Business

Rishi Sunak has defended his spring statement amid much criticism as he argued the UK is recovering from its biggest shock in 300 years. The chancellor said he knows families are struggling with the rising cost of living and that is “why I announced a tax plan which delivers the biggest net cut in personal

Budgets – and let’s make no bones about it, today’s Spring Statement was significant enough to qualify as a budget – tend to follow a time-honoured pattern. The chancellor unveils his measures, makes a big noise about them in the House of Commons, and then – sometimes over a few hours, sometimes over a few

Embattled ferry operator P&O has said it will pay out £36.5m in compensation to workers who were fired last week. The company said it would amount to the largest ever compensation package in the marine sector. Pay-outs are linked to the period of service, and in some cases are over £170,000. P&O has said that

One of these days, Rishi Sunak will produce a fiscal statement which lays out his vision for the nation. We will hear about his plans for skills, for productivity, dynamic enterprise and entrepreneurship. But this is not going to be one of those days. Ever since he took office, the chancellor has had to confront

The UK supply arm of Russia’s state-owned gas firm Gazprom is expected to be placed under taxpayer control within days as customers attempt to flee the firm in retaliation for the invasion of Ukraine. Gazprom Energy supplies over a fifth of gas used by commercial and public sector customers in the UK including companies like

Labour has called on the government to begin “criminal action” against P&O Ferries after the firm sacked more than 800 of its workers on the spot last week. Shadow transport secretary Louise Haigh said the government must “immediately” commence criminal action against P&O Ferries “for their flagrant breach of employment law”. “It should mean unlimited

The Indian-born businessman who owns the Sacramento Kings basketball team has joined forces with the former British Airways chairman Sir Martin Broughton in his effort to buy Chelsea Football Club. Sky News has learnt that Vivek Ranadive, who made a fortune from the technology industry, has agreed to make a minority investment in the Premier

Rishi Sunak is pledging a £5.5bn crackdown on Whitehall waste as he faces pressure to tackle the cost of living crisis in his mini-budget. Ahead of his spring statement on Wednesday, the chancellor claims the efficiency savings will both curb inflation and fund vital public services. “During these challenging times it’s vital that every single

One of the largest shareholders in Pendragon has been thwarted in a £400m takeover raid on the London-listed car dealership giant. Sky News can reveal that Hedin Group, which operates more than 200 vehicle showrooms in Belgium, Norway, Sweden and Switzerland through its subsidiary Hedin Bil, tabled a secret 28p-a-share offer for Pendragon several weeks

The 9pm deadline for bids to buy Chelsea has passed, with consortiums led by Nick Candy, the Ricketts family and Sir Martin Broughton and Lord Sebastian Coe among the bidders. The sale has come amid UK and EU sanctions on Roman Abramovich following Russia’s invasion of Ukraine, with Chelsea also under a number of restrictions.

The London property entrepreneur Nick Candy is lining up backing from two South Korean groups as he prepares to lodge a takeover bid for Chelsea Football Club. Sky News has learnt that Hana Financial Group, a major Seoul-based lender, and C&P Sports, a sports management firm, were on Friday in discussions about joining Mr Candy’s

Two and a half million households with children will be in fuel poverty once the new energy price cap comes into effect on 1 April, according to estimates from the End Fuel Poverty Coalition. That’s equivalent to two in five households, and it rises to more than half if we look just at single-parent homes.

All remaining COVID travel measures, including the Passenger Locator Form and tests for unvaccinated arrivals, have now ended in the UK. A range of “contingency measures” will be kept in reserve so ministers can take “swift and proportionate action” if needed to tackle new variants, according to the Department for Transport. It is understood that

The Bank of England has hiked the interest rate by 0.25% to 0.75% as it forecast inflation surging to 8% next month – and even higher in the autumn. It is the third increase in a row in as many policy meetings by the bank’s rate-setters and restores the cost of borrowing to pre-pandemic levels.

Ministers’ hopes of getting Britain’s new “moonshot” scientific research agency off to a flying start have been dealt a blow by the withdrawal of the boss appointed to lead it just six weeks ago. Sky News has learnt that Dr Peter Highnam, deputy director of the US Defense Advanced Research Projects Agency (DARPA), has decided

The US central bank has fired the starting pistol on interest rate rises as the world’s largest economy faces up to a surge in inflation that is only predicted to accelerate during Russia’s war in Ukraine. The Federal Reserve raised its benchmark rate, for the first time since 2018, by a quarter point to a

Five companies that deliberately targeted the elderly with “predatory” and “coercive” marketing calls in order to sell them unnecessary insurance have been fined more than £400,000 by the UK’s privacy watchdog. The Information Commissioner’s Office (ICO) said the businesses had been purchasing marketing data lists of people who were aged 60 and over, were homeowners,

The UK government has placed an export ban on luxury goods to Russia and hiked up import tariffs from the country on iconic products such as vodka. British vehicles, high-end fashion and art are some of the luxury goods that will no longer be exported to Russia as the UK and other G7 leaders continue

Boris Johnson has called on Western nations to “take back control” of their energy supplies and end an “addiction” to Russian oil and gas that has left them subject to “blackmail” by Vladimir Putin. In an article for the Daily Telegraph, the prime minister insisted the West “cannot go on like this” and remain “economically

The majority of people in Britain don’t think UK’s sanctions imposed on Russia for its invasion of Ukraine go far enough and most would support doing more even if it meant an increase in the cost of living. In an exclusive poll conducted by YouGov for Sky News, 57% of adults said they didn’t think