Business

The government has ordered an “urgent” review by the competition regulator into the fuel market after pump prices hit new record highs. Business Secretary Kwasi Kwarteng said in a letter to the Competition and Markets Authority (CMA) that there was “widespread concern” about the pace of price rises and public frustration that a cut in

One of the candidates snubbed in the recent race to chair Ofcom, the media regulator, is being considered to oversee a government-commissioned review of the BBC’s future funding. Sky News has learnt that Lord Gilbert of Panteg, the former chair of the House of Lords communications and digital committee, is among a list of names

Lenders to Matalan, one of Britain’s biggest budget retailers, are preparing for crunch talks about the chain’s future financing against a backdrop of soaring inflation and deepening economic gloom. Sky News has learnt that Matalan’s senior bondholders are lining up Perella Weinberg Partners to advise them on their options with a £350m repayment due to

More than half of UK households have cut down on their energy usage as a result of the cost of living crisis, new data suggests. A survey carried out by the Office for National Statistics (ONS) revealed that 52% of Britons are using less gas and electricity in a bid to cut down costs. The

The boss of Wizz Air is facing a backlash from unions, including pilots’ representatives, after he urged fatigued staff to go the “extra mile” as the industry battles flight cancellations caused by staff shortages. Jozsef Varadi made his remarks to workers after the company warned of fare increases ahead following the publication of financial results

The owner of discount retailer Poundland has warned that its UK shoppers appear to be suffering most as the cost of living crisis gathers pace, with spending on essentials even taking a knock. Pepco Group, which also has the European discount brands PEPCO and Dealz in its stable, blamed UK wage growth sagging below the

The £100 tank of unleaded petrol is another milestone on the relentless upward path of fuel prices. Watching the price click in to three figures for the first time will draw the breath of anyone filling the 55-litre tank of a family saloon. But whichever way you count it, prices have been kicking consumers in

UK economic growth will “grind to a halt” this year before briefly falling into negative territory, according to the British Chambers of Commerce. The business group downgraded its 2022 growth forecast from 3.6% to 3.5%, and said inflation would reach 10% in the last quarter – far higher than average wage rises. Investment growth expectations

Rishi Sunak has been urged by one of the world’s leading economic authorities to cut taxes or raise spending in the face of looming stagnation next year. The UK is poised for the weakest economic growth in the developed world next year, according to new forecasts from the Organisation for Economic Co-operation and Development. In

Fossil fuel giant Equinor has told Sky News it is not investing as much money as it ought to in renewable forms of energy. The Norwegian state-owned oil major spent around 8.6% of its capital expenditure on renewables in 2020, according to analysis by Capital Economic for campaigners Uplift – more than the industry average

Cazoo, one of Europe’s largest online car retailers, has said it plans to cut nearly 750 jobs in a bid to save £200m as inflation and supply chain issues hit its business. The company said the decision had been made to scale the business down to a more sustainable size, and position it for profitable

Retailers, along with pubs and restaurants, have enjoyed a “welcome boost” from the four-day weekend celebrating the Queen’s Platinum Jubilee, according to two measures of consumer spending. Early data covering sales and the volumes of people out and about for the public holiday suggested Britons spent heavily on having fun with friends and family following

Average petrol prices have reached a “frightening” new record high of 177.8p a litre, figures show, a further increase on the last record price set just days ago. Fuel prices have been hitting new fresh highs every few days in recent weeks, as the supply dries up at a time when demand is starting to

Goals Soccer Centres, one of Britain’s biggest operators of 5-a-side football pitches, is to be sold to its management team, capping a three-year stint under private equity ownership. Sky News understands that Inflexion Private Equity, which bought the business in 2019, has struck a deal to offload the company that could be announced within days.

People are being warned to avoid the London Underground on Monday, with workers set to strike straight after the Jubilee weekend. Thousands of members of the Rail, Maritime and Transport union (RMT) are staging a 24-hour walkout because of a dispute over jobs and pensions. Tube lines across the capital will be affected from the

The City veteran John Allan is preparing to step down as chairman of Barratt Developments, Britain’s second-biggest housebuilder by market value. Sky News has learnt that Barratt has instructed headhunters at Russell Reynolds Associates to identify a successor to Mr Allan, who also chairs Tesco. The process, which is unlikely to be concluded until next

Hundreds of Tesla owners have complained to the US regulator that the cars operating on the partially automated driving systems have suddenly stopped for no reason. The National Highway Traffic Safety Administration (NHTSA) said they are investigating the issue, which has been reported by 750 people, as the company’s founder Elon Musk said he has

A British man wanted in Denmark over a £1.3bn tax case has been arrested in Dubai and now faces extradition. The arrest of hedge fund trader Sanjay Shah, in one of Denmark’s largest-ever fraud cases, comes after the country signed an agreement in March allowing for extradition there from the United Arab Emirates. The 52-year-old

One of the world’s biggest oil producers is contemplating a multibillion pound takeover bid for Motor Fuel Group (MFG), Britain’s biggest independent petrol station operator. Sky News has learnt that the Abu Dhabi National Oil Company (ADNOC) is lining up bankers to work on a potential offer for MFG, which has been put up for

Sheryl Sandberg is stepping down from her post as a senior executive at Meta. She has served as chief operating officer at Facebook’s parent company for 14 years and is second-in-command after Mark Zuckerberg. “When I took this job in 2008, I hoped I would be in this role for five years,” she wrote on