Business

The day that 22 million households have been dreading has finally arrived. April Fool’s Day sees the energy price cap rising by a record sum to help account for surging wholesale prices – with bills yet to even reflect the impact of Russia’s war in Ukraine. It was announced in February that customers on default

A regulator has withdrawn its demand that UK fracking firm Cuadrilla permanently seal its test wells, as the company makes a case for shale gas extraction to boost domestic energy security. Cuadrilla had been facing down a June deadline to fill the two Preston New Road wells in Lancashire with concrete after the fracking process

The government’s lead non-executive director has quit with more than a year of his term to run, paving the way for a prominent businessman to inherit one of the most powerful roles in Whitehall. Sky News has learnt that Lord Nash, who was appointed by the prime minister in July 2020, has stepped down from

Germany has declared an “early warning” of a gas supply emergency, in one of the starkest signs yet that the Russian invasion of Ukraine is spilling over into European energy markets. The country said that its warning was intended to prepare for the risk of disruption to, or even the end of, natural gas flows

The boss of P&O Ferries has flatly rejected the government’s final plea to halt the process of making nearly 800 of its workers redundant. In a letter to transport minister Grant Shapps on Tuesday, the company said the process was in its final stages with most workers already accepting severance offers, and changing course now

The typical tenure of a S&P 500 chief executive is just under eight years. In the FTSE 100, it is just under six years. Bear those figures in mind when considering that Fred Smith, the founder and chief executive of the logistics giant FedEx, will have notched up more than 50 years when he steps

We are, the Bank of England governor said on Monday, facing a historic shock to our incomes. In fact, he added, “the shock from energy prices this year will be larger than any single year in the 1970s.” The claim from Andrew Bailey, made at a think tank event in Brussels, is especially striking given

Ministers and the Premier League will be presented with a preferred bid for Chelsea Football Club in three weeks’ time, paving the way for a change of ownership to take place by the end of next month. Sky News has learnt that a letter sent to the four remaining contenders to buy the Blues over

Sycamore Partners, the US- based private equity group, has tabled a £250m offer for the London-listed fashion chain Ted Baker. Sky News has learnt that a proposal valuing Ted Baker at 130p-a-share was submitted in writing in the last few days. It was unclear this weekend whether it had been formally rejected, although City sources

The four contenders vying to buy Chelsea Football Club will submit final bids on April 11, paving the way for a prospective new owner to seek government permission to take over from Roman Abramovich by the end of next month. Sky News has learnt that the remaining contenders have been notified by Raine Group, the

Hundreds of people have demonstrated against P&O Ferries’ sacking of 800 staff at ports across the UK, with some chanting: “P&O, shame on you.” Protesters carrying banners and placards gathered in Dover, Liverpool, and Hull as part of what they called the “fight for justice” for the seafarers dismissed without notice earlier this month. The

The remaining contenders to buy Chelsea FC have been told they must commit at least £1bn to future investment in the club if they are to succeed in the battle to end Roman Abramovich’s two-decade tenure as owner of last season’s Champions League-winners. Sky News can exclusively reveal that the quartet of bidders which were

The owners of the Chicago Cubs are drafting in a heavyweight investment bank as they attempt to salvage their bid to buy Chelsea Football Club. Sky News has learnt that the Ricketts family and Ken Griffin, the Citadel hedge fund billionaire, are in talks to appoint Lazard to advise on their offer for the Stamford

P&O chief executive Peter Hebblethwaite has denied the company broke criminal law when sacking 800 workers and told remaining staff they should not fear the same fate as their former colleagues. In a message sent to all remaining staff this morning seen by Sky News, Mr Hebblethwaite sought to reassure employees their jobs are not

A string of bidders for Chelsea Football Club including the former US ambassador to the UK have been eliminated from the £3bn auction of last season’s Champions League winners as the hunt intensifies to find Roman Abramovich’s successor as owner. Sky News has learnt that a number of bidders including Woody Johnson, owner of the

The UK has imposed sanctions on 65 more Russian people and businesses aimed at cutting off “vital industries fuelling Putin’s war machine”, the foreign secretary said. Liz Truss announced the fresh sanctions, which include the Wagner Group of Russian mercenaries and Alfa Bank, Russia’s largest private bank. Some of the individuals sanctioned include Polina Kovaleva,

Budgets – and let’s make no bones about it, today’s Spring Statement was significant enough to qualify as a budget – tend to follow a time-honoured pattern. The chancellor unveils his measures, makes a big noise about them in the House of Commons, and then – sometimes over a few hours, sometimes over a few

Rishi Sunak is expected to pledge to “stand by” hardworking families and set out further plans to support people with the rising cost of living when he unveils his spring statement on Wednesday. It is understood the chancellor will unveil proposals intended to build “a stronger, more secure economy” as people across the UK face

One of these days, Rishi Sunak will produce a fiscal statement which lays out his vision for the nation. We will hear about his plans for skills, for productivity, dynamic enterprise and entrepreneurship. But this is not going to be one of those days. Ever since he took office, the chancellor has had to confront

Average fuel prices have dropped for the first time this month, according to the RAC. The average cost of a litre of petrol at UK forecourts on Monday was 166.6p, down from 167.0p on Sunday, according to figures from data firm Experian Catalist. The average cost of a litre of diesel fell from 179.0p to