Business

Amber Rudd, the former cabinet minister, is joining a new special purpose acquisition company (SPAC) that will float in London and target a merger in the renewable energy sector. Sky News has learnt that Ms Rudd, who served as secretary of state for energy and climate change between May 2015 and July 2016, is to

Financial markets face a sharp downturn if investors rethink the prospects of economic recovery from COVID-19 amid supply problems, rising prices and a spending squeeze, the Bank of England has warned. The central bank’s financial policy committee (FPC) cautioned over a so-called correction, which is defined as a drop of at least 10% in the

Boris Johnson has appointed the former boss of Tesco as an expert supply chain adviser. Sir David Lewis, former chief executive of the supermarket giant, will assist both the prime minister and newly appointed Chancellor of the Duchy of Lancaster Stephen Barclay on both immediate improvements and any necessary long-term changes to UK supply chains

Royal Mail has launched a drive to take on more than 20,000 seasonal workers – just as new figures illustrate how employers are struggling to fill roles. Temporary staff are needed to sort high volumes of parcels, Christmas cards and letters for Royal Mail and its Parcelforce Worldwide arm from late October through to early

Firms are increasingly putting up prices as they pass on soaring costs, according to new figures that are likely to add to fears of a squeeze on household budgets. Data from the Office for National Statistics (ONS) found 10% of businesses increased their prices in early September, up from 8% in mid-August and 4% in

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.