Business

We are, the Bank of England governor said on Monday, facing a historic shock to our incomes. In fact, he added, “the shock from energy prices this year will be larger than any single year in the 1970s.” The claim from Andrew Bailey, made at a think tank event in Brussels, is especially striking given

Bosses from ferry companies DFDS and Stena Lines will meet government officials later today following rival P&O’s decision to sack 800 staff. The Department for Transport (DfT) confirmed the meeting but did not say what would be discussed, although it comes amid concerns over chaos at ports during the Easter holidays. A DfT spokesman said:

The four contenders vying to buy Chelsea Football Club will submit final bids on April 11, paving the way for a prospective new owner to seek government permission to take over from Roman Abramovich by the end of next month. Sky News has learnt that the remaining contenders have been notified by Raine Group, the

Hundreds of people have demonstrated against P&O Ferries’ sacking of 800 staff at ports across the UK, with some chanting: “P&O, shame on you.” Protesters carrying banners and placards gathered in Dover, Liverpool, and Hull as part of what they called the “fight for justice” for the seafarers dismissed without notice earlier this month. The

The remaining contenders to buy Chelsea FC have been told they must commit at least £1bn to future investment in the club if they are to succeed in the battle to end Roman Abramovich’s two-decade tenure as owner of last season’s Champions League-winners. Sky News can exclusively reveal that the quartet of bidders which were

Petrol stations have failed to pass on the fuel duty savings announced by the chancellor in his spring statement, new data has shown. According to the AA, petrol prices have fallen just 2.71p, and diesel was down 1.59p, despite Rishi Sunak saying on Wednesday a 5p fuel cut would come into force immediately. Research from

The owners of the Chicago Cubs are drafting in a heavyweight investment bank as they attempt to salvage their bid to buy Chelsea Football Club. Sky News has learnt that the Ricketts family and Ken Griffin, the Citadel hedge fund billionaire, are in talks to appoint Lazard to advise on their offer for the Stamford

Electric vehicle owners will have access to 300,000 public charge points by the end of the decade, the government has said. Some £500m will be invested to hit the target, according to the Department for Transport, which represents a 10-fold increase on the current 30,000 public charge points across the UK. The 2030 deadline is

A string of bidders for Chelsea Football Club including the former US ambassador to the UK have been eliminated from the £3bn auction of last season’s Champions League winners as the hunt intensifies to find Roman Abramovich’s successor as owner. Sky News has learnt that a number of bidders including Woody Johnson, owner of the

Rishi Sunak has defended his spring statement amid much criticism as he argued the UK is recovering from its biggest shock in 300 years. The chancellor said he knows families are struggling with the rising cost of living and that is “why I announced a tax plan which delivers the biggest net cut in personal

Budgets – and let’s make no bones about it, today’s Spring Statement was significant enough to qualify as a budget – tend to follow a time-honoured pattern. The chancellor unveils his measures, makes a big noise about them in the House of Commons, and then – sometimes over a few hours, sometimes over a few

Embattled ferry operator P&O has said it will pay out £36.5m in compensation to workers who were fired last week. The company said it would amount to the largest ever compensation package in the marine sector. Pay-outs are linked to the period of service, and in some cases are over £170,000. P&O has said that

One of these days, Rishi Sunak will produce a fiscal statement which lays out his vision for the nation. We will hear about his plans for skills, for productivity, dynamic enterprise and entrepreneurship. But this is not going to be one of those days. Ever since he took office, the chancellor has had to confront

The UK supply arm of Russia’s state-owned gas firm Gazprom is expected to be placed under taxpayer control within days as customers attempt to flee the firm in retaliation for the invasion of Ukraine. Gazprom Energy supplies over a fifth of gas used by commercial and public sector customers in the UK including companies like

Labour has called on the government to begin “criminal action” against P&O Ferries after the firm sacked more than 800 of its workers on the spot last week. Shadow transport secretary Louise Haigh said the government must “immediately” commence criminal action against P&O Ferries “for their flagrant breach of employment law”. “It should mean unlimited

The Indian-born businessman who owns the Sacramento Kings basketball team has joined forces with the former British Airways chairman Sir Martin Broughton in his effort to buy Chelsea Football Club. Sky News has learnt that Vivek Ranadive, who made a fortune from the technology industry, has agreed to make a minority investment in the Premier

Rishi Sunak is pledging a £5.5bn crackdown on Whitehall waste as he faces pressure to tackle the cost of living crisis in his mini-budget. Ahead of his spring statement on Wednesday, the chancellor claims the efficiency savings will both curb inflation and fund vital public services. “During these challenging times it’s vital that every single

One of the largest shareholders in Pendragon has been thwarted in a £400m takeover raid on the London-listed car dealership giant. Sky News can reveal that Hedin Group, which operates more than 200 vehicle showrooms in Belgium, Norway, Sweden and Switzerland through its subsidiary Hedin Bil, tabled a secret 28p-a-share offer for Pendragon several weeks

The 9pm deadline for bids to buy Chelsea has passed, with consortiums led by Nick Candy, the Ricketts family and Sir Martin Broughton and Lord Sebastian Coe among the bidders. The sale has come amid UK and EU sanctions on Roman Abramovich following Russia’s invasion of Ukraine, with Chelsea also under a number of restrictions.

The London property entrepreneur Nick Candy is lining up backing from two South Korean groups as he prepares to lodge a takeover bid for Chelsea Football Club. Sky News has learnt that Hana Financial Group, a major Seoul-based lender, and C&P Sports, a sports management firm, were on Friday in discussions about joining Mr Candy’s