The pace of wage growth, already described as “unsustainable” by the governor of the Bank of England, has ticked up further, according to shock official figures. The Office for National Statistics (ONS) reported average weekly earnings excluding bonuses hit an annual rate of 7.3% during the three months to May. That matched the highest level
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The Bank of England is reiterating its forecast that inflation will fall over the rest of the year, with governor Andrew Bailey saying it will fall “markedly”. The rate of price increases will come down due to lower energy costs, which should result in falling food bills for shoppers, Mr Bailey’s Mansion House speech is
EasyJet has revealed the cancellation of 1,700 flights during the peak summer holiday season. The low cost airline indicated that, like many rivals, it had been forced to act in response to the impact of air traffic control (ATC) strikes in Europe and knock-on effects of the closure of airspace due to the Russia-Ukraine war.
The escalating row between Boohoo and Revolution Beauty, the AIM-listed retailer, is poised to intensify with a complaint to the junior stock market regulator. Sky News has learnt that Boohoo is drafting a letter to the AIM regulatory authorities demanding that Revolution clarifies an earlier stock exchange announcement that the online clothing retailer had obstructed
Britain’s biggest water company is this weekend corralling its shareholders to support a major capital injection as it prepares to publish delayed annual accounts. Sky News has learnt that Thames Water has secured backing from investors including Omers, the Canadian pension fund, and the Universities Superannuation Scheme (USS) for a commitment to provide new equity. Further
BT Group has kicked off a formal search for a successor to Philip Jansen, its chief executive, as he weighs a number of job opportunities in the US. Sky News has learnt that BT is working with the search firm Spencer Stuart on a process to identify a successor to Mr Jansen, who took on
Heads of the UK’s biggest banks have been summoned by the UK’s financial watchdog over concerns interest rates on savings are too low. Higher Bank of England interest rates have led banks to put up mortgage costs, but savings rates are not rising as fast – a situation Chancellor Jeremy Hunt has said “needs resolving”.
Wilko, one of Britain’s biggest discount retailers, is racing to secure a cash injection as it prepares to launch a financial restructuring aimed at securing its future. Sky News has learnt that Wilko, which is owned by its founding family and employs about 12,000 people, is working with advisers to raise tens of millions of
The Empire Cinemas chain has entered administration, leading to the loss of 150 jobs and the closure of six cinemas. Eight of the 14 cinemas in the group – under the Empire Cinemas and Tivoli brands – will remain open. But the locations that have been closed with immediate effect are: • Bishop’s Stortford• Catterick
Money markets have begun to price in a Bank of England interest rate of 6.5%. The interest rate on ten year government bonds (the gilt yield as it’s sometimes called) exceeded the peak it hit after the mini-budget of September last year – that one which provoked a crisis in many parts of the bond
UK housebuilding has fallen at the steepest rate in more than a decade – outside of the pandemic years – as high borrowing costs impact demand, according to a closely watched survey. The June downturn in housebuilding was “steep and accelerated”, according to the S&P Global/CIPS construction purchasing managers’ index (PMI). Residential construction decreased at
Higher wages are the “biggest driver of price rises” for two-thirds of businesses, according to the findings of a report which will do nothing to ease worries at the Bank of England that inflation is coming under control. The British Chambers of Commerce’s (BCC) economic survey of its members, covering April to June, showed that
The UK is now the only country in the G7 group of rich nations still dealing with rising inflation, the Organisation for Economic Co-operation and Development (OECD) has said. The Paris-based OECD – a club of 38 rich countries – said inflation in the UK rose to 7.9% in May, up from 7.8% in April,
The water industry regulator has admitted investors in crisis-hit Thames Water have become “more concerned about the turnaround of the company”, as it seeks £1bn to help shore up its immediate financial future. Ofwat chief executive David Black told a Lords committee that while talks were continuing, new shareholders may have to be sought if
The bosses of the country’s four main lenders are facing pressure to raise “measly” easy access savings rates. The Treasury Committee of MPs said it had written to the chief executives of NatWest, Lloyds, HSBC UK and Barclays to demand that savers are fairly rewarded. Lenders have been accused of being quick to reflect Bank
Drivers have been paying more for fuel since 2019 due to weakening competition between retailers, a regulator has said. They said that increased supermarket fuel margins led to drivers paying an extra 6p per litre. Asda has also been fined £60,000 for a failure to provide information when required, the regulator added. It comes in
The average mortgage rate for a five-year fixed deal has risen to 6.01%, according to a financial information company. Meanwhile, the average two-year fixed rate mortgage has increased to 6.47%, Moneyfacts said. The previous average for a five-year rate was 5.97% on Monday, while the two-year deal was 6.42%. A five-year fixed deal is at
A manufacturer of sustainable packaging backed by Diageo, the global spirits giant, will this week unveil a new round of funding to enable the delivery of a commercially scalable production line. Sky News has learnt that Pulpex, which produced the first Johnnie Walker whisky bottle made entirely from paper-based products in 2021, will announce on
One of Britain’s most senior boardroom figures is to replace John Allan at the helm of Tesco. Sky News can exclusively reveal that Gerry Murphy, the chairman of Burberry and Tate & Lyle, has been chosen to replace Mr Allan, whose recent departure was hastened by a series of personal misconduct allegations. Sources said Dr
Households will pay less for their gas and electricity from today but bills will still be almost double what they were before the energy crisis. The average household energy bill will fall by £426 a year from 1 July after Ofgem dropped its price cap following tumbling wholesale prices. People had been advised to submit
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