Business

Elon Musk has addressed Twitter staff for the first time and outlined new details of his vision for the company, including plans to allow some staff to work from home. Despite previously telling Tesla employees to leave the company if they do not want to spend 40 hours a week in the office, the billionaire

The US central bank has increased interest rates by 0.75% to combat inflation – the sharpest hike in 28 years. The Federal Reserve signalled more rate rises to come and projected a slowing economy in the months ahead, along with rising unemployment. The bank raised its benchmark rate to a range of 1.5% to 1.75%,

More than two million households face increased mortgage payments following the latest Bank of England interest rate rise, which experts say could create more “mortgage prisoners”. The Bank rate rose from 1% to 1.25% in a bid to tackle rising inflation. Borrowers who have variable mortgage rates – those that move in line with the

The boss of Royal Mail has told Sky News it is keeping prices “under review” as costs surge across the business and that unions threatening strikes must understand the “changes that are required so we can compete in the market”. Simon Thompson was speaking as the company faces challenges to its modernisation plans across its

The pound has fallen to its lowest level against the dollar since the onset of the pandemic, fuelled by concerns about the economy and the prospect of a second Scottish independence referendum. Scotland’s First Minister Nicola Sturgeon said earlier that her government had an “indisputable mandate” for another vote and was ready to set out

A consumer rights expert has hit out at the aviation regulator while accusing airlines of presiding over a ‘blatant flouting of consumer rights’ following the recent flight chaos. Sue Davies, head of consumer rights at consumer group Which?, told the Business, Energy and Industrial Strategy Committee (BEIS) committee of MPs there were serious, historic, failures

The European Commission has warned it will take “proportionate action” to secure the legal implementation of the Northern Ireland Protocol after the UK government published legislation which will override the mechanism. The commission’s vice president Maros Sefcovic said the EU viewed the UK’s actions with “significant concern” and that it would consider what steps to

The UK economy contracted by 0.3% in April, according to official figures released as the CBI, Britain’s biggest employers’ group, demanded “vital actions” from the government to prevent an inflation-driven recession. The Office for National Statistics (ONS) had been expected by economists to confirm a slight rise in gross domestic product (GDP) for the month

The government has ordered an “urgent” review by the competition regulator into the fuel market after pump prices hit new record highs. Business Secretary Kwasi Kwarteng said in a letter to the Competition and Markets Authority (CMA) that there was “widespread concern” about the pace of price rises and public frustration that a cut in

Plans to change the law to allow agency workers to fill in for striking staff have been branded “reckless” by unions – ahead of looming industrial action that threatens to cripple the rail network later this month. Transport Secretary Grant Shapps told a newspaper that any such move would not affect “this particular set of

One of the candidates snubbed in the recent race to chair Ofcom, the media regulator, is being considered to oversee a government-commissioned review of the BBC’s future funding. Sky News has learnt that Lord Gilbert of Panteg, the former chair of the House of Lords communications and digital committee, is among a list of names

Lenders to Matalan, one of Britain’s biggest budget retailers, are preparing for crunch talks about the chain’s future financing against a backdrop of soaring inflation and deepening economic gloom. Sky News has learnt that Matalan’s senior bondholders are lining up Perella Weinberg Partners to advise them on their options with a £350m repayment due to

More than half of UK households have cut down on their energy usage as a result of the cost of living crisis, new data suggests. A survey carried out by the Office for National Statistics (ONS) revealed that 52% of Britons are using less gas and electricity in a bid to cut down costs. The

The boss of Wizz Air is facing a backlash from unions, including pilots’ representatives, after he urged fatigued staff to go the “extra mile” as the industry battles flight cancellations caused by staff shortages. Jozsef Varadi made his remarks to workers after the company warned of fare increases ahead following the publication of financial results

The owner of discount retailer Poundland has warned that its UK shoppers appear to be suffering most as the cost of living crisis gathers pace, with spending on essentials even taking a knock. Pepco Group, which also has the European discount brands PEPCO and Dealz in its stable, blamed UK wage growth sagging below the

The £100 tank of unleaded petrol is another milestone on the relentless upward path of fuel prices. Watching the price click in to three figures for the first time will draw the breath of anyone filling the 55-litre tank of a family saloon. But whichever way you count it, prices have been kicking consumers in

Commuters are set to face more transport misery in London on 21 June when a planned strike takes place on the Tube and the country’s railways. Unite the union has announced its members at Transport for London and London Underground will take part in industrial action on that date – the same day as a

Rishi Sunak has been urged by one of the world’s leading economic authorities to cut taxes or raise spending in the face of looming stagnation next year. The UK is poised for the weakest economic growth in the developed world next year, according to new forecasts from the Organisation for Economic Co-operation and Development. In

Fossil fuel giant Equinor has told Sky News it is not investing as much money as it ought to in renewable forms of energy. The Norwegian state-owned oil major spent around 8.6% of its capital expenditure on renewables in 2020, according to analysis by Capital Economic for campaigners Uplift – more than the industry average

Cazoo, one of Europe’s largest online car retailers, has said it plans to cut nearly 750 jobs in a bid to save £200m as inflation and supply chain issues hit its business. The company said the decision had been made to scale the business down to a more sustainable size, and position it for profitable