Business

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

The chairman of the Premier League is on the brink of resigning following a backlash from clubs over its handling of the Saudi-led takeover of Newcastle United. Sky News has learnt that Gary Hoffman, who only took up the non-executive post 18 months ago, is close to finalising his exit after coming under pressure to

Chancellor Rishi Sunak has hailed the “extraordinary success” of the furlough scheme as official figures suggest a “small” number of jobs were lost at its demise. The Office for National Statistics (ONS) reported a rise of 160,000 in payrolled employment between September and October. Treasury data had shown there were 1.14 million jobs on furlough

Bank of England governor Andrew Bailey has admitted he is “very uneasy” about high inflation – but dismissed the idea that Britain could face a 1970s style wage-price spiral. Mr Bailey was being questioned by MPs over the Bank’s latest decision to leave interest rates on hold at a record low of 0.1% – surprising

More than 300,000 workers are set to receive a pay rise after higher rates were announced for the Real Living Wage, the voluntary rate paid by thousands of employers. The Living Wage Foundation, which sets the rates, said the new hourly rate would be £11.05 in London and £9.90 outside the capital. They amount to

A US-listed real estate investment trust has won a hotly contested auction of one of Britain’s biggest holiday resort operators in a knockout deal that underlines the sector’s post-pandemic boom. Sky News has learnt that Sun Communities has agreed to pay in the region of £900m for Park Holidays, which owns more than 30 sites

Lord Cruddas, the Conservative peer, is exploring a surprise break-up of CMC Markets, the financial spread-betting firm he founded 32 years ago, into two separately listed companies. Sky News has learnt that the board of CMC could announce within days that it has begun work on the potential split. City sources said this weekend that

A long-awaited plan for railways in the Midlands and north of England will be published next week that could see the eastern extension of HS2 from Birmingham to Leeds mothballed. Regional political leaders are anticipating publication of the government’s integrated rail review for the Midlands and north imminently, with many braced for delays to key

Three is a trend, so the saying goes. So news of two more big company demergers today, hot on the heels of the three-way break-up of 129-year-old US industrial giant General Electric announced on Wednesday, suggests that “doing the splits” is being looked at anew by company boards. Toshiba, one of the best known companies

Drugs firm AstraZeneca has said it plans to start earning a “modest” profit from its COVID-19 vaccine having previously sold it at cost. The Anglo-Swedish company has until now not been making a profit from the Oxford coronavirus jab and said it would not do so during the pandemic. The vaccine has in fact proved

China’s Singles’ Day shopping event has chalked up slower growth this year after a more muted approach from online retail giant Alibaba. Sales grew 8.5% to 540bn yuan (£63bn) but that was down from a 26% increase last year and the smallest bounce since the extravaganza – now the world’s biggest online sales event –

The economy is recovering, but the pace of that recovery is diminishing – that’s the big picture from today’s gross domestic product statistics. However, the UK is getting ever closer now to regaining the income lost during the crisis. Quite where we are on that front depends somewhat on which measure you’re looking at. Once

Britain’s economic growth slowed to 1.3% in the third quarter, official figures show. It meant that gross domestic product (GDP) remained 2.1% lower than pre-pandemic levels, according to the Office for National Statistics (ONS). The economy’s July-September performance was slightly weaker than the figure of 1.5% expected by economists and marks a sharp slowdown compared

The annual rate of inflation in the US has hit its highest level in more than three decades, fed by faster than expected rises in the cost of fuel and food. The headline consumer prices measure rose to 6.2% in October – a level not seen since 1990 – after a 0.9% surge on the

Marks & Spencer has swung back into the black after a pandemic-induced slump but warned of the impact of supply chain strains and higher labour costs over coming months. The retailer reported a profit of £187.3m for the six months to 2 October compared with a loss of £87.6m a year earlier – helped by

The pugilistic chairman of JD Wetherspoon has revived a long-running feud with investor groups over corporate governance at the listed pubs operator amid threats of a fresh revolt at this month’s annual meeting. Sky News has learnt that at least two shareholder advisory services are recommending protest votes on issues including boardroom diversity and the