Business

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

Asda is preparing to accelerate a long-awaited move into Britain’s convenience store market with a £450m swoop on the Co-op Group’s petrol forecourt business. Sky News has learnt that Asda is the leading contender to buy the mutual’s fuel retailing arm, which includes a sizeable convenience operation. Sources said a deal could be struck as

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

The struggling fashion chain Joules’ hopes of securing a lifeline from the high street behemoth Next have hit a stumbling block days after it issued a fresh profits alert. Sky News has learnt that the two companies are not close to agreeing the terms of an investment from Next more than three weeks after confirming

Boris Johnson has admitted that energy bills will be “eye-watering” this winter – and the cost of heating is already “frightening” for some. Writing in The Mail on Sunday, the outgoing prime minister blamed Vladimir Putin for the worsening crisis – and claimed the Russian president “likes it”. And although Mr Johnson warned the months

Jupiter Fund Management is in talks to sell its entire stake in Starling Bank months after the digital lender’s valuation passed £2.5bn. Sky News has learnt that Jupiter, which owns close to 10% of Starling’s equity in its UK Mid Cap Fund and elsewhere across its funds portfolio, has instructed bankers at Citi to find

Drop-off fees have increased at two-thirds of the UK’s major airports since 2019, according to research. An RAC investigation found 16 of the 22 airports analysed have introduced or raised charges for dropping off passengers in the past three years. The motoring services company claimed drivers will be “stunned” by some of the “sky-high” fees.

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,

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

UK private sector growth has moved closer to stagnation as it slowed to a new 18-month low, dragged down by a slump in factory output, latest data indicates. The closely watched S&P Global/CIPS Purchasing Managers’ Index (PMI) composite flash estimate dropped to 50.9 in August from 52.1 in July, its lowest since February 2021 and

Elon Musk has subpoenaed his friend and former Twitter chief executive Jack Dorsey as he tries to back out of his $44bn (£37bn) deal to buy the social media company, according to a court document. The Tesla chief – the richest man in the world – announced his plan to buy Twitter in April, but

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

Sony PlayStation is being sued for £5 billion by nine million claimants amid accusations it “ripped people off” with overpriced games and in-game purchases. The legal claim is a collective action against the gaming company, brought by consumer rights champion Alex Neill. It accuses the company of breach of competition law by abusing its market

Almost 2,000 workers have walked out of their jobs at the UK’s largest container port on the first day of an eight-day workers strike, in the latest round of industrial action hitting various sectors of the economy. The strike at Felixstowe port on the east coast rounds off a week that saw various strikes by

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.