Business

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”.

Sir Keir Starmer has pledged that people will not “pay a penny more” on their winter energy bills as he prepares to unveil Labour’s plan for easing the cost of living crisis. Ahead of a full reveal later today, the Labour leader says his party’s £29bn energy plan will save the typical family £1,000 immediately,

Saudi oil giant Aramco has revealed profits of $48.4bn (£40bn) for the second quarter of 2022 – a 90% year-on-year increase. The sum has broken the firm’s quarterly profit record set in May, with soaring energy prices driven by Vladimir Putin’s invasion of Ukraine resulting in windfalls to oil producers. The $48.4bn figure is higher

House building has not kept up with population growth in almost half of the local authorities in England, Sky News analysis has found. In the decade to 2021, the population grew faster or at the same pace as the number of homes in 150 out of 309 local authorities, according to our analysis of data

The family which jointly founded one of Britain’s biggest leisure empires is finalising a £300m-plus deal to retake control of Butlin’s, the holiday camps chain. Sky News has learnt that a vehicle connected to the Harris family, which helped to establish Bourne Leisure in the 1960s, is close to signing a transaction with Blackstone, the

A US car dealership giant with a market value of over $7bn was the mystery bidder which made an offer last month for Pendragon, its British peer. Sky News has learnt that Lithia Motors, which is listed on the New York Stock Exchange, tabled a 29p-per-share bid valuing Pendragon at about £460m. City sources said

The UK’s economy contracted by 0.1% in the second quarter, according to latest estimates. In June, GDP fell by 0.6%, services fell by 0.5%, manufacturing by 1.6% and construction by 1.4%, the Office for National Statistics said. The large drop in June was partly caused by the large reduction in services spending as coronavirus test

A record number of jobs are being advertised, with big increases for actors, entertainers, driving instructors and dancers, according to recruiters. Vacancies for water and waste roles such as sewerage plant operatives have also increased, which recruiters said could be related to the prolonged dry weather and fears of droughts. There were 1.85 million job

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