Business

Business leaders and think tanks have described Boris Johnson’s party conference speech as “economically illiterate”. The prime minister’s speech to the Conservative Party Conference on Wednesday came as many businesses are struggling with supply chain issues and a lack of workers. A shortage of HGV drivers has resulted in a shortage of fuel in some

Wholesale gas costs reached new uncharted territory on Wednesday as financial markets fret over the impact of inflation on the global recovery from the coronavirus crisis. The gas contract for next-day delivery in the UK breached £3/therm for the first time on Wednesday morning and was as high as £3.20 at one stage. Market experts

Wholesale gas prices have hit record highs and oil has reached a new three-year peak – further fuelling worries about higher prices for consumers and businesses ahead. The British day-ahead contract for natural gas hit 277p per therm, 32% higher than Monday and surpassing the 275p per therm level seen during the “Beast from the

The number of petrol stations running dry in London and the South East has seen a “significant reduction”, according to daily industry data. In its latest update on the fuel crisis, the Petrol Retailers Association (PRA) said 15% of sites in the region – which is taking longer to return to normal than the rest

There are nearly 1,800 more streets across Britain where the average home is valued at more than £1m compared with a year ago, new figures have shown. Some 11,673 streets in September 2021 had an average property price into seven figures, which was 1,782 more than the 9,891 last September, according to property firm Zoopla.

Rishi Sunak has defended tax rises and stressed the need to “fix” the nation’s finances as the economy emerges from the COVID-19 pandemic, declaring: “Our recovery comes with a cost.” Speaking at the Conservative Party conference in Manchester, the chancellor sought to emphasise that the party remains committed to fiscal responsibility, despite unprecedented government borrowing

The fuel supply crisis is “virtually at an end” in parts of the UK, but problems persist in London and the South East, the Petrol Retailers Association has said. There has been no overall improvement in the crisis in the last 24 hours, the group added. However, issues with getting fuel were “virtually at an

A British logistics start-up backed by the Amazon founder Jeff Bezos and other titans of the technology world is raising tens of millions of pounds to help it satisfy booming demand for its services. Sky News has learnt that Beacon, which helps companies to manage their supply chains more efficiently, has sealed a $50m (£37m)

A US private equity firm has won the auction for British supermarket group Morrisons with a £7bn bid. Clayton, Dubilier & Rice (CD&R) bid 287 pence per share. Morrisons is Britain’s fourth-biggest supermarket by market share, after market leader Tesco, Sainsbury’s and Asda. Based in Bradford, the business began as an egg and butter merchant

The restaurant empire founded by Sir Terence Conran is to change hands for the first time in nearly a decade after its owners entered exclusive talks with a little-known private equity investor. Sky News has learnt that D&D, which owns prominent London restaurants such as the Bluebird in Chelsea, Coq d’Argent in the heart of

Sir Keir Starmer has called on the government to take “emergency action to get a grip” on the HGV driver shortage causing fuel and food shortages. The Labour leader said the prime minister needs to deploy the 150 army drivers that are on standby now to petrol stations across the UK after an independent fuel

Motorists could face another “week or so” of long queues at the filling stations, a minister has said, because of an “unprecedented demand” for petrol and diesel. Policing minister Kit Malthouse said on Friday if the crisis does not ease in the coming days, Boris Johnson stands ready to review the situation, which has been

A 12% rise in the energy price cap has taken effect amid warnings further increases are inevitable in the months ahead as wholesale costs surge in a time of “chaos” for the wider economy. Labour, which has claimed a “winter of discontent” looms, accused the government of complacency over “the fuel crisis, energy costs crisis,

Customers of failed household gas and electricity providers face losing up to £37.40 a week as a rise in the industry price cap coincides with the withdrawal of coronavirus crisis aid, an energy watchdog has warned. Citizens Advice (CA), which has powers to represent the interests of consumers in the energy market, released the estimate

The pound has come under pressure as fears over “stagflation” stalk the economy amid a supply chain crisis and surging energy prices. Sterling dipped below $1.35 to hit a fresh eight-month low against the US dollar on Wednesday. “Stagflation” describes a period when an economy experiences stagnant growth and high inflation at the same time.

The first “very tentative signs of stabilisation” are being seen on petrol forecourts, the transport secretary has said, following days of long queues and closed pumps at some filling stations across the country. Grant Shapps said the sooner people returned to their normal habits and stopped panic buying petrol and diesel, the sooner the fuel

Watching the queues outside petrol stations these past days, one cannot help but be reminded of another moment some years ago when people queued in their thousands in Britain’s high streets to withdraw a crucial resource: the bank run on Northern Rock in 2007. Indeed, there are at least three ways in which this episode

Petrol retailers hoping for a return to normal after motorists drained pumps over the weekend have faced yet more forecourt queues – as parts of the economy started to feel the strain. In some areas, up to 90% of pumps ran dry, according to industry estimates – and there was little sign of the panic-buying

The UK is temporarily suspending competition laws for the fuel industry to allow the sharing of information and to target petrol stations running dry around the UK as a result of driver shortages. Earlier, Business Secretary Kwasi Kwarteng met with fuel industry executives in an effort to find a way through the current supply chain

There are no plans to bring in the army to drive lorries to deliver fuel to petrol stations, a government minister has said, as some brands report as many as 90% of their sites running dry. The comments by environment secretary George Eustice came amid newspaper reports that the government was considering using the army