Business

We have never seen anything like this.  The UK has been through all sorts of ups and downs (sadly more of the latter than the former) in recent years. There was the financial crisis of 2008 and the recession that followed, a lost decade of stagnating real wages and productivity, Brexit and of course the

With the flick of a switch, fuel poverty has become a mainstream economic condition. Defined as spending 10% or more of disposable income on energy, confirmation that typical annual bills will rise from just under £2,000 to more than £3,500 means it will now apply to around half of households in England, Scotland, and Wales.

The business secretary has warned Royal Mail that a Czech billionaire’s bid to raise his stake in the company faces a national security investigation. The news was revealed by Royal Mail in a notification to the London Stock Exchange, saying that Kwasi Kwarteng “reasonably suspects” that Vesa Equity Investment might increase its stake from 22%

The government must increase its energy bills discount by at least 150% or risk pushing millions of households into financial distress. That is the warning from consumer group Which? ahead of Friday’s announcement of the energy price cap for the three months from October. It comes as British Gas announced it will donate 10% of

App-based lender Atom bank says its four-day working week trial has been a resounding success. The bank, which is based in the northeast of England, said the trial had been “overwhelmingly positive” for employees, improving productivity and job satisfaction. Recruiting and retaining staff was easier, and there was no negative impact on customer service ratings,

Britain imported no fuels from Russia in June for the first time on record following the imposition of sanctions over the invasion of Ukraine, official data shows. The figure published by the Office for National Statistics (ONS) comes after the UK moved to sever all reliance on Moscow for its power needs in the face

The minimum wage should be raised to £15 an hour, the Trades Union Congress says, as it declares it is “time to put an end to low-pay Britain”. Currently, workers aged 23 and over are entitled to a minimum wage of £9.50 with lower rates for younger employees, but the TUC says all workers should

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