Business

Ofgem, the energy regulator, is braced for a fresh wave of supplier collapses this week as the crisis engulfing the industry continues to accelerate. Sky News understands that at least four suppliers were in talks with Ofgem on Tuesday about entering its Supplier of Last Resort (SOLR) system in a development expected to add several

The number of job vacancies hit a record high of 1.1 million in the three months to September, as the post-pandemic labour market continued to recover. The Office for National Statistics said the number of job vacancies increased by 318,000, with all industry sectors above or equal to the levels seen between January to March

Big Ideas live will explore the challenges facing the economy as we come out of the pandemic. It will look at how business can fire up the UK, but also at the challenges they face in doing so. What are the jobs which will be created, post pandemic, and where in the country? And with

Almost a third of occupations now see less interest from jobseekers than before the pandemic, Sky News analysis shows. The largest decline has been in “cleaning and sanitation” and “loading and stocking”, according to data from the hiring website Indeed. Last week, the Office for National Statistics said the number of job vacancies in the

Online fashion retailer ASOS has warned profits could fall by as much as 40% as it counts the cost of supply chain strains and Brexit duties – and said it was parting company with its boss. Shares plunged as much as 15% in early trading as the group pencilled in slowing sales growth ahead, after

A £50m cash injection will enable Liberty Steel to restart production in Rotherham, saving hundreds of jobs. The investment is part of a wider restructuring of Liberty’s owner, GFG Alliance, also involving Liberty Primary Metals Australia. GFG was forced to seek new funding when its key lender, Greensill Capital, collapsed. The plant in Rotherham has

The business secretary has vowed to keep energy prices capped this winter despite soaring wholesale prices to shield millions of consumers from price hikes this Christmas. Kwasi Kwarteng said keeping the cap in place is “non-negotiable” and did not set out any additional support for struggling businesses after some company bosses and some Tory MPs

A pig farmer who fears he may have to destroy 80 animals a week due to a shortage of butchers says the army may need to be called in to help. Stephen Thompson, who keeps 2,000 pigs at Povey Farm in Norton, Derbyshire, described the situation facing the industry as “the biggest waste and mess

Amber Rudd, the former cabinet minister, is joining a new special purpose acquisition company (SPAC) that will float in London and target a merger in the renewable energy sector. Sky News has learnt that Ms Rudd, who served as secretary of state for energy and climate change between May 2015 and July 2016, is to

Boris Johnson has appointed the former boss of Tesco as an expert supply chain adviser. Sir David Lewis, former chief executive of the supermarket giant, will assist both the prime minister and newly appointed Chancellor of the Duchy of Lancaster Stephen Barclay on both immediate improvements and any necessary long-term changes to UK supply chains

Royal Mail has launched a drive to take on more than 20,000 seasonal workers – just as new figures illustrate how employers are struggling to fill roles. Temporary staff are needed to sort high volumes of parcels, Christmas cards and letters for Royal Mail and its Parcelforce Worldwide arm from late October through to early

Firms are increasingly putting up prices as they pass on soaring costs, according to new figures that are likely to add to fears of a squeeze on household budgets. Data from the Office for National Statistics (ONS) found 10% of businesses increased their prices in early September, up from 8% in mid-August and 4% in

The gap between electricity supply and demand is expected to be narrower this winter than last as the country battles an energy crunch but there should be no disruption from the lights or gas flames going out, according to key industry reports. System operator National Grid released eagerly awaited forecasts covering both gas and electricity

Wholesale gas costs reached new uncharted territory on Wednesday as financial markets fret over the impact of inflation on the global recovery from the coronavirus crisis. The gas contract for next-day delivery in the UK breached £3/therm for the first time on Wednesday morning and was as high as £3.20 at one stage. Market experts

The UK’s largest retailer has reported a doubling of first-half profits and raised its full-year outlook – shrugging off the challenges posed by supply chain disruption in the industry. Tesco said it had grown sales during the first six months of its financial year and weathered headwinds including “high” levels of enforced COVID-19 isolation among

Wholesale gas prices have hit record highs and oil has reached a new three-year peak – further fuelling worries about higher prices for consumers and businesses ahead. The British day-ahead contract for natural gas hit 277p per therm, 32% higher than Monday and surpassing the 275p per therm level seen during the “Beast from the

New car sales plunged by 35% in September as chip shortages inflicted a major setback on what is normally a key month for the sector, according to industry data. Just 214,000 new vehicles were registered, the weakest for the month since the “two-plate” system for new cars was introduced in 1999, said the Society of

A pharmacy industry body has warned of delivery delays for medicines in some parts of the country but says it is managing the supply situation to ensure no disruption to patients and customers. The Association of Independent Multiple Pharmacies (AIMp) said a combination of the fuel delivery squeeze and wider delivery driver shortage were to

Ovo Energy will this week table a takeover offer for rival Bulb in a bid to create the second-largest supplier in Britain’s crisis-hit energy market. Sky News has learnt that Ovo, which joined the ranks of the market’s biggest players when it completed the takeover of SSE’s retail customer base nearly two years ago, is

The fuel supply crisis is “virtually at an end” in parts of the UK, but problems persist in London and the South East, the Petrol Retailers Association has said. There has been no overall improvement in the crisis in the last 24 hours, the group added. However, issues with getting fuel were “virtually at an