Business

Around 5% of businesses with 250 or more employees have offered a one-off cost-of-living payment to their workers in the last three months. The figure comes from the Office for National Statistics’ Business Insights report, which also says the rate was just 1% among smaller firms. It comes despite many businesses struggling with their own

Crisis talks will take place between energy sector bosses and the government tomorrow after the price cap was forecast to hit more than £4,200 in January. Chancellor Nadhim Zahawi and Business Secretary Kwasi Kwarteng will ask gas and electricity company executives to submit a breakdown of expected profits and payouts as well as investment plans

The Treasury is to name a quartet of new directors to the Bank of England’s governing body as debate rages about the central bank’s remit under a new Conservative prime minister. Sky News has learnt that Nadhim Zahawi, the chancellor, has signed off the appointments of four new members of the Court of the Bank

Royal Mail workers are set to stage four days of strikes in the coming weeks in a dispute over pay. The Communication Workers Union (CWU) said over 115,000 staff will form the biggest strike of the summer so far to demand a “dignified, proper pay rise”. Walkouts will take place on Friday 26 and Wednesday

Energy bills are expected to rise even further this winter than previously forecast, according to the latest from energy consultancy Cornwall Insight. Bills are now expected to reach approximately £3,582 a year for the average household from October – up from the £3,359 predicted earlier this month. From January, the amount is expected to rise

Campaigners have demanded a 25p cut in fuel prices to help reduce the cost of living. FairFuelUK said fuel duty should be cut by 20 to 25p per litre in a similar manner to cuts seen in Europe. The campaign organisation said the price of a barrel of Brent Oil was now below £80 a

Petrol and diesel prices are slowly but steadily falling in the UK, latest figures show. The average price for a litre of unleaded on Saturday, the latest figure available, was 177.46p, according to the RAC, while diesel cost an average of 188.23p. On Thursday, the prices had been 178.93p and 189.3p respectively. It comes as

Arcadia Group’s pension schemes are closing in on a deal to offload retirement funding promises made by the retail empire, owned by Sir Philip Green, prior to its collapse two years ago. Sky News has learnt that the trustees of its executive and staff schemes are in detailed discussions with Pension Insurance Corporation (PIC), the

The next prime minister is facing calls to immediately increase Universal Credit payments to stop vulnerable people spiralling further into poverty when fuel bills increase again this winter. The poorest in society are suffering three major blows to their income in the year to October 2022, according to a report commissioned by former prime minister

Some families are up to £1,600 a year worse off because of the cost of living crisis – even after government help is taken into account. The poorest in society are suffering three major blows to their income in the year to October 2022, according to a report commissioned by former prime minister Gordon Brown.

The high street giant Next is in talks to take a big stake in Joules, the struggling fashion and lifestyle products chain. Sky News has learnt that Next has been negotiating for several weeks to acquire up to 25% of the smaller London-listed retailer. City sources said this weekend that the discussions were not certain

The US hiring boom continued last month, as employers added 528,000 jobs – more than double the number expected. The government data showed a labour market continuing to defy surging inflation and back-to-back quarters of contraction in GDP, which have raised fears of a recession. It marked the 19th consecutive month of payrolls expansion, and

Just a day after the Bank of England warned of a 15-month recession, there are signs in housing and recruitment that the slowdown is already well under way. Figures out on Friday showed that house prices fell in July (in monthly terms) for the first time in more than a year, with warnings that the

How does it feel running an energy intensive business in the age of soaring prices? “It’s like a train coming down the tracks and you know you can’t avoid it,” says Matthew Greene. He’s the managing director of Ercon Powder Coating, a second-generation family firm in Bilston in the West Midlands, one of hundreds of

The Bank of England has hiked interest rates by half a percentage point – the sixth rise since December and the biggest rise since 1995. This means the bank rate now stands at 1.75% – its highest level since late 2008 at the beginning of the global financial crisis. It will increase borrowing costs for

Hope of a meaningful drop in global oil prices have been dashed after a major group of oil-producing nations, including Russia, agreed to increase volumes by a much lower rate than requested. The United States had called on the OPEC+ cartel to raise output by at least 300,000 barrels per day (bpd) to help ease