Business

The European Commission has warned it will take “proportionate action” to secure the legal implementation of the Northern Ireland Protocol after the UK government published legislation which will override the mechanism. The commission’s vice president Maros Sefcovic said the EU viewed the UK’s actions with “significant concern” and that it would consider what steps to

The UK economy contracted by 0.3% in April, according to official figures released as the CBI, Britain’s biggest employers’ group, demanded “vital actions” from the government to prevent an inflation-driven recession. The Office for National Statistics (ONS) had been expected by economists to confirm a slight rise in gross domestic product (GDP) for the month

The government has ordered an “urgent” review by the competition regulator into the fuel market after pump prices hit new record highs. Business Secretary Kwasi Kwarteng said in a letter to the Competition and Markets Authority (CMA) that there was “widespread concern” about the pace of price rises and public frustration that a cut in

Plans to change the law to allow agency workers to fill in for striking staff have been branded “reckless” by unions – ahead of looming industrial action that threatens to cripple the rail network later this month. Transport Secretary Grant Shapps told a newspaper that any such move would not affect “this particular set of

One of the candidates snubbed in the recent race to chair Ofcom, the media regulator, is being considered to oversee a government-commissioned review of the BBC’s future funding. Sky News has learnt that Lord Gilbert of Panteg, the former chair of the House of Lords communications and digital committee, is among a list of names

Lenders to Matalan, one of Britain’s biggest budget retailers, are preparing for crunch talks about the chain’s future financing against a backdrop of soaring inflation and deepening economic gloom. Sky News has learnt that Matalan’s senior bondholders are lining up Perella Weinberg Partners to advise them on their options with a £350m repayment due to

More than half of UK households have cut down on their energy usage as a result of the cost of living crisis, new data suggests. A survey carried out by the Office for National Statistics (ONS) revealed that 52% of Britons are using less gas and electricity in a bid to cut down costs. The

The boss of Wizz Air is facing a backlash from unions, including pilots’ representatives, after he urged fatigued staff to go the “extra mile” as the industry battles flight cancellations caused by staff shortages. Jozsef Varadi made his remarks to workers after the company warned of fare increases ahead following the publication of financial results

The £100 tank of unleaded petrol is another milestone on the relentless upward path of fuel prices. Watching the price click in to three figures for the first time will draw the breath of anyone filling the 55-litre tank of a family saloon. But whichever way you count it, prices have been kicking consumers in

The average cost of filling a typical family car with petrol costs more than £100 for the first time, the RAC has said. The situation will likely worsen the cost of living crisis for motorists and for customers, as businesses will at some point look to pass on their rising costs. RAC fuel spokesperson Simon

Commuters are set to face more transport misery in London on 21 June when a planned strike takes place on the Tube and the country’s railways. Unite the union has announced its members at Transport for London and London Underground will take part in industrial action on that date – the same day as a

Rishi Sunak has been urged by one of the world’s leading economic authorities to cut taxes or raise spending in the face of looming stagnation next year. The UK is poised for the weakest economic growth in the developed world next year, according to new forecasts from the Organisation for Economic Co-operation and Development. In

Thousands of railway workers are planning to strike on three days later this month in the biggest outbreak of industrial action since 1989, according to the RMT union. It said that more than 50,000 of its members across Network Rail and 13 train operators across the UK will walk out on 21, 23 and 25

Cazoo, one of Europe’s largest online car retailers, has said it plans to cut nearly 750 jobs in a bid to save £200m as inflation and supply chain issues hit its business. The company said the decision had been made to scale the business down to a more sustainable size, and position it for profitable

Retailers, along with pubs and restaurants, have enjoyed a “welcome boost” from the four-day weekend celebrating the Queen’s Platinum Jubilee, according to two measures of consumer spending. Early data covering sales and the volumes of people out and about for the public holiday suggested Britons spent heavily on having fun with friends and family following

Average petrol prices have reached a “frightening” new record high of 177.8p a litre, figures show, a further increase on the last record price set just days ago. Fuel prices have been hitting new fresh highs every few days in recent weeks, as the supply dries up at a time when demand is starting to

Goals Soccer Centres, one of Britain’s biggest operators of 5-a-side football pitches, is to be sold to its management team, capping a three-year stint under private equity ownership. Sky News understands that Inflexion Private Equity, which bought the business in 2019, has struck a deal to offload the company that could be announced within days.

People are being warned to avoid the London Underground on Monday, with workers set to strike straight after the Jubilee weekend. Thousands of members of the Rail, Maritime and Transport union (RMT) are staging a 24-hour walkout because of a dispute over jobs and pensions. Tube lines across the capital will be affected from the

The City veteran John Allan is preparing to step down as chairman of Barratt Developments, Britain’s second-biggest housebuilder by market value. Sky News has learnt that Barratt has instructed headhunters at Russell Reynolds Associates to identify a successor to Mr Allan, who also chairs Tesco. The process, which is unlikely to be concluded until next

Hundreds of Tesla owners have complained to the US regulator that the cars operating on the partially automated driving systems have suddenly stopped for no reason. The National Highway Traffic Safety Administration (NHTSA) said they are investigating the issue, which has been reported by 750 people, as the company’s founder Elon Musk said he has