Business

The owner of the UK’s oldest cinema says the pandemic has created “the biggest existential crisis” ever faced by the industry. The Electric in Birmingham dates back to 1909 but enforced closure at the start of the pandemic led to it remaining shut for almost 22 months before finally reopening to the public this week.

Plans for a new British-owned battery gigaplant in Northumberland have been boosted by the commitment of around £100m of government funds to the £3.8bn scheme. The Britishvolt project intends to manufacture power cells for 300,000 electric vehicle battery packs a year at a new factory on the site of the former Blyth Power Station. The

A cross-Channel power cable project has been rejected by the government despite pressure to bolster energy supplies in the face of an unprecedented surge in prices. Business Secretary Kwasi Kwarteng decided to dismiss Aquind’s plans to provide a new electricity link between Portsmouth and Normandy in France. The proposal was controversial as a company director,

The governor of the Bank of England has voiced “concern” that inflationary pressures in the UK economy could prove more stubborn than it expected. Andrew Bailey told a committee of MPs a key element of this was market forecasts since Christmas of higher than normal natural gas costs through 2023 as households and businesses grapple

Sky News analysis of new data shows that it is becoming increasingly difficult to buy a home, especially for people in the parts of the country on the lowest incomes. Rents are also rising, albeit at a more moderate pace, with the exception of London where prices are actually falling. The price of the average

Households in Britain could soon be spending more of their money on energy than any previous generation, including during the oil shocks of the 1970s and ’80s, according to Sky News analysis. If the energy price cap rises in line with current wholesale prices, by the end of the year the share of family expenditure

Microsoft has agreed a deal to buy the troubled Call of Duty and Candy Crush gaming firm Activision Blizzard for $68.7bn (£50.5bn). The all-cash takeover will give the Xbox maker a leap into the mobile gaming sphere and “play a key role in the development of metaverse platforms,” according to Microsoft boss Satya Nadella. The

Business secretary Kwasi Kwarteng will hold fresh talks with energy companies this week as the government narrows its options for insulating consumers from a forecast 50% increase in bills. that campaigners claim would plunge up to six million households into fuel poverty. Campaigners claim up to six million households could be plunged into fuel poverty.

Amazon has announced that it will not stop accepting Visa credit cards for UK payments later this week as had been planned. In an email to customers, the online retailer said it was “working closely with Visa on a potential solution”. The move had been due to take effect on 19 January with Amazon blaming

There is no winter sport resort quite like Chamonix. Nestled in the shadow of Mont Blanc, it has a glittering history and a reputation for challenging even the best skiers. People travel from all around the world to try their luck on these slopes. And now, the British can join them once again. For nearly

A former executive at Farfetch, the online luxury fashion platform, is a contender to become the next boss of ASOS, the £2.3bn digital retailer. Sky News has learnt that Andrew Robb, who left Farfetch in 2020, is among the candidates being considered by the London-listed company as the successor to Nick Beighton. The choice of

The high street retailer WH Smith has been plunged into a major pay row with investors amid heightened tensions over boardroom rewards as Britain grapples with a deepening crisis over pressure on household bills. Sky News has learnt that three of the main proxy advisers which issue guidance to City shareholders ahead of annual meetings

Lord John Sainsbury of Preston Candover – the former chairman of the supermarket chain – has died aged 94. The supermarket’s current chairman and chief executive announced the death of the Baron on Friday evening, saying he had lived a “remarkable life”. Martin Scicluna said: “We are all deeply saddened to learn of the death

Customers can expect to pay more for electrical and tech goods in 2022 with price increases “inevitable”, the boss of Currys has told Sky News. Speaking to Ian King Live, group chief executive Alex Baldock pointed to rising costs ranging from components and transport through to wages. However, he said the electrical retail giant would

Britain’s economy grew stronger than expected in November before the Omicron variant struck, bouncing back for the first time above pre-pandemic levels. The Office for National Statistics (ONS) said gross domestic product (GDP) had risen 0.9% during the month, up from a just 0.1% rise in October. Analysts had predicted a 0.4% rise in November.

An estimated 3% of the UK workforce was off work in late December while a fifth of businesses reported increased cancellations over the past month amid the surge in the Omicron variant, according to data released by the Office for National Statistics (ONS). The number-crunchers reported that 21% of firms had seen a rise in

Ovo Energy, the UK’s third-largest household supplier, has informed staff of its decision to cut its workforce by a quarter. Sky News reported on Wednesday evening that 1,700 roles were to be axed in a bid to save money as the industry battles crippling rises in the cost of raw energy, especially gas, that have

Ovo Energy, the UK’s third-biggest gas and electricity supplier, is to cut a quarter of its workforce as part of a restructuring aimed at saving costs amid the deepening industry crisis. Sky News has learnt that Ovo could announce details of its plans as soon as Thursday, with roughly 1,700 out of 6,200 roles expected

Former directors of Thomas Cook, one of Britain’s biggest travel companies, are to be formally cleared of wrongdoing by the government’s bankruptcy watchdog after a probe lasting more than two years. Sky News has learnt that the Insolvency Service has concluded its investigation into the collapse of Thomas Cook, which was forced into compulsory liquidation

UK households have experienced the biggest slump in their financial wellbeing as a surge in the cost of living takes its toll, a new survey suggests. A quarterly household finance index compiled by Scottish Widows fell to 40.1 in the final quarter of last year, down from 44.0 in the third quarter. It was the