive Will Shu is under pressure to give up his 'golden share' in the company. 

Investors want the food delivery boss to drop the benefit which gives him 20 times as much voting power as regular shares.

Rishi Sunak plans to more than halve the tax surcharge on bank profits to help boost London’s competitiveness as a global financial centre.

The Chancellor will announce a cut to the surcharge from 8 per cent to 3 per cent from April 2023 in his Budget next week.

The City watchdog has been quizzed by MPs over why it took so long to prosecute Natwest in a big money laundering case.

The Financial Conduct Authority (FCA) was also told to explain why it decided not to pursue any individual bankers at Natwest, which failed to raise the alarm when a business customer started to deposit bags of cash worth millions into its account. 

The jump in the tax on commercial property is based on inflation data for September – which yesterday came in at 3.1 per cent.

This would add £900million to the business rates bill. Property experts called for the uplift to be scrapped, saying businesses recovering from rolling lockdowns should not be subjected to a 'massive tax raid'.

Andrey Dobrynin, co-founder and managing director of InvestEngine, said that while the chance to buy into bitcoin futures would 'undoubtedly turn the heads of many investors', the potential risks involved still needed to be carefully evaluated. 

Mr Dobrynin said: 'As with all investments - investors should invest at a level or knowledge and risk that they are comfortable with.'