Business

Be in no doubt, today’s GDP figures are bad news indeed. Bad news as they show the economy is shrinking sooner than expected, down 0.1% in March. But bad news too, in terms of what it heralds for the rest of the year. All the signs and predictions were already that the worst is set

The UK economy contracted by 0.1% in March, as surging inflation took a toll on demand to offset the boost that had been expected from the end of COVID restrictions. The monthly figure compares to no growth in February and 0.7% growth in January, while the quarterly figure (between January and March) showed a growth

Chelsea FC is close to unveiling a £20m-a-year sponsorship deal with a fast-growing cryptocurrency group – despite a temporary ban on the club striking lucrative new partnerships while it operates under government supervision. Sky News can reveal that the Blues have agreed a shirt-sleeve contract with WhaleFin, a digital asset platform owned by Singapore-based Amber

Billionaire Elon Musk, who is set to buy Twitter, has said he would reverse the platform’s “foolish” ban on former US president Donald Trump if his acquisition goes through. The tech tycoon said: “Permanent bans should be extremely rare and really reserved for accounts that are bots or spam, scam accounts. I do think it

Households are being urged to get their finances in the best shape possible amid increasing evidence of increased stress over the growing cost of living crisis – now said to be the main concern for people across the UK. A debt advice charity told Sky News it was helping thousands of new clients navigate problem

The soaring cost of living has seen consumers “put the brakes” on their shopping habits, new figures show. The latest retail monitoring from BRC-KPMG revealed sales dipped in April after a sharp downturn in consumer confidence. And separate figures from Barclaycard showed credit card spending on retail and eating out slowed last month as people

Convenience retailer McColl’s has been formally bought out of administration by its existing trading partner Morrisons in a deal that saves all its 16,000 jobs and its stores. The news was announced hours after Sky News reported that the supermarket chain had won a race with petrol station powerhouse EG Group for a rescue. Moments

Britain has announced fresh sanctions targeting £1.7bn worth of trade with Russia in a bid to “further weaken Putin’s war machine”. They include sharply higher tariffs on £1.4bn worth of imports from Russia and bans on exports to the country that are worth £250m a year. The measures, announced by Chancellor Rishi Sunak and Trade

Morrisons has tabled a last-gasp bid to wrest McColl’s Retail Group from the clutches of its Asda-owning rivals just hours before administrators are formally appointed to oversee its sale. Sky News can reveal that Morrisons has lodged an improved offer with McColl’s lenders that would see them repaid immediately in full, satisfying their principal demand.

Plans to revive struggling town centres will form a key part of the Queen’s Speech next week as the prime minister tries to move on after his party’s poor local election performance. Boris Johnson will say on Tuesday that he wants to rid high streets of derelict shopfronts and restore “neighbourhood pride”, with councils given

Two companies behind large swathes of London’s West End are in advanced talks about a £3.5bn merger that would unite world-famous tourist destinations, including Covent Garden and Chinatown under common ownership. Sky News has learnt that Capital & Counties Properties – also known as Capco – and Shaftesbury are in detailed discussions about an all-share

A consortium led by LA Dodgers part-owner Todd Boehly and backed by Clearlake Capital has signed a purchase agreement to buy Chelsea Football Club. Chelsea confirmed that terms had been agreed for the new ownership group led by Mr Boehly, Clearlake Capital, Mark Walter and Swiss billionaire Hansjorg Wyss to acquire the club in a

The billionaire brothers behind one of Britain’s biggest fuel retailing empires are close to sealing a last-ditch swoop on McColl’s Retail Group that could lead to thousands of job losses. Sky News has learnt that EG Group was putting the finishing touches on Friday to a takeover of McColl’s through a pre-pack administration that would

Tesco, the UK’s largest supermarket chain, has been warned it must do more to help struggling pork producers or risk “the destruction of the UK pig sector”. The chairman of the National Pig Association (NPA) Rob Mutimer used an open letter to the Tesco boss Ken Murphy to argue that the company was uniquely positioned,

The Bank of England has raised the base rate of interest to 1% – the fourth consecutive increase as it continues to move against surging inflation – despite issuing a warning about a recession ahead. The Bank forecast that the UK economy will shrink later this year in the face of double-digit inflation and an

The Bank of England is expected to increase its base interest rate to the highest level in 13 years in a bid to tackle inflation. It is predicted to rise to 1% amid soaring food, energy and fuel prices that saw inflation hit a 30-year high of 7% in March. The base rate is the

The American private equity firm financing the preferred bid to buy Chelsea Football Club will take a reduced stake in the Blues under a restructured deal that it wants to finalise within days. Sky News has learnt that Clearlake Capital is expected to own approximately 60% of Chelsea’s shares if the consortium spearheaded by Todd

Shop prices increased at their fastest rate in more than a decade last month, the British Retail Consortium (BRC) has said. Retail prices went up from 2.1% in March to 2.7% in April, according to the BRC-NielsenIQ price index. This was the highest annual rate of inflation it recorded since September 2011. The figures will

The Pride of Kent, a P&O ferry, has failed its reinspection by authorities. The Maritime and Coastguard Agency (MCA) said: “The Pride of Kent remains under detention after failing to pass its reinspection today. We will reinspect when requested to do so by P&O Ferries. “There are no further inspections of P&O Ferries at the

Germany would be ready to back a European Union ban on Russian oil imports, two senior ministers have suggested. The comments came as EU officials prepare to unveil the latest round of sanctions this week – which may include a call for the ban by the end of the year. It’s the latest sign that

Travellers will be able to fly non-stop from Sydney to London after Qantas announced the world’s longest direct commercial flight. The airline said the 20-hour journey will become possible when it takes delivery of a dozen Airbus A350-1000 planes, which can do more than 10,000 miles without refuelling. A Sydney to New York route is

One in 10 women who have worked during the menopause have left a job due to their symptoms, a survey has found. The survey of more than 4,000 UK women aged 45-55, who are currently or have previously experienced the perimenopause or the menopause, also found that 14% of women had reduced their hours at

The American investment firm backing the preferred bidder for Chelsea Football Club has provided assurances about the identities of its underlying investors as it tries to win swift approval for the sport’s richest-ever takeover deal. Sky News understands that Clearlake Capital has informed the Premier League and Raine Group, which is running the sale process

North Sea oil and gas companies have come under pressure from the government to invest their profits into accelerating domestic energy production as millions of Britons continue to face soaring energy prices. Business Secretary Kwasi Kwarteng has written a letter to firms calling for them to provide a clear plan to spend their profits on

The former auditors of Mike Ashley’s high street empire are in advanced talks about a multimillion-pound fine that would bring an end to a probe into its accounts that has lasted for over five years. Sky News has learnt that the Financial Reporting Council (FRC), the audit regulator, is preparing to hit Grant Thornton with

A Californian private equity firm has edged closer to becoming the new majority-owner of Chelsea Football Club after securing a period of exclusivity to clinch a deal. A group spearheaded by Todd Boehly, the LA Dodgers part-owner, overcame opposition from rival consortia on Friday to land preferred bidder status in the battle to replace Roman

Sir Jim Ratcliffe has tabled a last-minute £4.25bn bid to buy Chelsea. The Ineos boss is understood to have held talks with chairman Bruce Buck on Thursday, and submitted what now represents the biggest offer for the Premier League club on Friday. The 69-year-old businessman explored in detail a possible bid for the Stamford Bridge

Additional financial support has been announced for industry using high quantities of electricity as costs hit record highs and harm competitiveness. The government said it was extending the Energy Intensive Industries Compensation Scheme for another three years and more than doubling its budget in the face of the financial pain being felt. More than £2bn

The final three suitors for Chelsea Football Club have been handed an eleventh-hour demand to stump up £500m more to buy last season’s Champions League-winners – just days before the potential anointment of a preferred bidder. Sky News has learnt that the trio of billionaire-studded consortia were informed in the last 48 hours that Roman

Facebook’s parent company has reported its weakest revenue growth for a decade but witnessed a recovery in its share price following a torrid 2021 to date for the company. Meta Platforms recorded revenue of $27.9bn between January and March – slightly below what Wall St had expected. The company had warned at the time of

Russia is suspending natural gas supplies to Poland and Bulgaria. Gas deliveries through the Yamal-Europe pipeline are set to come to a halt on Wednesday morning, officials in Warsaw said. Poland’s state gas company, PGNiG, said on Tuesday it had been told of the move by Russian gas giant Gazprom. Gazprom also informed Bulgarian state

Three lifeboats have been launched to help a P&O ferry that has developed a “mechanical issue” in the Irish Sea. The European Causeway “lost all power”, the RMT union said. It is currently five miles off the coast of Larne, according to tracking website Marine Traffic. P&O tweeted that tugs from Larne and Belfast had been deployed

Interest payments on the national debt rose to their highest level ever last year, as the UK’s public finances reel from the huge cost of the pandemic.  The government’s statistics department said the debt pile stood at £2.3tn last month, with interest payments rising to nearly £70bn, a record amount according to the Office of