Business

Growing fears Russia may switch off supplies of natural gas to Europe have pushed UK wholesale prices to levels last seen in the early days of the war in Ukraine, with a market expert telling Sky News there is worse to come. The contract for next-month UK delivery was more than 12% higher at one

The world’s lender of last resort has appealed for central banks to raise interest rates and for governments to take a responsible stance with public finances while warning of a harder impact from the global inflation shock. The International Monetary Fund (IMF) used its updated World Economic Outlook to take another red pen to growth

With price cap forecasts pointing to an extremely difficult winter, MPs have called for the government to update its energy support package. A number of measures were unveiled earlier this year aimed at helping people pay their bills, as prices rocketed due to a massive rise in wholesale energy costs. Most households will receive at

Ryanair has warned that rising fuel prices will increase costs despite reporting a first-quarter profit. The airline industry has been impacted by significant disruption at airports and the Ukraine war but the budget airliner reported profits after tax of €170m (£145m) in Q1 (April to June 2022) against net losses of €273m (£233m). Passenger numbers

Barclays is taking a stake in Copper, one of the most prominent names in the fast-evolving cryptocurrency sector, even as the industry continues to be rocked by a swathe of bankruptcies. Sky News has learnt that the UK-based bank is among a crop of new investors joining a funding round for Copper, which counts former

The Insolvency Service has written to Lex Greensill and other former directors of the supply chain finance group which bore his name as it intensifies a probe that could trigger formal proceedings to disqualify them as company directors. Sky News has learnt that the unit which investigates corporate collapses in Britain has submitted a series

More than 40,000 rail workers will strike next week after talks failed to resolve a dispute over pay, jobs, and conditions. Members of two unions will walk out on Wednesday, 27 July, affecting rail services across the country – the latest industrial action adding to the country’s transport woes. Who is going on strike? Members

More than 40,000 rail workers are striking after talks failed to resolve a dispute over pay, jobs, and conditions. Members of two unions are walking out, affecting rail services across the country – the latest industrial action adding to the country’s transport woes. Who is going on strike? Members of the Rail, Maritime and Transport

The British arm of EY, the accountancy firm, has drafted in one of the City’s top investment banks to advise on an impending $80bn break-up that will shake up the global accountancy profession. Sky News has learnt that EY’s UK board has asked Rothschild to advise on the implications of a separation of its audit

London Southend Airport has contacted airlines offering to host flights being cancelled by busier airports. It comes after weeks of disruption across the aviation sector with post-COVID demand booming and many airports and airlines unable to cope. Speaking to Sky News, the boss of Southend Airport Glyn Jones said the past few months had been

British Airways (BA) narrowly averted further travel chaos this summer after a pay increase was accepted by the union that represents thousands of workers. Hundreds of members of the GMB union voted to call off summer strike action on Friday after accepting the new terms. The new pay deal – which includes an 8% consolidated

Regulators have told airlines that they must treat passengers better when dealing with disruption. In a joint letter to carriers. the Competition and Markets Authority (CMA) and the Civil Aviation Authority (CAA) said passengers “could experience significant harm unless airlines meet their obligations”. They said some airlines were not doing enough to avoid “engaging in

Government borrowing was £22.9bn last month, the second-highest June borrowing since monthly records began in 1993. The Office for National Statistics said that borrowing was £4.1bn more in June than the same month a year ago. Interest payable increased by £10.3bn compared to this time last year, reaching a total of £19.4bn in June alone.

The start of the big summer holiday getaway at Heathrow Airport is no longer facing the imminent threat of disruption from a strike by staff at a plane refuelling company. The Unite union had said its members at Aviation Fuel Services (AFS) would walk out from 5am on Thursday until the same time on Sunday

Late-summer strikes by 115,000 Royal Mail workers have moved a step closer after an overwhelming vote in favour of walkouts, threatening massive disruption to postal deliveries across the country. The Communication Workers Union (CWU) said 97.6% of members who voted backed strikes in a 77% turnout, threatening the biggest strike action in the so-called summer

The rate of inflation has hit a fresh 40-year high, placing further strain on household budgets as the cost of living crisis mounts. British consumer price inflation reached an annual rate of 9.4% in June, up from May’s reading of 9.1%, the Office for National Statistics (ONS) said. It means Britain had the highest rate

Annual grocery bills have risen by £454, according to closely-watched industry data tracking the cost of thousands of everyday products. The latest report on the supermarket sector, released by Kantar Worldpanel, showed price inflation stood at 9.9% in early July – the second-highest level it had ever recorded since comparable records began in 2008. It

The stuttering search for a leadership team for Britain’s new “moonshot” scientific research body will conclude this week when ministers announce the appointment of its inaugural chair and chief executive. Sky News has learnt that Kwasi Kwarteng, the business secretary, has signed off the recruitment of Matt Clifford, a co-founder of the technology investment vehicle

A Bank of England policymaker has said interest rates could reach 2% or higher in the next year in order to tackle inflation. Michael Saunders, a member of the Bank’s Monetary Policy Committee (MPC), said he did not think that such forecasts from financial markets were “implausible or unlikely”. “Rather than focus on a precise

The chief executive of LV=, the mutually owned insurance company, is to fall on his sword seven months after a controversial takeover was rejected by members. Sky News can exclusively reveal that Mark Hartigan, who has run LV= for just over two-and-a-half years, will leave the company in the autumn. His departure could be announced