Business

We have never seen anything like this.  The UK has been through all sorts of ups and downs (sadly more of the latter than the former) in recent years. There was the financial crisis of 2008 and the recession that followed, a lost decade of stagnating real wages and productivity, Brexit and of course the

With the flick of a switch, fuel poverty has become a mainstream economic condition. Defined as spending 10% or more of disposable income on energy, confirmation that typical annual bills will rise from just under £2,000 to more than £3,500 means it will now apply to around half of households in England, Scotland, and Wales.

The business secretary has warned Royal Mail that a Czech billionaire’s bid to raise his stake in the company faces a national security investigation. The news was revealed by Royal Mail in a notification to the London Stock Exchange, saying that Kwasi Kwarteng “reasonably suspects” that Vesa Equity Investment might increase its stake from 22%

The government must increase its energy bills discount by at least 150% or risk pushing millions of households into financial distress. That is the warning from consumer group Which? ahead of Friday’s announcement of the energy price cap for the three months from October. It comes as British Gas announced it will donate 10% of

App-based lender Atom bank says its four-day working week trial has been a resounding success. The bank, which is based in the northeast of England, said the trial had been “overwhelmingly positive” for employees, improving productivity and job satisfaction. Recruiting and retaining staff was easier, and there was no negative impact on customer service ratings,

The minimum wage should be raised to £15 an hour, the Trades Union Congress says, as it declares it is “time to put an end to low-pay Britain”. Currently, workers aged 23 and over are entitled to a minimum wage of £9.50 with lower rates for younger employees, but the TUC says all workers should

UK private sector growth has moved closer to stagnation as it slowed to a new 18-month low, dragged down by a slump in factory output, latest data indicates. The closely watched S&P Global/CIPS Purchasing Managers’ Index (PMI) composite flash estimate dropped to 50.9 in August from 52.1 in July, its lowest since February 2021 and

Elon Musk has subpoenaed his friend and former Twitter chief executive Jack Dorsey as he tries to back out of his $44bn (£37bn) deal to buy the social media company, according to a court document. The Tesla chief – the richest man in the world – announced his plan to buy Twitter in April, but

UK inflation is set to top 18% in January – the highest point in more than 40 years and nine times the Bank of England’s target – due to rocketing wholesale gas prices, a global investment bank has forecast. Citi has predicted the retail energy price cap would surge to £4,567 in January and then

Sony PlayStation is being sued for £5 billion by nine million claimants amid accusations it “ripped people off” with overpriced games and in-game purchases. The legal claim is a collective action against the gaming company, brought by consumer rights champion Alex Neill. It accuses the company of breach of competition law by abusing its market

Almost 2,000 workers have walked out of their jobs at the UK’s largest container port on the first day of an eight-day workers strike, in the latest round of industrial action hitting various sectors of the economy. The strike at Felixstowe port on the east coast rounds off a week that saw various strikes by

Spiralling energy costs are driving cafes, restaurants and independent shops all around the country to the edge of survival, according to an industry body. The Federation of Small Businesses director Martin McTague told The Independent that soaring bills, combined with reduced consumer spending as shoppers grapple with their own household bills, is forcing thousands of

The founder of Matalan is preparing for a fresh tussle with the retailer’s lenders over its ownership ahead of a deadline for refinancing £350m in debt. Sky News has learnt that John Hargreaves, who reinstated himself as Matalan chairman last month, has in recent days proposed injecting tens of millions of pounds into the business.

Only around one in five trains across the UK will operate today, as tens of thousands of workers go on strike again in the latest round of industrial action to hit the rail network. Members of the Rail, Maritime and Transport Workers (RMT) union and the Transport Salaried Staffs’ Association (TSSA) will both strike once

Cineworld, the world’s second-largest cinema chain, is preparing to file for bankruptcy within weeks, the Wall Street Journal reports, after struggling to rebuild attendance following the COVID pandemic. The UK-based group, which operates in 10 countries with 751 sites and more than 9,000 screens, has engaged lawyers from Kirkland & Ellis LLP and consultants from

Administrators to a taxpayer-backed start-up which sold travel experiences featuring musicians such as Justin Bieber have laid off the bulk of its remaining UK workforce. Sky News understands that Kroll, which was appointed this week to oversee the insolvency of Pollen’s parent company, Streetteam Software, informed staff on Thursday that only a handful would be

Consumer confidence is at an all-time low in light of “acute concerns” about the soaring cost of living and bleak economic outlook, according to new research. GfK’s Consumer Confidence Barometer, which has run since 1974, provides a monthly snapshot of the public mood on crucial economic issues. The group’s index decreased by three points in

Rail, Tube and bus passengers are set to face four days of travel misery as tens of thousands of workers stage another round of strikes. In recent months, several strikes have been carried out as part of a long-running dispute over pay, jobs and working conditions. From Thursday, Network Rail, train companies, London Underground and

Britain’s rate of inflation has surged to a fresh 40-year high, heaping yet more pain on cash-strapped households as the cost of living crisis deepens. The Consumer Prices Index (CPI) rose to 10.1% in the 12 months to July, up from 9.4% in June and remaining at the highest level since February 1982, the Office

While naturally most attention with today’s jobs figures will focus on the biggest decline in wages in real terms, in other words when inflation is factored in, the numbers also point to a lot of interesting things going on beneath the surface. First of all, look at the way the growth in wages including bonuses