Business

Rishi Sunak has been urged by one of the world’s leading economic authorities to cut taxes or raise spending in the face of looming stagnation next year. The UK is poised for the weakest economic growth in the developed world next year, according to new forecasts from the Organisation for Economic Co-operation and Development. In

Fossil fuel giant Equinor has told Sky News it is not investing as much money as it ought to in renewable forms of energy. The Norwegian state-owned oil major spent around 8.6% of its capital expenditure on renewables in 2020, according to analysis by Capital Economic for campaigners Uplift – more than the industry average

Cazoo, one of Europe’s largest online car retailers, has said it plans to cut nearly 750 jobs in a bid to save £200m as inflation and supply chain issues hit its business. The company said the decision had been made to scale the business down to a more sustainable size, and position it for profitable

Retailers, along with pubs and restaurants, have enjoyed a “welcome boost” from the four-day weekend celebrating the Queen’s Platinum Jubilee, according to two measures of consumer spending. Early data covering sales and the volumes of people out and about for the public holiday suggested Britons spent heavily on having fun with friends and family following

Average petrol prices have reached a “frightening” new record high of 177.8p a litre, figures show, a further increase on the last record price set just days ago. Fuel prices have been hitting new fresh highs every few days in recent weeks, as the supply dries up at a time when demand is starting to

Goals Soccer Centres, one of Britain’s biggest operators of 5-a-side football pitches, is to be sold to its management team, capping a three-year stint under private equity ownership. Sky News understands that Inflexion Private Equity, which bought the business in 2019, has struck a deal to offload the company that could be announced within days.

People are being warned to avoid the London Underground on Monday, with workers set to strike straight after the Jubilee weekend. Thousands of members of the Rail, Maritime and Transport union (RMT) are staging a 24-hour walkout because of a dispute over jobs and pensions. Tube lines across the capital will be affected from the

The City veteran John Allan is preparing to step down as chairman of Barratt Developments, Britain’s second-biggest housebuilder by market value. Sky News has learnt that Barratt has instructed headhunters at Russell Reynolds Associates to identify a successor to Mr Allan, who also chairs Tesco. The process, which is unlikely to be concluded until next

Hundreds of Tesla owners have complained to the US regulator that the cars operating on the partially automated driving systems have suddenly stopped for no reason. The National Highway Traffic Safety Administration (NHTSA) said they are investigating the issue, which has been reported by 750 people, as the company’s founder Elon Musk said he has

A British man wanted in Denmark over a £1.3bn tax case has been arrested in Dubai and now faces extradition. The arrest of hedge fund trader Sanjay Shah, in one of Denmark’s largest-ever fraud cases, comes after the country signed an agreement in March allowing for extradition there from the United Arab Emirates. The 52-year-old

One of the world’s biggest oil producers is contemplating a multibillion pound takeover bid for Motor Fuel Group (MFG), Britain’s biggest independent petrol station operator. Sky News has learnt that the Abu Dhabi National Oil Company (ADNOC) is lining up bankers to work on a potential offer for MFG, which has been put up for

Sheryl Sandberg is stepping down from her post as a senior executive at Meta. She has served as chief operating officer at Facebook’s parent company for 14 years and is second-in-command after Mark Zuckerberg. “When I took this job in 2008, I hoped I would be in this role for five years,” she wrote on

The owner of the Premier Inn hotels chain faces a pay row for a second successive year after voting advisors opposed its decision to award bonuses to executives despite receiving government support during the pandemic. Sky News understands that Whitbread, the FTSE-100 leisure group, is engaged in discussions with leading investors aimed at heading off

Shell’s North Sea Jackdaw gas field has received final regulatory approval. It comes as the government tries to boost domestic energy output in an effort to shield the UK from the market volatility caused by Russia’s invasion of Ukraine. Business and Energy Secretary Kwasi Kwarteng said: “Jackdaw gas field – originally licensed in 1970 –

Frasers Group, the shopping empire founded by Mike Ashley that owns House of Fraser and Sports Direct, has swooped in to save Missguided from collapse. The company has acquired the embattled online retailer for £20m. Frasers Group bought all of the related intellectual property of the women’s fashion brand after Missguided announced on Monday it

Shop prices grew at the fastest rate in more than a decade during May, spurred on by rapidly-accelerating food inflation. The figures come from the latest BRC-NielsenIQ Shop Price Index, which looks at baskets of food and non-food items and measures the change in price over time. It found that retail price inflation was 2.8%

Average petrol prices have reached a new record high of 173.02p a litre, figures show, after an EU ban on Russian oil imports. Fuel prices have been setting record highs every few days in recent weeks, as the supply of gasoline dries up at a time when demand is starting to gain speed. The increase

Roman Abramovich has completed the sale of Chelsea Football Club to a group led by American businessman Todd Boehly and investment firm Clearlake Capital. Mr Boehly, 48, fought off 11 serious rivals to clinch the £4.25bn deal. In a statement, the club said sanctions imposed on Mr Abramovich following Russia’s invasion of Ukraine had presented

Oil prices hit their highest level in more than two months on Monday morning as EU officials gathered in Brussels to debate the best way to ban Russian oil imports. The move faces some opposition from the likes of Hungary, leaving energy markets waiting to see if a deal could be reached. Nevertheless, international oil

Foxtons has raided rival London estate agent Chestertons to poach its chief executive as it faces pressure from activist shareholders to sell the company. Sky News has learnt that Foxtons has decided to appoint Guy Gittins as its new boss, replacing Nic Budden, who has run the business for nearly eight years. Foxtons could announce