Business

Petrol retailers have been accused of forcing “rocket and feather” pricing after unleaded hit a new, and unexpected, record average high over the weekend. Motoring organisations had forecast a decline in wholesale costs to have been reflected at the pumps, but data from Experian Catalist revealed on Monday that petrol had reached 191.1p a litre

One of HSBC’s top UK executives is quitting in a surprise move to run the Skipton Building Society, one of Britain’s biggest financial mutuals. Sky News has learnt that Stuart Haire, group general manager and chief executive of the London-listed banking giant’s UK personal and private banking businesses, is to become the new CEO of

The father-and-son duo who have built Matchroom Sport into a global sports promotion empire are plotting a deal that will cement their status among Britain’s super-rich. Sky News can reveal that Barry and Eddie Hearn are in detailed talks with at least three private equity firms about the sale of a substantial minority stake in

A cheap festival should not be an oxymoron but many people at Glastonbury this year are in a very different place financially to where they were when they booked their tickets before the coronavirus pandemic. Festival goer Harriet Wheeler, 32, from Brighton, said people she usually goes to watch music with are not forking out

The global chairman of KPMG has taken a swipe at the $80bn break-up being hatched by rival EY, implying that such a radical restructuring would be akin to an act of corporate vandalism. Sky News has obtained part of a memo sent by Bill Thomas to partners at the firm, reiterating KPMG’s commitment to retaining

London Underground workers have voted to strike again, as they near the end of this week’s action which has seen tube services disrupted across the capital. Around 10,000 London Underground staff refused to work this week – with all tube lines affected. More than 90% of Rail, Maritime and Transport union members who voted decided

Cath Kidston, the modern vintage brand, has been put up for sale just two years after collapsing into administration with the loss of nearly 1,000 jobs. Sky News has learnt that Baring Private Equity Asia (BPEA) has instructed advisers at PricewaterhouseCoopers (PwC) to find a new owner for the now wholesale-led company. Cath Kidston, which

The British public is well-used to confrontations between workers in the public sector and the government of the day. Over the decades there have been strikes and work-to-rules involving miners, teachers, the railways, the civil service and health workers among others. In the last century, “the Winter of Discontent” in 1978-79 and the miners’ strikes

The UK government made one of its largest interest payments on public debt ever last month, after inflation pushed borrowing costs to some of their highest levels on record.  Despite a cut in public sector borrowing, interest costs soared to £7.6bn in May, far above the £5.1bn predicted by the Office for Budget Responsibility (OBR).

The rate of inflation has risen to a fresh 40-year high of 9.1% in May, according to the latest official figures. The update, from the Office for National Statistics (ONS), represents a slight uptick on the 9% figure of the previous month – driven upwards by April’s unprecedented rise in the energy price cap. The

Imagine, if you can, you are in the chancellor’s shoes. Your instincts are to cut taxes and reduce public spending yet pretty much every decision you’ve taken in office has involved doing precisely the opposite. Worse: in recent months, even when you have forked out serious sums to support workers, much of that money seems

This week’s rail strike and the potential for further walkouts across the public sector has conjured the spirits of the Winter of Discontent, the dark days of the late 70s still considered the low point for British industrial relations, even if some of those in government and Fleet Street are too young to remember it.

Demand for supermarket value ranges has surged by 12% as grocery inflation hits its highest level in 13 years, according to closely-watched industry data. Kantar Worldpanel reported that like-for-like grocery prices rose by an annual rate of 8.3% over the four weeks to 12 June, up 1.3 percentage points on the previous period. It warned

It would be tempting to assume, on the eve of what looks likely to be the biggest rail strike in a generation and amid speculation of a so-called “summer of discontent”, that the UK is somehow unique in being afflicted with poor labour relations at present. Nothing could be further from the truth. Governments across

A former top executive at Aviva and British Gas will this week be appointed to spearhead the latest takeover quest of Marwyn, one of the London market’s most prolific creators of listed acquisition vehicles. Sky News has learnt that Mark Hodges, who has run some of the biggest companies in the British insurance industry, will

Hundreds of UK-based executives at PricewaterhouseCoopers (PwC) are to receive one-off six-figure windfalls from the sale of the global accountancy giant’s mobility services arm. Sky News has learnt that the firm’s 950 partners in Britain will be handed an average of just over £100,000 each following a $2.2bn deal with the private equity firm Clayton

Russia’s economy may take a decade to recover from the crushing sanctions placed on the country following its invasion of Ukraine in February 2022, according to one of Russia’s top businessmen. Returning to pre-sanctions levels could take nearly 10 years as the country remains cut off from half of its trade, said German Gref, the

Tesco said sales at the supermarket giant have fallen as “unprecedented increases in the cost of living” are felt across the country. Pointing to an “incredibly challenging” trading environment, the company saw sales in the UK fall by 1.5% between March and May when compared with the same period last year. As the Bank of

The Government is trying to do everything it can to tackle the cost of living “storm” but cannot solve every problem or save every business, a business minister has told Sky News. Paul Scully played down the immediate likelihood of tax cuts to help struggling households as he stressed the “tight” public finances and burgeoning

Passengers at Heathrow will not face major disruption this summer despite an industry-wide international labour crisis that could take 18 months to resolve, the airport’s chief executive has said. Travellers at airports across the UK faced significant disruption to flights during a chaotic half-term week culminating in the Jubilee weekend, sparking concern that summer holidays