Business

With so much fog surrounding the prospects for the UK economy, results statements from the country’s main commercial banks this week were an ideal opportunity to make sense of things, as the big lenders tend to have a good idea of what is happening on the ground. The overall picture painted – and this is

Credit card borrowing last month increased at the fastest annual rate since 2005, according to new figures from the Bank of England. At the same time, the amount of money being deposited into accounts plummeted, as concerns grow about the rapidly increasing cost of living. Consumer credit, which includes borrowing on credit cards, overdrafts, personal

The world’s largest economy has contracted for a second consecutive quarter, although the downturn is yet to be officially termed a recession. The US recorded a 0.9% decline in output on an annualised basis between April and June, when economists had forecast an increase of 0.5%. The early data would meet the international criteria for

A union has revealed plans for a strike next month that it says will bring operations at the UK’s largest container port to a “standstill”. Unite made the threat while revealing the results of a ballot among its members at Felixstowe, ultimately employed by international ports operator CK Hutchison. The union said workers backed industrial

Train drivers at nine rail companies will strike on 13 August, the Aslef union has announced, as passengers faced further disruption today due to industrial action. Only around one in five trains ran on Wednesday, on about half the network, with some areas having no trains all day. Picket lines were mounted outside stations as

Growing fears Russia may switch off supplies of natural gas to Europe have pushed UK wholesale prices to levels last seen in the early days of the war in Ukraine, with a market expert telling Sky News there is worse to come. The contract for next-month UK delivery was more than 12% higher at one

More than 40,000 rail workers are striking after talks failed to resolve a dispute over pay, jobs, and conditions. Members of two unions are walking out, affecting rail services across the country – the latest industrial action adding to the country’s transport woes. Who is going on strike? Members of the Rail, Maritime and Transport

Heathrow Airport and easyJet, two of the air industry players affected by this year’s flight chaos, have revealed large financial hits while outlining how they are coping during the summer rush. The low-cost carrier said cancellations and delays caused by staff shortages at airports and in the air had cost it £133m over its latest

Gazprom plans to cut the flow of natural gas to Europe – reducing the Nord Stream 1 pipeline to just 20% of capacity from Wednesday. The Russian state-owned energy firm said “daily throughput” would be cut from 4am due to necessary equipment repairs. Russia reduced Nord Stream 1 to 40% of capacity in June and

Ryanair has warned that rising fuel prices will increase costs despite reporting a first-quarter profit. The airline industry has been impacted by significant disruption at airports and the Ukraine war but the budget airliner reported profits after tax of €170m (£145m) in Q1 (April to June 2022) against net losses of €273m (£233m). Passenger numbers

Barclays is taking a stake in Copper, one of the most prominent names in the fast-evolving cryptocurrency sector, even as the industry continues to be rocked by a swathe of bankruptcies. Sky News has learnt that the UK-based bank is among a crop of new investors joining a funding round for Copper, which counts former

London Southend Airport has contacted airlines offering to host flights being cancelled by busier airports. It comes after weeks of disruption across the aviation sector with post-COVID demand booming and many airports and airlines unable to cope. Speaking to Sky News, the boss of Southend Airport Glyn Jones said the past few months had been

The UK economy is facing a labour crisis that is affecting every sector of the economy, from agriculture to airlines, and hospitality to hi-tech industries. At its heart is a shortage of people to do the jobs required to help the economy recover and grow after the pandemic, the product of a unique combination of

The Insolvency Service has written to Lex Greensill and other former directors of the supply chain finance group which bore his name as it intensifies a probe that could trigger formal proceedings to disqualify them as company directors. Sky News has learnt that the unit which investigates corporate collapses in Britain has submitted a series

The British arm of EY, the accountancy firm, has drafted in one of the City’s top investment banks to advise on an impending $80bn break-up that will shake up the global accountancy profession. Sky News has learnt that EY’s UK board has asked Rothschild to advise on the implications of a separation of its audit

Retail sales dipped by 0.1% in June 2022, less than experts had expected but continuing a downward trajectory that reflects an economy grappling with record food and fuel prices. Non-food stores, such as clothing and household goods, which slumped by 4.7% and 3.7% respectively, were hit particularly hard, according to data from the Office of