Business

With the flick of a switch, fuel poverty has become a mainstream economic condition. Defined as spending 10% or more of disposable income on energy, confirmation that typical annual bills will rise from just under £2,000 to more than £3,500 means it will now apply to around half of households in England, Scotland, and Wales.

More than 100,000 postal workers have walked off the job in what has been described as the biggest strike of the summer so far. Members of the Communication Workers Union (CWU) at Royal Mail said the 2% pay rise imposed on them by management was not good enough, and they are instead seeking an amount

Shell Energy is to pay out more than half a million pounds for overcharging thousands of households above the permitted price cap. Industry regulator Ofgem said the supplier would refund and compensate 11,275 prepayment customers as well as pay into a fund to support vulnerable people. Shell Energy had reported the problem itself after discovering

App-based lender Atom bank says its four-day working week trial has been a resounding success. The bank, which is based in the northeast of England, said the trial had been “overwhelmingly positive” for employees, improving productivity and job satisfaction. Recruiting and retaining staff was easier, and there was no negative impact on customer service ratings,

Britain imported no fuels from Russia in June for the first time on record following the imposition of sanctions over the invasion of Ukraine, official data shows. The figure published by the Office for National Statistics (ONS) comes after the UK moved to sever all reliance on Moscow for its power needs in the face

The minimum wage should be raised to £15 an hour, the Trades Union Congress says, as it declares it is “time to put an end to low-pay Britain”. Currently, workers aged 23 and over are entitled to a minimum wage of £9.50 with lower rates for younger employees, but the TUC says all workers should

The Japanese carmaking giant Nissan is to close its British engine cylinder plant in 2024 when a contract with its only customer expires. Sky News has learnt that Nissan has decided to shut the area of its vast Sunderland factory dedicated to making cylinder heads for Renault combustion engines. The decision will not result in

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

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

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.

Rail passengers suffered fresh travel misery as tens of thousands of workers went out on strike again in the long-running dispute over pay and conditions. Members of the Rail, Maritime and Transport union (RMT), the Transport Salaried Staffs’ Association (TSSA) and Unite walked out for 24 hours on Saturday, affecting Network Rail and a number

As inflation hits a 40-year high and the cost of living crisis deepens, what help is out there for you? On today’s Sky News Daily podcast, Chloe Culpan hears from personal finance expert Gemma Godfrey, who explains what help is available, and Sky’s business presenter Ian King looks at what possible action the next prime

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

P&O Ferries will have “no choice in law” but to pay crew members minimum wage the transport secretary has warned after the firm’s owner reported record profits following a controversial mass sacking. Issuing the ultimatum, Grant Shapps said the company will be forced to back down and so should make the change now. He also

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