Business

Here are the key points from Chancellor Rishi Sunak’s budget speech: • The chancellor says there are “challenging” months ahead, adding that inflation in September was 3.1% and is likely to rise further – the OBR expect it to average 4% over the next year • Pressures caused by supply chains and energy crisis will

Rishi Sunak has claimed his budget will deliver a stronger economy “fit for a new age of optimism”. In comments released by the Treasury ahead of the chancellor’s address to MPs in the Commons on Wednesday, Mr Sunak said the budget will commence the “work of preparing for a new economy post-COVID”. “An economy of

Heathrow’s chief executive says the airport is “on the cusp of a recovery” as it posts its first full quarter of passenger growth since 2019. Britain’s busiest airport benefitted from strong pent-up demand for travel as pandemic-related restrictions continue to ease around the world. Passenger numbers in the third financial quarter recovered to 28% and

Petrofac, the London-listed oil group, will this week unveil plans to tap shareholders in a £180m fundraising that will be used in part to pay a Serious Fraud Office (SFO) fine for bribery offences. Sky News has learnt that Petrofac is preparing to announce as early as Tuesday morning that it intends to undertake an

Petrol prices have hit a record high across the UK in what the RAC has described as a “truly dark day for drivers”. The average daily price per litre hit 142.94p on Sunday in data reported on Monday morning by RAC/Experian Catalist, which is separate from the weekly average record price reported by government. The

Users of the Tesco website and app are experiencing disruption following an “attempt to interfere” with the system, the retail giant has said. The website and app have been hit with outages since yesterday morning, meaning customers cannot place or track orders. Website users are given an error message when they try to access groceries

Rishi Sunak has refused to be drawn on the future of the eastern leg of HS2 just three days before announcing his spending plans in the autumn Budget later this week. Deflecting a question on the matter on Sky’s Trevor Phillips on Sunday, the chancellor also failed to confirm whether a new Northern Powerhouse Rail

The Co-operative Bank has made an audacious approach about a merger with TSB in a move that could trigger a fresh wave of consolidation among Britain’s mid-sized lenders. Sky News has learnt that the Co-operative Bank contacted TSB’s Spanish owner, Banco Sabadell, earlier this month to gauge its appetite for a deal. It is understood

Zapp, one of the new breed of rapid grocery delivery apps engaged in a battle for share of British shoppers’ wallets, is opening talks about a new round of funding less than seven months after tapping investors for nearly $100m (£72.5m). Sky News has learnt that Zapp has hired JP Morgan, the Wall Street banking

More than 100 Conservative MPs have made a fresh plea to Chancellor Rishi Sunak to do more to support pubs and clubs at next week’s budget. In a letter to Mr Sunak, the group of Tory backbenchers have called on the chancellor to maintain a freeze on alcohol duties when he delivers his budget on

Green bonds offering savers the chance to back the government’s environmental projects are going on sale – but experts think the “paltry” returns on offer will see demand wilt. The bonds, described as the first ever green savings product issued by a country, go on sale online via the Treasury-backed National Savings & Investments (NS&I)

The maker of a host of well known consumer brands has revealed a big lift in prices and warned of worse to come as it battles “unprecedented cost inflation” around the world. Unilever, which produces foods such as Marmite, Cornetto ice creams and Hellmann’s mayonnaise alongside goods including Dove soap, said it had raised prices

Tesla said it had battled chip shortages, port congestion and rolling blackouts as it reported better-than-expected sales – but warned “outside factors” could hold back further growth. The electric car maker, led by billionaire Elon Musk, also boosted its profitability in the third quarter despite a 6% fall in the average selling price of its

Petrol retailers have been accused of “taking a bigger cut” by a motoring group after warning that record pump prices are expected within days. The Petrol Retailers Association (PRA) – which shot to public prominence last month as the industry grappled delivery problems that sparked weeks of panic-buying in areas of England – blamed rising

As we begin to hit the shops ahead of Christmas, retail sales are back to pre-pandemic levels for the first time since restrictions eased in April. We are now spending more on items like clothing and furnishings than we were in February 2020, according to real-time credit and debit card data from the Office for

Haulage industry bosses have told MPs that the shortage of lorry drivers and resulting crisis in the supply chain is not improving despite measures introduced by the government to try and alleviate the problems. Duncan Buchanan, director of policy at the Road Haulage Association, also strongly criticised the recently-announced 5,000 three-month visas for foreign drivers

The government’s net zero strategy will “support up to 440,000 jobs” by 2030, a business minister has said – as he announced a move towards the end of the sale of new petrol and diesel cars. The new plan, published on Tuesday, has the intention of dramatically reducing greenhouse gas emissions to reach the government’s

Tesco has launched a checkout-free store where shoppers can pick up groceries and leave without having to go to a till. It is the latest supermarket giant to open an outlet where hi-tech cameras track the items consumers are buying. The new store, named GetGo, opens in London’s High Holborn today – the same branch

A global shipping services firm has told Sky News it could be another “18 months” before the industry weathers the sea of challenges causing massive disruption to the supply chain. James Gundy, the chief executive of Braemar Shipping Services, warned that container bottlenecks around the world were only part of the problem and only going

A former boss of Gucci is being lined up by Carlyle, the global buyout giant, to fashion a fresh growth spurt at End, the British online clothing business it bought this year. Sky News understands that Patrizio di Marco, who left Gucci in 2014 and subsequently had a spell with Dolce & Gabbana, another famed