Business

The economy grew at its best annual pace on record in 2021 despite a December hit from measures to control the spread of the Omicron COVID variant, early official estimates have revealed. Data from the Office for National Statistics (ONS) showed the pace of growth between October and December – the fourth quarter – was

Around three quarters of firms say they are putting up prices in response to surging costs such as wages, energy and raw materials, according to a new survey. The British Chambers of Commerce (BCC), which conducted the poll, said it highlighted the intense pressure creating a “cost of doing business crisis” for firms across the

LV= has revealed that it has pulled out of merger talks with mutual life rival Royal London amid the bitter fallout from LV’s failed takeover by US private equity last year. Royal London, which had been accused by LV of trying to “destabilise” its £530m deal with Bain Capital through a rival offer before the

Higher costs, more paperwork and border delays have been “the only detectable impact so far” of Brexit for British businesses, according to a new report by MPs. Trade volumes have been suppressed since the end of the transition period in December 2020 – though the COVID-19 pandemic and wider global issues were also key factors,

At last November’s Glasgow climate talks COP26, many analysts predicted the cost of electric vehicles were set to plummet in the next few years. Then in December, the government cut down the grant for buyers of electric vehicles. So will they still soon be much cheaper? In short, yes. Here’s why. Please use Chrome browser

The energy regulator has told MPs that it estimated around £200m in household credit balances was lost through the failures of energy companies over the past year – with up to £10 set to be added to rocketing bills as a result. Ofgem chief executive Jonathan Brearley made his remarks as the business, energy and

Asda said it had “taken on board” comments by food poverty campaigner Jack Monroe as it announced it would stock low-price ranges in all of its 581 stores. Ms Monroe had highlighted, in a series of recent tweets, the lack of availability of many of the supermarket chain’s “Smart Price” products. Asda currently stocks 150

House prices hit a record high last month, according to a report which warned that barriers to ownership – especially among young people – will become “more acute” in the coming months. The index, compiled by Halifax, showed average prices were 9.7% – or £24,500 – up over the 12 months to the end of

The worst of rising food prices is “yet to come” with a potential 5% surge in spring, the chairman of Tesco has warned. It is the latest bad news amid a growing cost of living crisis driven by rocketing energy prices and tax increases the government will introduce in April. It follows business secretary Kwasi

The business secretary has again ruled out the prospect of the government cutting VAT on energy bills to provide further support as the cost of living continues to rise. Kwasi Kwarteng told Sky News the move would be “quite regressive” because “rich people will benefit just as much as people on lower incomes”. “That’s not

Downing Street is in talks with Macquarie Group, the Australian lender, to secure a headline-grabbing £10bn investment in British infrastructure that would represent one of the largest-ever such commitments by an overseas company. Sky News has learnt that officials at Number 10 have been negotiating with executives at the bank about the plan – which

The power industry is concerned some companies could be making massive profits on the occasional days when renewable electricity generation slumps. Generators which step up to fill those gaps are charging record prices to “balance” the supply of electricity as our power grid rapidly shifts towards net-zero. The costs are paid by the industry, but

The boss of British Gas owner Centrica has warned that household bills could see a further increase in the autumn on top of the 54% hike set to take place in April. Chief executive Chris O’Shea told Sky News that “nobody really knows” where the wholesale costs of energy – which are running about four

Bank of England governor Andrew Bailey has suggested that workers should not ask for big pay rises as it battles surging inflation. The Bank has acted to combat accelerating price growth by hiking interest rates to 0.5%. But if employees ask for wage increases to match the cost of living its task could be made

Millions of households will see their energy bills rise to a typical £1,971 a year after regulator Ofgem increased its price cap by 54%. The increase, which will on average see bills for 22 million customers on variable gas and electricity tariffs rise by £693, will take effect in April and follows a 12% rise

The Bank of England has raised interest rates, slashed its growth forecast and warned that families are about to suffer the biggest fall in living standards since comparable records began three decades ago. On a red letter day in Britain’s cost of living crisis, the Bank said that households will see their post-tax disposable income

Millions of households will discover on Thursday how much their energy bills will rise this spring after the regulator brought forward its announcement of the new price cap. Ofgem will reveal what is expected to be an increase of up to 50% to the price cap for gas and electricity, adding around £700 to bills

Emergency traffic measures to control congestion at the Port of Dover have already been used as many times this year as in the first six months of 2021 combined, following the introduction of new Brexit border checks. Figures provided to Sky News by National Highways reveal the Dover Traffic Access Protocol (TAP), designed to prevent

More than one in five people are cutting back on their use of gas and electricity as household budgets are squeezed by inflation, figures from the Office for National Statistics (ONS) show. The ONS said recent survey figures showed 66% of adults in Britain had experienced an increase in the cost of living over the

A retail lobby group has warned it will be “impossible” for the sector to shield shoppers from rising costs in the months ahead as till prices hit their highest level for almost 10 years. The British Retail Consortium (BRC) said there was no let-up in sight for the price pressures facing the industry which, it