Business

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

The transport secretary has said “there’s plenty of fuel” in the country as he urged motorists to only fill up “when they need to”. Grant Shapps was speaking on Sky News’ Trevor Phillips on Sunday programme as panicked motorists caused lengthy queues at petrol stations for a third day. A shortage of fuel tanker drivers

Panicked motorists have caused lengthy queues at petrol stations for a second day – as an industry expert predicted the “catastrophic situation” is going to get worse before it improves. Long lines of cars continued to form at forecourts across the country on Saturday after a shortage of HGV drivers forced some fuel retailers to

Octopus Energy is exploring a move to take control of Bulb, its rival challenger brand, amid the crisis in Britain’s residential energy market that has triggered a swathe of corporate casualties. Sky News has learnt that Octopus Energy is among the parties which have requested access to a data room set up by Bulb’s financial

Downing Street is on the brink of a U-turn which will allow overseas HGV drivers to plug the gaps causing emergency shortages, Sky News understands. Ministers met earlier for urgent talks on how to address the shortage – which one industry body estimated at more than 100,000 drivers – but No 10 has not yet

The transport secretary has said motorists should “carry on as normal” when it comes to buying fuel, after BP closed some of its petrol stations due to supply issues. The energy giant said tens of forecourts in its 1,200-strong network were experiencing shortages – blamed on the nationwide lack of HGV drivers – while rival

Employers who withhold tips from workers will be breaking the law under government plans to help around two million workers in the hospitality, leisure, and services sectors. It comes after research showing that many owners of restaurants, bars, and cafes add discretionary service charges to customers’ bills but then keep some of the money themselves.

BP says it is “prioritising” fuel deliveries across its network of branded filling stations as some are hit by the national shortage of HGV and tanker drivers. The company told Sky News that “tens” of its 1,200-strong forecourts were experiencing shortages as a result of delays and it would ensure they got re-stocked first. It

Energy supplier Green has become the latest victim of the crisis engulfing the sector as it collapsed, blaming “unprecedented market conditions and regulatory failings”. Green, which has more than 250,000 customers and 185 staff, confirmed that it would cease trading a day after Sky News revealed that it had lined up advisers to oversee a

Soaring gas prices may not be temporary and more energy suppliers could go out of business in the coming months, the chief executive of Ofgem has warned. Jonathan Brearley said “well above” hundreds of thousands of customers could be affected. “Have a look at the change in the gas price – it really is something

The government has reached agreement with CF Industries to restart carbon dioxide production at its UK sites following talks between the company and Business Secretary Kwasi Kwarteng. The US firm said last week that it had stopped work at its fertiliser plants at Billingham on Teesside and Ince in Cheshire because of a surge in

Some of the UK’s biggest energy companies could be offered state-backed loans in return for taking on customers from smaller suppliers if they go under, as soaring global gas prices throw the industry into crisis, the business secretary has told Sky News. Speaking to Kay Burley, Kwasi Kwarteng also said that the carbon dioxide shortage

As many as one-in-four UK households receive energy from providers that could face collapse as a consequence of soaring gas prices, industry sources have warned. A 250% increase in prices has exposed providers whose wholesale supplies are not “hedged” or insured against market fluctuations, meaning they can now only fulfil supply deals with customers at