Business

Labour has vowed to stop “outrageous” premiums that energy prepayment meter customers face. The pledge is part of a package of measures to tackle the cost of living crisis which Sir Keir Starmer’s party is set to unveil. It comes as Boris Johnson doubled down on his insistence that it is for his successor to

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

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

US inflation grew at a slower pace than expected in July, according to the latest government figures, easing pressure on the Federal Reserve to deliver another super-sized interest rate hike. Consumer prices jumped by 8.5% in July compared with a year earlier, down from the 9.1% year-on-year jump in June. On a monthly basis, prices

Energy bosses have been “hauled in” before government to discuss what they are going to do with their rising profits as household bills soar, the education secretary has told Sky News. James Cleverly said Chancellor Nadhim Zahawi and Business Secretary Kwasi Kwarteng are to meet with leaders of energy companies as calls grow for more

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

The summer heatwave prompted shoppers to spend more on summer clothes, picnic food and air conditioning in July, according to the latest figures. The British Retail Consortium said the value of total sales was 2.3% higher last month than it was in July 2021 – good news for retailers after falls in each of the

Lord Hammond, the former chancellor, is among a host of heavyweight figures being enlisted to back a new £1bn fund aimed at accelerating the expansion of some of Britain’s most promising financial technology companies. Sky News has learnt that Lord Hammond has been lined up to serve on the advisory board of the new venture,

Just over half of councils in England have started making payments to COVID-hit businesses from a £1.5bn support package – almost 18 months after it was launched. Businesses in the retail, hospitality and leisure sectors were given a business rates holiday due to the pandemic, but those outside these sectors were told they could not

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

Water companies across the UK are being “strongly urged” to enforce a hosepipe ban. Environment Secretary George Eustice says some local providers “have rightly taken action to mitigate the effects of this prolonged dry weather” – but other utility companies are yet to follow suit. Writing in The Sunday Telegraph, Mr Eustice warned the “very

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

Workers at the UK’s biggest container port will go on strike for more than a week later this month in a dispute over pay. More than 1,900 members of Unite union at Felixstowe will strike for eight days from Sunday 21 August until Monday 29 August. The union said that employer Felixstowe Dock and Railway

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

Next says warm weather and demand for formal clothing have helped boost its sales in recent months. The British retailer said that full price sales were 4.7% stronger than expected in the second financial quarter, saying this was likely the result of “unusually warm and dry weather”. The return to formal dressing “perhaps driven by