Business

A food industry research body has warned that grocery inflation is due to accelerate over the summer, with higher prices expected to persist to mid 2023. The Institute of Grocery Distribution (IGD) saw a peak for food inflation of 15% in the coming months led by meat, cereal, dairy, fruit and vegetable products. The study

The UK is heading for a recession, Lord Hammond has warned, saying “all the data points that way”. The former chancellor told Sky News the country faces a “very, very difficult period ahead in the short term”. He said he thinks the UK economy will slow down quite sharply in the autumn. Lord Hammond said

Nintendo should commission an independent investigation into a problem with the Joy-Con controllers on its Switch games console, consumer group Which? says. The Nintendo Switch was launched five years ago but has been dogged by reports of “drift” – when the console registers movement even though the joysticks are not in use. Nintendo has said

A consumer rights expert has hit out at the aviation regulator while accusing airlines of presiding over a ‘blatant flouting of consumer rights’ following the recent flight chaos. Sue Davies, head of consumer rights at consumer group Which?, told the Business, Energy and Industrial Strategy Committee (BEIS) committee of MPs there were serious, historic, failures

The latest employment figures show inflation taking a bigger bite out of regular pay and an unexpected jump in the jobless rate as people seek to better shield themselves from the cost of living crisis. The Office for National Statistics (ONS) reported that the jobless rate rose to 3.8% in the three months to April

Concerns about inflation and slowing economic growth have triggered a sharp sell-off in financial markets. The FTSE 250 fell to its lowest level in three months on Monday after data showed the UK’s economy unexpectedly shrank by 0.3% in April. The domestically-focused mid-cap index was down 2.6%, while the FTSE 100, which is made up

A bill to amend the Northern Ireland Protocol will be introduced in parliament today, despite claims that the move breaches international law. The bill will allow ministers to override parts of the protocol, which was agreed by the UK and European Union to avoid a hard border between Northern Ireland and the Republic after Brexit. Northern

The government has ordered an “urgent” review by the competition regulator into the fuel market after pump prices hit new record highs. Business Secretary Kwasi Kwarteng said in a letter to the Competition and Markets Authority (CMA) that there was “widespread concern” about the pace of price rises and public frustration that a cut in

Agency workers could be called in to replace striking rail staff, according to a report. Labour’s Tony Blair introduced a restriction on using agency staff to stand-in for striking workers when he was prime minister. But Transport Secretary Grant Shapps told The Sunday Telegraph that ministers are looking at ways to repeal this. It comes

One of the candidates snubbed in the recent race to chair Ofcom, the media regulator, is being considered to oversee a government-commissioned review of the BBC’s future funding. Sky News has learnt that Lord Gilbert of Panteg, the former chair of the House of Lords communications and digital committee, is among a list of names

Lenders to Matalan, one of Britain’s biggest budget retailers, are preparing for crunch talks about the chain’s future financing against a backdrop of soaring inflation and deepening economic gloom. Sky News has learnt that Matalan’s senior bondholders are lining up Perella Weinberg Partners to advise them on their options with a £350m repayment due to

More than half of UK households have cut down on their energy usage as a result of the cost of living crisis, new data suggests. A survey carried out by the Office for National Statistics (ONS) revealed that 52% of Britons are using less gas and electricity in a bid to cut down costs. The

The £100 tank of unleaded petrol is another milestone on the relentless upward path of fuel prices. Watching the price click in to three figures for the first time will draw the breath of anyone filling the 55-litre tank of a family saloon. But whichever way you count it, prices have been kicking consumers in

The average cost of filling a typical family car with petrol costs more than £100 for the first time, the RAC has said. The situation will likely worsen the cost of living crisis for motorists and for customers, as businesses will at some point look to pass on their rising costs. RAC fuel spokesperson Simon

UK economic growth will “grind to a halt” this year before briefly falling into negative territory, according to the British Chambers of Commerce. The business group downgraded its 2022 growth forecast from 3.6% to 3.5%, and said inflation would reach 10% in the last quarter – far higher than average wage rises. Investment growth expectations

Rishi Sunak has been urged by one of the world’s leading economic authorities to cut taxes or raise spending in the face of looming stagnation next year. The UK is poised for the weakest economic growth in the developed world next year, according to new forecasts from the Organisation for Economic Co-operation and Development. In