Business

Suppliers of branded goods including baked beans and pet food have “pushed up prices by more than their costs”, according to the competition watchdog. The Competition and Markets Authority (CMA) has been examining 10 product categories in a bid to see if shoppers, already struggling amid the continuing cost of living crisis, are being ripped

The National Grid is to pay some households to cut their energy use after activating its blackout prevention scheme during the current cold snap. Eligible properties with smart meters will be offered cash and other rewards in return for cutting their usage between 5pm and 6.30pm on Wednesday evening, it has been announced. It marks

The former chair of collapsed retail chain Wilko has told MPs that the retailer “ran out of cash” before its turnaround efforts were able to take effect. The business and trade committee heard Lisa Wilkinson explain a host of challenges, not least from high rents and other costs. She said a crucial loan fell through

Metro Bank is in talks to offload a £3bn mortgage portfolio to Barclays as part of a broader financial restructuring aimed at saving the smaller high street lender from collapse. Sky News has learnt that Metro Bank has entered exclusive talks with Barclays to sell the residential mortgage book in a move that would strengthen

A multibillion-pound investment plan which promises to create more than 12,000 new jobs in the UK is expected to be announced by the prime minister on Monday.  Rishi Sunak will be joined by some of the world’s biggest business leaders and investors at a summit at Hampton Court Palace, London. The prime minister will say

The former CNN president Jeff Zucker will fly into London this week amid mounting controversy over the Abu Dhabi-backed takeover of The Daily Telegraph he is spearheading. Sky News understands that Mr Zucker, the boss of RedBird IMI, will hold meetings with key stakeholders as expectations grow that the government will launch a public interest

Nearly half of women transport workers have been sexually harassed at work, according to a new survey. The Rail, Maritime and Transport (RMT) Union questioned 1,400 female workers across rail, bus, metro and passenger ferry operations. It found four in 10 have been victims of such distressing behaviour in the last year, with incidents including

Fuel prices have dropped twice as fast since petrol stations were warned they were ripping off motorists, analysis has shown. A Competition and Markets Authority (CMA) report on 8 November accused retailers of failing to pass wholesale cost savings on to customers. The regulator said the differences between pump prices and wholesale costs in September

The founder of Revolution Beauty, the London-listed cosmetics group, is in negotiations to repay nearly £3m to settle allegations that he breached his fiduciary duties to the company. Sky News has learnt that Adam Minto, who stepped down as chief executive just over a year ago, is in advanced talks to hand over the multimillion

The Ladbrokes and Coral owner has agreed a deal with the Crown Prosecution Service (CPS) to pay £585m after a bribery investigation. Entain is paying the sum following a Bribery Act investigation by HM Revenue & Customs (HMRC) into its former Turkish business. Under investigation were activities of suppliers and former employees of the Entain

HSBC customers have been left without online and mobile banking services on Black Friday. Shortly before nine o’clock on Friday the bank said it is investigating the issue “as a matter of urgency” and apologised to customers. It’s working to restore mobile and online banking service, HSBC said, including authorising online card purchases via the

In Birmingham’s famous Balti triangle, skilled chefs from Pakistan prepare curry at Al Faisals restaurant. The manager, Qasim Khan, says without foreign workers he’d struggle to staff the restaurant as British workers don’t apply when they advertise work. “It is very, very difficult to get people to work in the hospitality sector,” he says. “We’re

The energy price cap is to rise to an average annual £1,928 from January, the sector’s regulator has announced. Ofgem said a typical household paying by direct debit for gas and electricity faces forking out 5% more when compared to the annual cap figure covering September to December, which equates to £94 more over the

Nissan is to commit to manufacturing electric versions of two of its bestselling models at its Sunderland plant after months of talks with the government. Sky News can reveal that the giant Japanese car manufacturer will announce on Friday that it will build the electric Qashqai and Juke at the site – a decision that

Jeremy Hunt will claim the economy is “back on track” in an autumn statement that is expected to prioritise tax cuts and economic growth. The chancellor is expected to say the government’s plan for the economy is “working” but “the work is not done” as he unveils measures to boost business investment by £20bn a

The national living wage will rise to £11.44 per hour from April. Chancellor Jeremy Hunt has announced he is accepting the recommendation from the Low Pay Commission – an increase of £1.02 from the current rate of £10.42. The national living wage is the minimum people aged 21 and over must be paid for their

More than 500 employees of revolutionary artificial intelligence (AI) company OpenAI have said they will leave if the ousted CEO Sam Altman is not reinstated and the board does not resign. A letter from 505 of the approximately 700 OpenAI employees threatened to quit and jump ship to Microsoft, having received assurances that there are

A university spin-outs vehicle which has raised hundreds of millions of pounds to back some of Britain’s most promising start-ups is investing a seven-figure sum into a low-carbon bioplastics developer. Sky News understands that Northern Gritstone is leading a funding round for Floreon, which deploys a technology created at the University of Sheffield. Floreon, which

Jeremy Hunt will this week pledge to review the rules governing payment authentication in what he will describe as a post-Brexit crackdown on fraud. Sky News understands that the chancellor will signal in Wednesday’s autumn statement that the government will seek to repeal EU legislation and replace it with new rules overseen by the City

There will be a lot of positive talk from the chancellor when he delivers his autumn statement on Wednesday, but this will be a fiscal event full of illusory gains. The government is on track to borrow less than previously forecast, which will give rise to a fantasy that Chancellor Jeremy Hunt has more space