Business

Energy bills are expected to top £5,300 annually in April next year, a massive increase from previous predictions. The dire news comes from energy consultancy Cornwall Insight in its final forecast before Ofgem confirms October’s price cap this Friday. Cornwall Insight’s forecast for October this year has fallen very slightly from £3,583 for the average

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

Water companies have been accused of failing to monitor how much sewage is being pumped into the sea. According to Environment Agency data analysed by the Liberal Democrats, sewage monitors installed by UK water firms did not work “90% of the time” or had not been installed at all. Dozens of pollution warnings were put

Almost 2,000 workers are walking out of their jobs at the UK’s largest container port for eight days from Sunday, 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 thousands of transport workers

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.

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

Soaring inflation has seen interest payments on government debt leap by 63% over the past year, official data reveals. Figures published by the Office for National Statistics (ONS) also showed the UK borrowed more than expected in July as public spending outstripped taxes and other income. Government borrowing hit £4.9bn in July, according to the

Consumer confidence is at an all-time low in light of “acute concerns” about the soaring cost of living and bleak economic outlook, according to new research. GfK’s Consumer Confidence Barometer, which has run since 1974, provides a monthly snapshot of the public mood on crucial economic issues. The group’s index decreased by three points in

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

Britain’s rate of inflation has surged to a fresh 40-year high, heaping yet more pain on cash-strapped households as the cost of living crisis deepens. The Consumer Prices Index (CPI) rose to 10.1% in the 12 months to July, up from 9.4% in June and remaining at the highest level since February 1982, the Office

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

Workers have suffered a record real-term pay slump in the face of soaring prices, official data reveals. Regular wages, excluding bonuses, plunged an average of 4.1% on the year in the three months to June when inflation is taken into account, according to the Office for National Statistics (ONS). It is the highest fall since

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

Spiralling energy bills have led to demands for immediate increased government action to help struggling families. Pressure is mounting on the two Conservative candidates vying to be the next prime minister to put forward detailed proposals as political opponents and some of the UK’s largest power companies have outlined their own plans to curb soaring

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. Ahead of a full reveal on Monday, the Labour leader says his party’s £29bn energy plan will save the typical family £1,000 immediately,

A footwear reseller which has developed a cult following among Gen-Z consumers has drafted in advisers to explore options including a £150m sale. Sky News has learnt that Kick Game, which was founded in 2013, is working with the accountancy firm PricewaterhouseCoopers (PwC) to field interest from a number of suitors. The process, which is

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

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

Labour has vowed to stop “outrageous” premiums that energy prepayment meter customers face. The pledge is part of a package of measures to tackle the cost of living crisis which Sir Keir Starmer’s party is set to unveil. It comes as Boris Johnson doubled down on his insistence that it is for his successor to

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

US inflation grew at a slower pace than expected in July, according to the latest government figures, easing pressure on the Federal Reserve to deliver another super-sized interest rate hike. Consumer prices jumped by 8.5% in July compared with a year earlier, down from the 9.1% year-on-year jump in June. On a monthly basis, prices

Energy bosses have been “hauled in” before government to discuss what they are going to do with their rising profits as household bills soar, the education secretary has told Sky News. James Cleverly said Chancellor Nadhim Zahawi and Business Secretary Kwasi Kwarteng are to meet with leaders of energy companies as calls grow for more

Royal Mail workers are set to stage four days of strikes in the coming weeks in a dispute over pay. The Communication Workers Union (CWU) said over 115,000 staff will form the biggest strike of the summer so far to demand a “dignified, proper pay rise”. Walkouts will take place on Friday 26 and Wednesday

The summer heatwave prompted shoppers to spend more on summer clothes, picnic food and air conditioning in July, according to the latest figures. The British Retail Consortium said the value of total sales was 2.3% higher last month than it was in July 2021 – good news for retailers after falls in each of the

Campaigners have demanded a 25p cut in fuel prices to help reduce the cost of living. FairFuelUK said fuel duty should be cut by 20 to 25p per litre in a similar manner to cuts seen in Europe. The campaign organisation said the price of a barrel of Brent Oil was now below £80 a

Just over half of councils in England have started making payments to COVID-hit businesses from a £1.5bn support package – almost 18 months after it was launched. Businesses in the retail, hospitality and leisure sectors were given a business rates holiday due to the pandemic, but those outside these sectors were told they could not

Arcadia Group’s pension schemes are closing in on a deal to offload retirement funding promises made by the retail empire, owned by Sir Philip Green, prior to its collapse two years ago. Sky News has learnt that the trustees of its executive and staff schemes are in detailed discussions with Pension Insurance Corporation (PIC), the

Water companies across the UK are being “strongly urged” to enforce a hosepipe ban. Environment Secretary George Eustice says some local providers “have rightly taken action to mitigate the effects of this prolonged dry weather” – but other utility companies are yet to follow suit. Writing in The Sunday Telegraph, Mr Eustice warned the “very

The high street giant Next is in talks to take a big stake in Joules, the struggling fashion and lifestyle products chain. Sky News has learnt that Next has been negotiating for several weeks to acquire up to 25% of the smaller London-listed retailer. City sources said this weekend that the discussions were not certain

Workers at the UK’s biggest container port will go on strike for more than a week later this month in a dispute over pay. More than 1,900 members of Unite union at Felixstowe will strike for eight days from Sunday 21 August until Monday 29 August. The union said that employer Felixstowe Dock and Railway