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 chair of Landsec, the FTSE-100 commercial property group, is on a shortlist of contenders to take the helm at the Royal Opera House, one of Britain’s most important cultural sector jobs. Sky News has learnt that Cressida Hogg, who is preparing to step down from the Landsec post, is among a small number of

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

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

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

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

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

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

The cost of filling the average family car with petrol is tipped to have exceeded £100 for the first time, when industry figures are released later on Thursday. The price of fuel has been a major component of the cost of living crisis from the off, with diesel – the engine of the UK economy

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