Business

Brits could help to reduce Europe’s reliance on Russian energy by temporarily reducing their thermostat by 1 degrees Celsius, according to new analysis from the International Energy Agency (IEA). The group has released a 10 point plan that it says could bring down gas imports from Russia by over one-third, with additional temporary options to

Co-op supermarket has removed a Russian vodka brand from sale with immediate effect “as a sign of solidarity with the people of Ukraine”. Russian Standard vodka, which is distilled in St Petersburg, will no longer appear on shelves at Co-op, the company has announced. A Co-op spokesperson said: “In response to the ongoing invasion of Ukraine

The impact of Vladimir Putin’s war on Ukraine on oil and gas prices is now very apparent. The price of Brent crude surged to $119.84 a barrel on Thursday – a level last seen on 1 May 2012 – while the price of wholesale gas remains close to the record highs it hit just before

Chelsea owner Roman Abramovich said he will sell the club – with the “net proceeds” of the sale going to benefit victims of the war in Ukraine. The Russian billionaire, who took over in 2003, said money generated from his sale of the club will go to a foundation benefiting “all victims of the war

The cost of Brent crude oil and natural gas have surged sharply as markets eye the chance of crucial Russian supplies being cut off – either through tighter Western sanctions or by a defiant President Vladimir Putin. As UK households already fret over wide-ranging hikes to bills, with a leap of almost £700 in the

Shop prices rose at their fastest rate in over a decade last month, new figures show. Retail price annual inflation accelerated to 1.8% in February, up from 1.5% in January – the highest rate of inflation since November 2011, according to the BRC-NielsenIQ Shop Price Index. Rapidly rising food prices, particularly for fresh produce –

Two Russian billionaires hit back at EU sanctions on Tuesday morning, promising to fight the “spurious and unfounded” allegations that they are both members of President Vladimir Putin’s inner circle. Mikhail Fridman and Petr Aven were named in a list of oligarchs sanctioned by Brussels on Monday over Russia’s invasion of Ukraine. The pair have

Oil titan Shell has announced that it will exit all of its joint ventures with Gazprom, an energy company controlled by the Russian state, following BP’s decision to pull out of the country yesterday. “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression

One of Britain’s biggest fund managers has been left unable to sell its shareholding in the Russian state oil giant backed by BP amid restrictions on foreign share trades on Moscow’s stock exchange. Sky News has learnt that Abrdn, the FTSE-100 asset manager, is keen to offload its multimillion-pound stake in Rosneft but has been

BP is to offload its 19.75% stake in state-owned Russian oil giant Rosneft “with immediate effect” following the invasion of Ukraine. The firm’s chief executive Bernard Looney is also resigning from Rosneft’s board along with its other Rosneft director Bob Dudley, it said in a statement. The statement said Russia’s invasion of Ukraine “caused us

Western allies have agreed to remove selected Russian banks from the SWIFT global financial messaging system. In a joint statement, leader of the European Union, UK, US, and Canada, said the move was in response to Vladimir Putin’s decision to invade Ukraine late last week. The group said: “We stand with the Ukrainian government and

McColl’s Retail Group, one of Britain’s biggest convenience store chains, is racing to secure new funding to stave off a collapse that could put thousands of jobs at risk. Sky News has learnt that McColl’s is working with advisers on attempts to find a buyer or third parties willing to inject fresh capital into the

UEFA has moved the Champions League final to Paris after Russia’s invasion of Ukraine. The final was set to be played at the Gazprom Arena in the Russian city of St Petersburg on 28 May, but has been moved to the Stade de France in Paris instead. The decision to move the football showpiece event

UK flights to and over Russia have been banned by the country’s civil aviation authority in retaliation for a British ban on Aeroflot in UK airports and airspace. Rosaviatsiya said that all flights by the UK carriers to Russia as well as transit flights are banned from Friday. It is acting, it said, in response

Asian shares have rallied slightly driven by a US rebound as some analysts said the sanctions imposed by the West against Russia over the invasion of Ukraine were not as strong as markets had feared. Global share prices plummeted sharply on Thursday after Vladimir Putin unleashed a military assault on the neighbouring country. While the

A surge in wholesale gas prices after Russia launched its invasion of Ukraine could see annual energy bills soar above £3,000 for millions of households, an analyst has warned. Bills are already set to climb by a typical £693 to £1,971 in April after regulator Ofgem announced the latest increase in the cap earlier this

The full scale invasion of Ukraine by Russia has sparked a rush for safe haven assets and sent the cost of Brent crude oil above $100 a barrel for the first time since September 2014. Fears of a wider conflict, additional sanctions and higher inflation arising from president Putin’s order to attack prompted a rush

Rishi Sunak has been urged by the IMF to consider raising taxes on those “who have benefited most from the pandemic” as it warned of inflation risks facing the UK economy. It suggested that levying “windfall or wealth taxes” now could be one way for the chancellor to address “demand-supply imbalances” when he unveils latest

The governor of the Bank of England has warned that large wage rises and price-setting to reflect surging inflation risk embedding rising costs in the economy, resulting in “slow activity and increased unemployment”. Andrew Bailey told the Treasury committee of MPs that the so-called second round effects of the energy-led rise in living costs were

Barclays is to freeze millions of pounds in share awards to its former chief executive as he contests the findings of a regulatory probe into his relationship with Jeffrey Epstein. Sky News has learnt that the British bank’s board has decided not to allow a chunk of shares granted to Mr Staley several years ago

Stock markets are plunging and Brent crude oil costs are nearing $100 a barrel as the crisis over Ukraine deteriorates. Brent, the international benchmark, was trading above $97 – its highest level since 2014 – and market experts said there would be an inevitable spike to above $100 in the event of a full invasion

Trade unions have lashed out at the government’s decision to limit statutory sick pay for workers who fall ill with COVID-19. Those sick with coronavirus will be forced to wait until the fourth day of their illness before they can claim statutory sick pay, which provides workers with £96.35 per week for up to 28

The average price tag for a home has shot up by almost £8,000 in the space of a month as the easing in the COVID crisis sparks renewed interest in city living, according to a report. The Rightmove website said its measure of asking prices stood at a record level of £348,804 following the jump

An American investment giant is plotting a £5bn takeover of Motor Fuel Group (MFG), Britain’s biggest independent operator of petrol forecourts. Sky News has learnt that Fortress Investment Group is drawing up plans to bid for MFG after losing out in a hotly contested auction of Wm Morrison, the supermarket chain, last year. By coincidence,

A former boss of Amazon UK is being lined up as the next president of the CBI, Britain’s most influential employers’ group. Sky News has learnt that the CBI was due to ratify Brian McBride’s appointment as Lord Bilimoria’s successor at a board meeting on Friday afternoon. Mr McBride, who chairs the rail ticket booking

Britain is currently in the grips of its worst storm in nearly 30 years, with rare red warnings issued for large swathes of the country. Schools have been closed, and at least 80,000 homes are without power. So what can you do if Storm Eunice directly impacts you? Will my insurance cover damage to my

Retail sales rebounded in January after falling in December, posting their biggest monthly rise since the shops reopened last spring. Despite rising prices due to inflation, volumes jumped by 1.9% last month following a drop of 4% in December, according to the Office for National Statistics (ONS), triggered by surging rates of Covid-19. The figures

NatWest announced a swing back to profit in 2021, aided by the UK’s economic recovery, but warned of storm clouds on the horizon as inflation begins to bite. The taxpayer-owned bank reported pre-tax profits on Friday of £4bn for 2021, up from a £351m loss it made the previous year. British lenders have been boosted

As Storm Eunice barrels towards the South West of England, the UK’s energy watchdog has issued an initial report on the impact of Storm Arwen last November, which left more than a million homes without power. Ofgem found that network operators were hard to reach in the aftermath of the storm, with many customers waiting

Aldi, named recently by Which? as the UK’s cheapest supermarket, has now been declared the worst for online order substitutions by the consumer group. A report covering grocery deliveries, which have shot up in demand over the past two years because of the COVID-19 pandemic, also found that substitute foods across the sector did not

The golden visa scheme many Russian oligarchs use to live in the UK will be closed as soon as this week, Sky News understands. A government source said the Tier 1 investor visa scheme will be closed by the home secretary. Those who invest at least £2m in the UK are offered residency through the

The widow of a sub postmaster wrongly convicted of theft has told Sky News that the Post Office “contributed” to his death. Julian Wilson, who ran a post office in Astwood Bank, Worcestershire, took a plea deal in 2008 after auditors found more than £27,000 missing in the branch accounts. He was among some 700

Inflation hit 5.5% in January, its highest rate since March 1992, as the cost of living in Britain continued to surge, official figures show. The consumer price index (CPI) measure of inflation, up from 5.4% in December, was in line with economists expectations – as clothing, housing, and furniture prices climbed higher, the Office for