Business

A food industry research body has warned that grocery inflation is due to accelerate over the summer, with higher prices expected to persist to mid 2023. The Institute of Grocery Distribution (IGD) saw a peak for food inflation of 15% in the coming months led by meat, cereal, dairy, fruit and vegetable products. The study

The UK is heading for a recession, Lord Hammond has warned, saying “all the data points that way”. The former chancellor told Sky News the country faces a “very, very difficult period ahead in the short term”. He said he thinks the UK economy will slow down quite sharply in the autumn. Lord Hammond said

Eight million households will start receiving cost-of-living payments from 14 July, the government has said. Low-income households on benefits will get £326 next month as part of a £21bn support package to help with soaring bills, which was announced last month. Another £324 will hit their accounts in the autumn, according to the Department for

A consumer rights expert has hit out at the aviation regulator while accusing airlines of presiding over a ‘blatant flouting of consumer rights’ following the recent flight chaos. Sue Davies, head of consumer rights at consumer group Which?, told the Business, Energy and Industrial Strategy Committee (BEIS) committee of MPs there were serious, historic, failures

The latest employment figures show inflation taking a bigger bite out of regular pay and an unexpected jump in the jobless rate as people seek to better shield themselves from the cost of living crisis. The Office for National Statistics (ONS) reported that the jobless rate rose to 3.8% in the three months to April

Concerns about inflation and slowing economic growth have triggered a sharp sell-off in financial markets. The FTSE 250 fell to its lowest level in three months on Monday after data showed the UK’s economy unexpectedly shrank by 0.3% in April. The domestically-focused mid-cap index was down 2.6%, while the FTSE 100, which is made up

There has been no let up in the pace of fuel price increases, with pump costs hitting new record levels over the weekend, according to the latest figures. Data from Experian Catalist showed the average cost of a litre of unleaded hit 185.04p on Sunday while diesel – the engine of the UK economy –

The government has ordered an “urgent” review by the competition regulator into the fuel market after pump prices hit new record highs. Business Secretary Kwasi Kwarteng said in a letter to the Competition and Markets Authority (CMA) that there was “widespread concern” about the pace of price rises and public frustration that a cut in

Agency workers could be called in to replace striking rail staff, according to a report. Labour’s Tony Blair introduced a restriction on using agency staff to stand-in for striking workers when he was prime minister. But Transport Secretary Grant Shapps told The Sunday Telegraph that ministers are looking at ways to repeal this. It comes

One of the candidates snubbed in the recent race to chair Ofcom, the media regulator, is being considered to oversee a government-commissioned review of the BBC’s future funding. Sky News has learnt that Lord Gilbert of Panteg, the former chair of the House of Lords communications and digital committee, is among a list of names

Lenders to Matalan, one of Britain’s biggest budget retailers, are preparing for crunch talks about the chain’s future financing against a backdrop of soaring inflation and deepening economic gloom. Sky News has learnt that Matalan’s senior bondholders are lining up Perella Weinberg Partners to advise them on their options with a £350m repayment due to

More than half of UK households have cut down on their energy usage as a result of the cost of living crisis, new data suggests. A survey carried out by the Office for National Statistics (ONS) revealed that 52% of Britons are using less gas and electricity in a bid to cut down costs. The

The boss of Wizz Air is facing a backlash from unions, including pilots’ representatives, after he urged fatigued staff to go the “extra mile” as the industry battles flight cancellations caused by staff shortages. Jozsef Varadi made his remarks to workers after the company warned of fare increases ahead following the publication of financial results

The £100 tank of unleaded petrol is another milestone on the relentless upward path of fuel prices. Watching the price click in to three figures for the first time will draw the breath of anyone filling the 55-litre tank of a family saloon. But whichever way you count it, prices have been kicking consumers in

The cost of filling the average family car with petrol is tipped to have exceeded £100 for the first time, when industry figures are released later on Thursday. The price of fuel has been a major component of the cost of living crisis from the off, with diesel – the engine of the UK economy

Rishi Sunak has been urged by one of the world’s leading economic authorities to cut taxes or raise spending in the face of looming stagnation next year. The UK is poised for the weakest economic growth in the developed world next year, according to new forecasts from the Organisation for Economic Co-operation and Development. In

Wizz Air has reported a financial loss of €642.5m (£546.5m) for the year but has promised extra resources to minimise the disruption seen across the aviation industry in recent weeks. Airlines in the UK and across Europe have been struggling to keep up with demand as travel returns to normal for many holiday destinations for

Fossil fuel giant Equinor has told Sky News it is not investing as much money as it ought to in renewable forms of energy. The Norwegian state-owned oil major spent around 8.6% of its capital expenditure on renewables in 2020, according to analysis by Capital Economic for campaigners Uplift – more than the industry average

The London Metal Exchange (LME), one of the world’s most important commodity trading hubs, is being sued by a US hedge fund for $456m (£363m). The lawsuit, filed by Elliot Management at the High Court in London last week, alleges that the LME acted “unreasonably and irrationally” when it decided to cancel trading on a

Retailers, along with pubs and restaurants, have enjoyed a “welcome boost” from the four-day weekend celebrating the Queen’s Platinum Jubilee, according to two measures of consumer spending. Early data covering sales and the volumes of people out and about for the public holiday suggested Britons spent heavily on having fun with friends and family following