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

A US car dealership giant with a market value of over $7bn was the mystery bidder which made an offer last month for Pendragon, its British peer. Sky News has learnt that Lithia Motors, which is listed on the New York Stock Exchange, tabled a 29p-per-share bid valuing Pendragon at about £460m. City sources said

A record number of jobs are being advertised, with big increases for actors, entertainers, driving instructors and dancers, according to recruiters. Vacancies for water and waste roles such as sewerage plant operatives have also increased, which recruiters said could be related to the prolonged dry weather and fears of droughts. There were 1.85 million job

The UK’s economy contracted by 0.1% in the second quarter, according to latest estimates. In June, GDP fell by 0.6%, services fell by 0.5%, manufacturing by 1.6% and construction by 1.4%, the Office for National Statistics said. The large drop in June was partly caused by the large reduction in services spending as coronavirus test

Around 5% of businesses with 250 or more employees have offered a one-off cost-of-living payment to their workers in the last three months. The figure comes from the Office for National Statistics’ Business Insights report, which also says the rate was just 1% among smaller firms. It comes despite many businesses struggling with their own

The Treasury is to name a quartet of new directors to the Bank of England’s governing body as debate rages about the central bank’s remit under a new Conservative prime minister. Sky News has learnt that Nadhim Zahawi, the chancellor, has signed off the appointments of four new members of the Court of the Bank