Business

More than £65bn was wiped off the UK stock market on Friday, reflecting fears that a new coronavirus variant could wreak further havoc on international business and travel. The FTSE 100 fell more than 3%, or 240 points, as the market opened on Friday morning, following steep drops in global markets. Shares in major airlines

Retailers are putting up prices at the fastest rate since 1990 according to industry figures that add to evidence of a cost of living squeeze this winter. A CBI survey also suggested that sales have been boosted by consumers starting their Christmas shopping early because of fears over supply disruption. Clothing and department stores saw

Hospitality firms face a “major challenge” from higher energy and staff costs as they seek to rebuild following the pandemic, bar and pub operator Mitchells & Butlers has warned. The company behind brands such as Harvester and All Bar One reported a second year in a row of annual losses though said in recent weeks

Bulb, Britain’s seventh biggest energy supplier, has formally entered into administration – becoming the biggest victim so far of the crisis in the industry. The collapse – confirmed by the government on Wednesday night – comes after the company, which was launched in 2015 and has 1.7 million customers, confirmed earlier this week that it

The president of the CBI has called on the prime minister to “stop hiking taxes and focus on boosting investment” in a rebuke over the increasing burdens being placed on business. Lord Bilimoria will cite policies such as plans to increase corporation tax and national insurance in a speech to the business organisation’s annual conference.

Professional football club-owners in England will be overseen by a new licensing regime forcing them to demonstrate fully-funded three-year business plans under proposals to be set out by a former sports minister this week. Sky News has learnt that a review of football’s governance led by Tracey Crouch, the Conservative MP, will outline the new

It’s been two years since this government was elected with a mandate to level up the left-behind parts of the UK. Now that the first round of the Levelling-Up Fund has been allocated, we can start to judge whether it will achieve what Boris Johnson set out to do. But while much has been made

Online electricals retailer AO World has warned of poor availability of some products and slashed its sales outlook due to supply chain problems. Products such as gaming consoles and mobile phones – which are newer territory for AO than its traditional staples such as washing machines and fridge-freezers – were more likely to be affected.

Opposition politicians have ridiculed Boris Johnson after he struggled to get through a keynote address to business leaders, despite claiming afterwards he thought the speech “went over well”. In the speech to the Confederation of British Industry, the prime minister praised the cartoon Peppa Pig, made car engine noises, and compared his 10-point plan for

The UK “feels like a branch line economy” in many areas after years of neglect in left-behind parts of the country, according to the head of the CBI. Tony Danker argues that the successful delivery of the government’s “levelling up” agenda will be determined by whether it delivers economic growth in every part of the

The Official Receiver is advancing a legal claim against the auditors of Carillion, the collapsed construction giant, that could target as much as £1bn in damages. Sky News understands that the liquidators of the former FTSE-100 constituent filed a claim form against KPMG on Friday – a move which gives the claimant four months to

Virgin Atlantic Airways is drawing up plans for a fresh £400m funding injection as prospects fade for an initial public offering (IPO) of Sir Richard Branson’s flagship company. Sky News has learnt that the transatlantic carrier is in talks with its shareholders and other financial stakeholders about raising additional capital to see it through the

Ian looks at the latest government borrowing figures – and discusses why they’re higher than expected. He talks to Nationwide as half-year profits more than double, and retail sales return to growth – as shoppers start their Christmas spending early. We also have the boss of advertising giant, Clear Channel, and the chief executive of

Grant Shapps has said promises the government made to the North on rail are “absolutely being fulfilled” despite the eastern leg of HS2 to Leeds being scrapped and plans for Northern Powerhouse Rail being downgraded. The transport secretary told Sky News that the government’s new £96bn Integrated Rail Plan for the North and the Midlands

Ryanair has confirmed plans to abandon its London listing, in a move that will be seen as a post-Brexit snub to the UK’s financial centre. The no-frills carrier had said at the start of the month that it was considering the idea due to a fall in trading volumes of its shares on the London

Retail sales rose for the first time in six months during October, according to official figures, suggesting shoppers started their hunt for Christmas gifts early as pressure intensifies on household budgets. The Office for National Statistics (ONS) reported a 0.8% increase in volumes last month compared to September – with clothing among categories leading the

The eastern leg of HS2 has been scrapped and plans for Northern Powerhouse Rail have been downgraded, Grant Shapps has confirmed. The transport secretary told MPs that a new £96bn Integrated Rail Plan for the north and the Midlands will instead deliver “faster” train journeys both earlier and cheaper than the original HS2 plans would

The chairman of M&S has written to Brexit minister Lord Frost to warn that EU plans to end its stand-off with the UK over Northern Ireland threaten to add to, not ease, red tape. Archie Norman said the Brussels offer “could result in worsening friction and cost and a high level of ambiguity and scope

The number might have surprised most economists, who were anticipating a figure slightly below 4% rather than slightly above it, but in another sense there’s nothing enormously surprising about today’s inflation figure, striking as it may be. Everyone expected CPI to rise sharply in October, as we saw the impact of higher energy prices on

The rate of inflation has hit its highest level for a decade as prices rise across the UK economy, with fuel and energy costs leading the way. The Office for National Statistics (ONS) reported that the consumer prices index (CPI) measure jumped to 4.2% in October from 3.1% the previous month – a bigger leap