Business

Staff sickness has led 26 EasyJet flights to and from Gatwick to be cancelled at the last minute, the airport has said. Apologising for the latest inconvenience to passengers, the London hub blamed the disruption on late-notice absence in its air traffic control tower. The scratching of the flights coincided with Gatwick posting its half-year

UK inflation is set to top 18% in January – the highest point in more than 40 years and nine times the Bank of England’s target – due to rocketing wholesale gas prices, a global investment bank has forecast. Citi has predicted the retail energy price cap would surge to £4,567 in January and then

Cineworld has confirmed it may file for bankruptcy in the US, days after its shares nose-dived over reports the world’s second largest cinema chain was in difficulties. The UK-based company, which globally employs around 28,000 people across 751 sites in 10 countries, said it was considering options for how to restructure the business as it

Spiralling energy costs are driving cafes, restaurants and independent shops all around the country to the edge of survival, according to an industry body. The Federation of Small Businesses director Martin McTague told The Independent that soaring bills, combined with reduced consumer spending as shoppers grapple with their own household bills, is forcing thousands of

The founder of Matalan is preparing for a fresh tussle with the retailer’s lenders over its ownership ahead of a deadline for refinancing £350m in debt. Sky News has learnt that John Hargreaves, who reinstated himself as Matalan chairman last month, has in recent days proposed injecting tens of millions of pounds into the business.

P&O Ferries will not face criminal proceedings for firing almost 800 workers earlier this year, the Insolvency Service has determined. The company caused outrage and was hauled in front of MPs to answer questions in March when it sacked hundreds of workers without notice. Business Secretary Kwasi Kwarteng asked the Insolvency Service to investigate whether

Rail passengers suffered fresh travel misery as tens of thousands of workers went out on strike again in the long-running dispute over pay and conditions. Members of the Rail, Maritime and Transport union (RMT), the Transport Salaried Staffs’ Association (TSSA) and Unite walked out for 24 hours on Saturday, affecting Network Rail and a number

Cineworld, the world’s second-largest cinema chain, is preparing to file for bankruptcy within weeks, the Wall Street Journal reports, after struggling to rebuild attendance following the COVID pandemic. The UK-based group, which operates in 10 countries with 751 sites and more than 9,000 screens, has engaged lawyers from Kirkland & Ellis LLP and consultants from

UK retail sales rose in July but the longer-term downward trend in consumer spending shows no sign of abating, official data shows. Sales increased by 0.3% in July, which was much higher than economists’ forecasts of a 0.2% drop, according to the Office for National Statistics. But sales fell by 1.2% in the three months

Former Manchester United director Michael Knighton is putting his own ambitions to buy the struggling club on hold to back Sir Jim Ratcliffe to become the new owner. Mr Knighton told Sky News that the Glazers “have run out of road” and should sell up. The American family has given no indication it is willing

A union boss has warned rail strikes will continue until a settlement is reached as the latest walkout by workers caused widespread disruption for train passengers. Speaking to Sky News, RMT chief Mick Lynch said his members were “completely committed to the cause” and would “keep going” in their long-running dispute over pay, jobs and

An Ofgem director has quit over the electricity and gas regulator’s decision to change the way it calculates the energy price cap, which she said will lead to much higher bills. The regulator confirmed to Sky News that Christine Farnish had stepped down from the board after disagreeing with the rest of its members over

There is no sugar-coating the situation – the latest inflation figures are grim and another bleak milestone in the long march of the cost of living crisis. Inflation in the 12 months to July soared to a huge 10.1%. This is now the 11th month in a row where inflation is above the 2% target

While naturally most attention with today’s jobs figures will focus on the biggest decline in wages in real terms, in other words when inflation is factored in, the numbers also point to a lot of interesting things going on beneath the surface. First of all, look at the way the growth in wages including bonuses

Most households are underestimating the massive energy price rises predicted in the coming months with some even believing they will fall, new research shows. Families believe their household gas and electricity bills will go up by £487 from the start of October, despite experts predicting a rise of more than three times that amount, research

The American consumer goods group which owns Reebok and an interest in David Beckham’s branded products portfolio is close to unveiling a cut-price £200m takeover of Ted Baker, the London-listed fashion retailer. Sky News has learnt that the board of Ted Baker is preparing to recommend a 110p-a-share offer from Authentic Brands Group (ABG), run

Sir Keir Starmer has pledged that people will not “pay a penny more” on their winter energy bills as he prepares to unveil Labour’s plan for easing the cost of living crisis. Before a full announcement on Monday, the Labour leader says his party’s £29bn energy plan will save the typical family £1,000 immediately, get

Saudi oil giant Aramco has revealed profits of $48.4bn (£40bn) for the second quarter of 2022 – a 90% year-on-year increase. The sum has broken the firm’s quarterly profit record set in May, with soaring energy prices driven by Vladimir Putin’s invasion of Ukraine resulting in windfalls to oil producers. The $48.4bn figure is higher

The family which jointly founded one of Britain’s biggest leisure empires is finalising a £300m-plus deal to retake control of Butlin’s, the holiday camps chain. Sky News has learnt that a vehicle connected to the Harris family, which helped to establish Bourne Leisure in the 1960s, is close to signing a transaction with Blackstone, the

Personal finance expert Gemma Godfrey has been answering your questions on the cost of living and money saving dilemmas: Could your pension contribution be put to better use for things like paying your bills? Mark A: Hello, I’m 37 years young and started a pension late. I had approximately £35,000 in there. With the world