Business

Transport for London has secured around £1.2bn in funding from the government, but the city’s mayor has warned the agreement is “far from ideal”. The funding package replaces TfL’s last bailout, which was the fourth since the beginning of the COVID-19 pandemic in early 2020. Andy Byford, Transport for London commissioner, said the agreement, which

British households borrowed on their credit cards last month at the fastest annual rate in over 17 years, a potential reflection of consumers struggling to make ends meet as the cost of living crisis intensifies. According to data from the Bank of England, the annual rate of credit card borrowing in July was 13% higher

Energy price increases of more than 300% are in danger of forcing pubs and brewers across the UK out of business in the coming months, industry leaders have said. Unlike domestic customers, who are facing an 80% increase in average bills in October, businesses operate without any sort of regulated price cap, with some pub

The worst airline for delays at UK airports last year was Wizz Air, an investigation has found. Its departures were an average 14 minutes and 24 seconds behind schedule in 2021, according to analysis of Civil Aviation Authority (CAA) data. The Hungarian company operates from 10 UK airports including Gatwick, Luton and Cardiff. Tui was

Millions of people in the UK will not turn their heating on this winter because of rising energy bills, a survey suggests. The poll, commissioned by the Liberal Democrats, showed 23% of adults plan to take this drastic move, rising to 27% for those with children at home. The results also showed 23% would be

Liz Truss is considering a “nuclear” option that could see VAT cut from 20% to 15%, according to reports. A source told Sky News that Ms Truss “will consider options to help people, but it would not be right for her to announce her plans before she has been elected prime minister or seen all

Boris Johnson has predicted that the UK will “emerge stronger and more prosperous” once the cost of living crisis begins to ease. Despite huge hikes in energy prices, largely caused by the war in Ukraine, he has also said the West must “double down” on its support for Kyiv and not “go wobbly”. “It was

Britons on £45,000 salaries will need government help to pay their energy bills – not only people on benefits, the chancellor has warned. Nadhim Zahawi also told The Daily Telegraph that households must try and reduce their energy consumption, and that he fears gas prices could remain elevated for another two years. Energy bills will

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.