Business

Royal Mail has said it will need to rise prices and cut costs in the face of soaring inflation. The company warned that it sees “significant headwinds” from rising costs including wages, energy and fuel. Royal Mail revealed that it aimed to make cost savings of £350m over the course of its current financial year

Britain’s biggest dairy producer has admitted the price of milk will continue to increase due to sky high energy costs that have already risen by 200%. Arla Foods’ chief commercial officer Peter Giortz-Carlson told Sky News that input costs, driven higher by the war in Ukraine, will have to be passed on to customers. His

There is no getting away from the shock of the headline figure here. The consumer price index is the main measure we use to track how fast the prices of the goods and services we tend to buy are rising. It’s far from a perfect measure: it takes a typical “shopping basket” of items based

Business Secretary Kwasi Kwarteng has written to the leading petrol retailers “to remind them of their responsibilities” to pass on tax cuts to motorists. The letter, sent to fuel giants on Tuesday, follows claims some retailers hiked profits following the 5p per litre fuel duty cut implemented by Chancellor Rishi Sunak in March to help

Real wages have dropped by 1.2% as regular pay growth fails to keep up with soaring inflation, according to the latest official figures. The Office for National Statistics (ONS) reported that the fall in regular pay, which excludes bonus payments, intensified when the effects of inflation were included in the three months to March compared

The £4.25bn takeover of Chelsea Football Club has been thrown into fresh doubt amid a renewed impasse between owner Roman Abramovich and Whitehall over the deal’s terms. Sky News understands that government officials have doubts about whether a special licence needed to approve the sale will be issued before a deadline at the end of

The energy price cap, the mechanism that determines gas and electricity bills for 22 million households, could soon be reviewed every three months under plans announced by the industry regulator. Ofgem revealed that it was putting the idea out to consultation amid criticism that the current twice-yearly adjustment arrangement – in April and October –

Oil giant Saudi Aramco has revealed its profits skyrocketed by more than 80% in the first three months of the year, with prices buoyed by post-pandemic global demand and the Ukraine war. The bumper first-quarter earnings by the state-owned firm, which overtook Apple as the world’s most valuable company last week, showed a record net

The Premier League is considering a formal ban on debt-fuelled club takeovers as part of a far-reaching  overhaul of its ownership rules. Sky News has learnt that the 20 top-flight clubs are being canvassed by Premier League executives for their views on the merits of a block on so-called leveraged buyouts. The consultation process, which

What is Elon Musk up to? Not for the first time that’s the question on the minds of Twitter executives, global investors and many of his 92 million followers, after the world’s richest man announced, in a tweet, naturally, that his purchase of the social media platform is “temporarily on hold”. The impact was instant,

Billionaire Elon Musk has said his Twitter deal is “temporarily on hold” over the company’s spam and fake user accounts. Mr Musk, who last week secured $7bn from new investors for his $44bn takeover, tweeted: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

It’s been a long time since I returned to Wigan. Situated equidistant between Liverpool and Manchester, the old mining town has stood proudly on the banks of the River Douglas, and later the Leeds Liverpool canal, since at least the seventh century. It’s been my family home since 1960. I went to school there in

Boris Johnson has ordered ministers to come up with plans to cut more than 90,000 civil service jobs in order to free up billions of pounds for tax cuts. During an away-day with cabinet ministers in Stoke-on-Trent, the prime minister asked them to report back within a month on how they can reduce the size

Be in no doubt, today’s GDP figures are bad news indeed. Bad news as they show the economy is shrinking sooner than expected, down 0.1% in March. But bad news too, in terms of what it heralds for the rest of the year. All the signs and predictions were already that the worst is set

The UK economy contracted by 0.1% in March, as surging inflation took a toll on demand to offset the boost that had been expected from the end of COVID restrictions. The monthly figure compares to no growth in February and 0.7% growth in January, while the quarterly figure (between January and March) showed a growth

Chelsea FC is close to unveiling a £20m-a-year sponsorship deal with a fast-growing cryptocurrency group – despite a temporary ban on the club striking lucrative new partnerships while it operates under government supervision. Sky News can reveal that the Blues have agreed a shirt-sleeve contract with WhaleFin, a digital asset platform owned by Singapore-based Amber

The world’s largest car-maker has warned that its operating earnings could fall by a fifth this year due to “unprecedented increases in materials and logistics costs”. Toyota said operating profit will fall from almost 3trn yen (£18.6bn) in the previous year to 2.4trn yen (£14.9bn) in the current fiscal year, well below analysts’ expectations. The

Billionaire Elon Musk, who is set to buy Twitter, has said he would reverse the platform’s “foolish” ban on former US president Donald Trump if his acquisition goes through. The tech tycoon said: “Permanent bans should be extremely rare and really reserved for accounts that are bots or spam, scam accounts. I do think it

The soaring cost of living has seen consumers “put the brakes” on their shopping habits, new figures show. The latest retail monitoring from BRC-KPMG revealed sales dipped in April after a sharp downturn in consumer confidence. And separate figures from Barclaycard showed credit card spending on retail and eating out slowed last month as people

Convenience retailer McColl’s has been formally bought out of administration by its existing trading partner Morrisons in a deal that saves all its 16,000 jobs and its stores. The news was announced hours after Sky News reported that the supermarket chain had won a race with petrol station powerhouse EG Group for a rescue. Moments