Business

Energy bills are expected to top £5,300 annually in April next year, a massive increase from previous predictions. The dire news comes from energy consultancy Cornwall Insight in its final forecast before Ofgem confirms October’s price cap this Friday. Cornwall Insight’s forecast for October this year has fallen very slightly from £3,583 for the average

UK inflation is set to top 18% in January – the highest point in more than 40 years and nine times the Bank of England’s target – due to rocketing wholesale gas prices, a global investment bank has forecast. Citi has predicted the retail energy price cap would surge to £4,567 in January and then

Water companies have been accused of failing to monitor how much sewage is being pumped into the sea. According to the Environment Agency data analysed by the Liberal Democrats, sewage monitors installed by UK water firms did not work “90% of the time” or had not been installed at all. Dozens of pollution warnings were

The founder of Matalan is preparing for a fresh tussle with the retailer’s lenders over its ownership ahead of a deadline for refinancing £350m in debt. Sky News has learnt that John Hargreaves, who reinstated himself as Matalan chairman last month, has in recent days proposed injecting tens of millions of pounds into the business.

Almost 2,000 workers are walking out of their jobs at the UK’s largest container port for eight days from Sunday, in the latest round of industrial action hitting various sectors of the economy. The strike at Felixstowe port on the east coast rounds off a week that saw various strikes by thousands of transport workers

Spiralling energy costs are driving cafes, restaurants and independent shops all around the country to the edge of survival, according to an industry body. The Federation of Small Businesses director Martin McTague told The Independent that soaring bills, combined with reduced consumer spending as shoppers grapple with their own household bills, is forcing thousands of

Only around one in five trains across the UK will operate today, as tens of thousands of workers go on strike again in the latest round of industrial action to hit the rail network. Members of the Rail, Maritime and Transport Workers (RMT) union and the Transport Salaried Staffs’ Association (TSSA) will both strike once

Cineworld, the world’s second-largest cinema chain, is preparing to file for bankruptcy within weeks, the Wall Street Journal reports, after struggling to rebuild attendance following the COVID pandemic. The UK-based group, which operates in 10 countries with 751 sites and more than 9,000 screens, has engaged lawyers from Kirkland & Ellis LLP and consultants from

Consumer confidence is at an all-time low in light of “acute concerns” about the soaring cost of living and bleak economic outlook, according to new research. GfK’s Consumer Confidence Barometer, which has run since 1974, provides a monthly snapshot of the public mood on crucial economic issues. The group’s index decreased by three points in

A union boss has warned rail strikes will continue until a settlement is reached as the latest walkout by workers caused widespread disruption for train passengers. Speaking to Sky News, RMT chief Mick Lynch said his members were “completely committed to the cause” and would “keep going” in their long-running dispute over pay, jobs and

An Ofgem director has quit over the electricity and gas regulator’s decision to change the way it calculates the energy price cap, which she said will lead to much higher bills. The regulator confirmed to Sky News that Christine Farnish had stepped down from the board after disagreeing with the rest of its members over

Britain’s rate of inflation has surged to a fresh 40-year high, heaping yet more pain on cash-strapped households as the cost of living crisis deepens. The Consumer Prices Index (CPI) rose to 10.1% in the 12 months to July, up from 9.4% in June and remaining at the highest level since February 1982, the Office

While naturally most attention with today’s jobs figures will focus on the biggest decline in wages in real terms, in other words when inflation is factored in, the numbers also point to a lot of interesting things going on beneath the surface. First of all, look at the way the growth in wages including bonuses

Workers have suffered a record real-term pay slump in the face of soaring prices, official data reveals. Regular wages, excluding bonuses, plunged an average of 4.1% on the year in the three months to June when inflation is taken into account, according to the Office for National Statistics (ONS). It is the highest fall since

The American consumer goods group which owns Reebok and an interest in David Beckham’s branded products portfolio is close to unveiling a cut-price £200m takeover of Ted Baker, the London-listed fashion retailer. Sky News has learnt that the board of Ted Baker is preparing to recommend a 110p-a-share offer from Authentic Brands Group (ABG), run

Sir Keir Starmer has said Labour’s plan to deal with the “national emergency” of spiralling energy costs is “robust” and a “real answer” to soaring household bills. Speaking to broadcasters in Exeter on Monday, the Labour leader said his “radical” plan “will take us through the winter” and accused the government of “saying absolutely nothing”.