Business

Jeremy Hunt will continue to defend his autumn statement today as experts warn of a record fall in living standards across the country. The chancellor presented his economic plan to parliament on Thursday, littered with stealth taxes and curbs on government spending amounting to £55bn in an attempt to plug the black hole in public

Here are all the main announcements from Chancellor Jeremy Hunt’s autumn statement to MPs: • Energy bill aid for households extended beyond April for a further year through energy price guarantee, but average annual bill will be £3,000 from current £2,500. Amounts to around £500 support for households. • Additional cost of living payments next

Jeremy Hunt will promise to weather an economic “storm” by raising taxes, cutting public spending and scaling back energy support to fill a £54bn black hole in the nation’s finances. The chancellor will insist to MPs on Thursday that his autumn statement puts the UK on a “balanced path to stability” as he tackles the

There has been a higher than expected leap in the rate of inflation, to a 41-year high of 11.1% last month, led by the latest rise in energy bills. The Office for National Statistics (ONS) revealed the increase, from 10.1% in September, as the cost of light and heating for homes rose further despite help

Arms manufacturer BAE Systems has said it has seen increased orders, the benefits of which are to be felt for years to come, as global spending on defence rises in the wake of the Ukraine war. The company has taken £28bn of orders this year, a trading update published by the company said. “A key

The Chinese owner of Thomas Cook is exploring the sale of a stake in the famous British holiday brand three years after its ignominious collapse. Sky News has learned that Fosun Tourism Group is examining options including raising capital from an outside investor in the coming months. Industry sources said on Tuesday that Fosun was

Chancellor Jeremy Hunt will announce a rise in the national living wage this week, Sky News understands. Mr Hunt and Prime Minister Rishi Sunak will accept an official recommendation to increase the living wage from £9.50 an hour to about £10.40 an hour, according to news first reported in The Times. The rise of nearly

Amazon is to let go of approximately 10,000 employees as early this week, it has been reported. The jobs are to be lost in the corporate and technology parts of the company, according to The New York Times. Cuts are being made in the devices section of the company which makes the Alexa voice-assist tool;

The high street empire founded by Mike Ashley is close to agreeing a deal to buy the stricken Savile Row tailor Gieves & Hawkes. Sky News understands that Frasers Group is in advanced talks to buy the brand, which was put up for sale earlier this year after its Hong Kong-based owner collapsed into liquidation.

Jeremy Hunt has said everyone is going to be paying higher taxes but those who earn the most will have to make larger sacrifices. The chancellor told the Sophy Ridge on Sunday programme during Thursday’s autumn statement he “will be asking everyone for sacrifices” but recognises there is “only so much we can ask” from

Chancellor Jeremy Hunt has warned there will be no rabbits in the upcoming budget, describing himself as “Scrooge who is going to do things that make sure Christmas is never cancelled”. Mr Hunt spoke to The Sunday Times ahead of Thursday’s autumn statement, which is likely to see a number of tough measures taken to

The sale of collapsed energy company Bulb has been delayed by a High Court judge after concerns were raised by rival firms. The business is set to be bought by Octopus Energy, who announced it would be taking on Bulb’s 1.5 million customers after the company was placed into special administration last year. The deal

Byron, one of the UK’s best-known burger restaurant chains, is to be flipped to a new owner two-and-a-half years after a brush with insolvency. Sky News has learned that the company, which was one of numerous hospitality sector victims of the COVID pandemic, is working with advisers on a potential transaction. Sources said that the

FTX, one of the world’s biggest cryptocurrency exchanges, is commencing bankruptcy proceedings in the US. Sam Bankman-Fried, its 30-year-old chief executive who once graced the cover of Forbes, is also resigning, days after its bigger rival Binance walked away from a proposed acquisition. His replacement, John J Ray III, said: “The FTX Group has valuable

Train drivers across England have declared a fresh strike in their long-running dispute over pay and conditions. Members of the Aslef union will walk out on Saturday 26 November, causing more disruption for passengers after months of walkouts by various groups. The 12 companies involved are Avanti West Coast; Chiltern Railways; CrossCountry; East Midlands Railway;

A union representing more than 100,000 civil servants has voted to strike in a dispute over pay, pensions and jobs. The Public and Commercial Services union (PCS), one of the largest unions in the UK, said the legal threshold for industrial action had been reached in 126 separate areas, covering workers including driving test examiners,