Business

Morrisons has warned it expects “industry-wide” price rises ahead and revealed some product shortages while reporting half-year results showing a 43% slump in profits. The UK’s fourth-largest supermarket chain by market share said the price hikes were to be “driven by sustained recent commodity price increases and freight inflation, and the current shortage of HGV

Britain’s economic recovery is expected to slow over coming months thanks to staff shortages and supply chain disruption, according to a new forecast from a leading business group. Official figures show UK GDP grew by 4.8% in the second quarter but the British Chambers of Commerce (BCC) predicts this will slow to 2.8% in the

Halfords has become the latest big name company to report a hit to sales from supply chain disruption, warning its struggles may take time to overcome. The bikes-to-car parts and servicing retailer said like-for-like cycling sales were down by almost 23% in the 20 weeks to 20 August compared to the same period last year.

Sir Martin Sorrell’s construction of a second global marketing services empire will take another step forward on Wednesday with the acquisition of a Los Angeles-based agency serving clients including Adidas, BMW and Google. Sky News understands that S4 Capital will announce to the London Stock Exchange that it has agreed a merger between Cashmere and

National Insurance contributions will rise by 1.25% to pay for the social care system in England in a bid to end the “unpredictable and catastrophic costs” faced by many. A social care package, which the prime minister has called “the biggest catch-up programme” in the NHS’s history, will be funded through a new, UK-wide 1.25%

Restaurant spending edged higher for the first time since the start of the pandemic in August according data from Barclaycard pointing to a bumper month for the consumer economy. The figures showed overall consumer spending was ahead by 15.4% compared to the same period in 2019 before the coronavirus crisis – thanks to “socialising, shopping

A leading business lobby group has warned the government that the crisis resulting from the shortage of workers in key jobs could take up to two years to resolve, damaging the economic recovery from the coronavirus pandemic. The CBI said the impact was widespread – beyond the well-publicised 100,000 shortfall in HGV drivers which has

Almost 50 stores per day closed down across the UK during the first half of the year, research suggests. Some 8,739 outlets went out of business across high streets, retail parks and shopping centres between January and June, figures from the Local Data Company suggest. But 3,488 opened during the same period, resulting a net

Luke Johnson, one of Britain’s best-known leisure entrepreneurs, is adding to his collection of e-commerce businesses by snapping up a leading online retailer of musical instruments. Sky News understands that Risk Capital Partners, Mr Johnson’s investment vehicle, has agreed to buy GAK, which trades from a flagship store in Brighton, West Sussex. The terms of

Street markets and pub marquees could become permanent features for the hospitality industry, under an extension of the pandemic regulations planned by the government. Additional seating for cafes and restaurants would also be part of a new government consultation, with hospitality venues forced to increase outdoor capacity earlier in the year in an effort to

Manchester United Football Club is closing in on the appointment of an internal successor to Ed Woodward, its long-standing boss. Sky News has learnt that the club’s New York-listed parent company could announce within weeks that Richard Arnold, Manchester United’s group managing director, will take over from Mr Woodward. One insider said that a statement

Retail giant Ikea says at least 1,000 of its product lines have been disrupted by the shortage of lorry drivers. It is the latest company to be caught up in the supply chain chaos currently affecting the UK. The firm said in a statement that a “perfect storm of issues, including the disruption of global

The recruitment industry has warned that the end of the furlough scheme this month is unlikely to put much of a dent in the UK’s record number of job vacancies, in the short term at least. The latest jobs recovery tracker from the Recruitment and Employment Confederation (REC) showed there were 1.66 million jobs on

Price rises for consumers are “inevitable” as a consequence of the HGV driver shortage, the boss of Iceland has warned. Almost 50,000 drivers have left the road in the last two years, leaving retailers, suppliers, and hauliers competing for a diminished pool to supply clients. The scramble for supplies has led to sharp increases in

Ryanair said it flew 11.1 million passengers in August – three-quarters of the number it carried on the same month in 2019 before the pandemic. It was an increase of 59% from August last year – when Europe’s largest airline flew 7 million people – and the highest monthly traffic number since December 2019. In

Wizz Air is to require all its flights crews to be vaccinated against coronavirus by December, but is yet to clarify if those who refuse face dismissal. The Hungary-based airline, which serves 11 UK airports including Birmingham and Luton, said the decision was taken on health and safety grounds and to ensure the “smooth” operation