Business

Too many people are on pay-as-you-go energy meters that risk them being cut off paying more, Ofgem, charities and the government have said. The regulator has said it will take legal action against any supplier that forces customers onto a prepayment meter and the government is issuing firms with a “cease and desist” order. It

Some households with smart meters could be eligible for discounts if they cut their use of electricity between 5 and 6pm today. The National Grid ESO is activating a live “demand flexibility service” – which allows it to access additional flexibility when national demand is at its highest during peak winter days. The scheme entitles

The bank executive who helped to transform Virgin Money into one of Britain’s biggest high street lenders has landed a role at the helm of a British-based digital wealth manager. Sky News understands that Dame Jayne-Anne Gadhia will on Monday be unveiled as chair of Moneyfarm. Dame Jayne-Anne’s appointment will ignite speculation that Moneyfarm, which

The outgoing chief executive of Rightmove is among a pack of contenders to become the next boss of Future, the Marie Claire and Wallpaper publisher. Sky News has learnt that Peter Brooks-Johnson, who will leave the property portal in March, has been shortlisted to succeed Zillah Byng-Thorne, the media group’s veteran chief. Mr Brooks-Johnson is

Elon Musk has appeared in court to refute allegations that Tesla shareholders were defrauded out of billions of dollars by his tweets. The company’s chief executive wrote in 2018 that he had “secured” funding to take the electric carmaker private and later that investor backing was “confirmed”, causing shares to soar and then fall. Less

The Treasury is close to agreeing a £300m aid package for the UK’s second-biggest steel producer in a move aimed at reducing its carbon footprint and averting the loss of thousands of industrial jobs across northern England. Sky News has learnt that Jeremy Hunt, the chancellor, has been advised by officials to approve a request

Google workers in the UK and Ireland face uncertainty after its parent company Alphabet announced 12,000 jobs are to be axed globally. The Silicon Valley giant employs more than 5,000 staff in both countries, but the company would not be drawn on how the mass redundancies would impact them. The “difficult news” about the job

Lloyds Pharmacy is to pull out of 237 in-store Sainsbury’s branches, potentially putting more than 2,000 jobs at risk and exposing the financial pressure on UK pharmacies at the height of the NHS crisis. Lloyds Pharmacy, which bought Sainsbury’s 280-strong pharmacy network in 2015 in a deal worth £125m, said it would close the branches

Argos will shut all of its stores in the Republic of Ireland in June this year, the company said on Thursday, following a “period of careful consideration”. The move is expected to result in 580 employees losing their jobs and the closure of 34 sites across the country. The company, which sells electronics, gadgets, and

Britain’s battery sector has been delivered some unexpected good news, after an Australian billionaire told Sky News he will be opening an advanced battery plant in Oxfordshire later this year, creating up to 300 new jobs. Andrew Forrest, the founder of the Australian iron ore giant Fortescue, said he was expanding operations at WAE Technologies,

Microsoft is preparing to axe thousands of jobs in the latest move by one of the world’s biggest technology companies to reduce its workforce in the face of a slowing global economy. Sky News has learnt that the US software giant could announce plans to cull a significant number of posts around the world within

The rate of inflation eased to 10.5%, according to official figures – down from 10.7% in November. The Office for National Statistics (ONS) said the reduced cost of motor fuels led to the decline in the core consumer prices index (CPI) measure of inflation along with cheaper clothing and footwear, and recreation and culture. Pushing

Hundreds have lost their jobs after British electric car battery company Britishvolt fell into administration. The majority of Britishvolt’s 232 staff have been made redundant, administrators said, after the group made an application for administration to the courts on Tuesday. It followed talks with investors over a possible sale to keep the firm afloat. A

The governor of the Bank of England has told MPs there is still “something of a hangover effect” in the wake of the mini-budget market chaos last year but declared that the hit to mortgages was over. Andrew Bailey used remarks to the Treasury committee to declare that market conditions had returned to normal after

Davos, the World Economic Forum (WEF) and its founder, Klaus Schwab, have become more famous than ever before in the past couple of years – albeit not for the reasons they might have wanted. As COVID-19 spread and the world battled the pandemic, Mr Schwab and the WEF, not to mention regular delegates such as

The energy watchdog must step in to penalise price-gouging behaviour by energy suppliers, according to the head of the lobbying group representing thousands of pubs, restaurants, hotels and gyms across Britain. In a letter to the chief executive of Ofgem from Kate Nicholls, the boss of UK Hospitality, which has been seen by Sky News,

Sainsbury’s has apologised for a clothing advert that was heavily criticised online for appearing to ignore women’s safety. The supermarket said it had axed the in-store poster, which features a woman wearing a £24 wrap dress and reads “For walks in the parks or strolls after dark”. Social media users pointed out that walking in

Land Securities Group, the FTSE-100 property owner, is lining up one of Britain’s most prominent boardroom figures as its next chairman. Sky News has learnt that Sir Ian Cheshire, the chairman of Channel 4 and Spire, the private hospital operator, has emerged as the leading candidate to replace Cressida Hogg as Landsec’s chairman. People close

Attempts to settle public sector pay disputes have been undermined by “spiteful” anti-strike legislation tabled by the government this week, the UK’s senior union official has told Sky News. Paul Nowak, general secretary of the Trades Union Congress (TUC), vowed to fight the proposed laws “tooth and nail”, and questioned whether ministers negotiating with public

Good news has been in such rare supply in economics recently that it’s worth dwelling on it when it arrives. This morning, on Friday 13th of all days, the Office for National Statistics (ONS) announced that the economy had grown by 0.1% in November. This is hardly especially strong gross domestic product growth, but it’s