The independent watchdog's Fiscal Sustainability Report also estimated that - in the absence of any planned tax changes or spending cuts being set out yet - the spending increase would add 1.5% of GDP to the annual deficit over the long term, pushing up the UK's debt pile.

The governor of the Bank of England made his remarks while giving evidence to a committee of MPs at the Farnborough International Airshow - the first outing outside Westminster for a Treasury Committee hearing.

The video streaming service's stock lost 14% of its value after it reported that world subscription growth during the April to June quarter came in more than one million down on what the market was expecting.

Updating its forecasts from April, the global organisation warned of risks from trade tensions, as characterised by Brexit talks and tariffs announced by the US.

Sky News has learnt that the company, which owns the giant Scunthorpe steelworks in the north of England, has struck a deal to secure £90m of debt funding from US-based White Oak Global Advisors.

A £775m pot of cash has been made available by Royal Bank of Scotland to boost competition in small business banking.

The Sunday Times reported at the weekend that one provider had reduced cover to the struggling department store chain's suppliers while two others had withdrawn cover to some new shipments completely.

The world's second-largest economy said gross domestic product (GDP) rose at an annual rate of 6.7% in the second quarter of 2018 - slightly down on the 6.8% registered between January and March.

Sky News has learnt that ‎Unilever and the Leverhulme Trust - set up in 1925 after the death of William Hesketh Lever, or Lord Leverhulme - are discussing the unification of the company's legal structure into a single entity based in the Netherlands.

Sky News has learnt that executives will face a ban on the sale of shares awarded under long-term incentive plans for up to five years as part of a clampdown aimed at rebuilding public trust in business.