Business

The owner of the Premier Inn hotels chain faces a pay row for a second successive year after voting advisors opposed its decision to award bonuses to executives despite receiving government support during the pandemic. Sky News understands that Whitbread, the FTSE-100 leisure group, is engaged in discussions with leading investors aimed at heading off

Shell’s North Sea Jackdaw gas field has received final regulatory approval. It comes as the government tries to boost domestic energy output in an effort to shield the UK from the market volatility caused by Russia’s invasion of Ukraine. Business and Energy Secretary Kwasi Kwarteng said: “Jackdaw gas field – originally licensed in 1970 –

Frasers Group, the shopping empire founded by Mike Ashley that owns House of Fraser and Sports Direct, has swooped in to save Missguided from collapse. The company has acquired the embattled online retailer for £20m. Frasers Group bought all of the related intellectual property of the women’s fashion brand after Missguided announced on Monday it

Shop prices grew at the fastest rate in more than a decade during May, spurred on by rapidly-accelerating food inflation. The figures come from the latest BRC-NielsenIQ Shop Price Index, which looks at baskets of food and non-food items and measures the change in price over time. It found that retail price inflation was 2.8%

Average petrol prices have reached a new record high of 173.02p a litre, figures show, after an EU ban on Russian oil imports. Fuel prices have been setting record highs every few days in recent weeks, as the supply of gasoline dries up at a time when demand is starting to gain speed. The increase

Roman Abramovich has completed the sale of Chelsea Football Club to a group led by American businessman Todd Boehly and investment firm Clearlake Capital. Mr Boehly, 48, fought off 11 serious rivals to clinch the £4.25bn deal. In a statement, the club said sanctions imposed on Mr Abramovich following Russia’s invasion of Ukraine had presented

Oil prices hit their highest level in more than two months on Monday morning as EU officials gathered in Brussels to debate the best way to ban Russian oil imports. The move faces some opposition from the likes of Hungary, leaving energy markets waiting to see if a deal could be reached. Nevertheless, international oil

Foxtons has raided rival London estate agent Chestertons to poach its chief executive as it faces pressure from activist shareholders to sell the company. Sky News has learnt that Foxtons has decided to appoint Guy Gittins as its new boss, replacing Nic Budden, who has run the business for nearly eight years. Foxtons could announce

The consumer goods giant which owns a controlling stake in David Beckham’s portfolio of branded products is racing to finalise a £300m takeover of Ted Baker, the London-listed fashion retailer. Sky News has learnt that Authentic Brands Group (ABG), is the preferred bidder for Ted Baker and has indicated that it is willing to pay

Shell has said the chancellor’s windfall tax “creates uncertainty” about investing in oil and gas in the North Sea. The tax was announced by Rishi Sunak as part of a £21bn support package aimed at helping people cope with the rising cost of living. The measure will see oil and gas firms pay a 25%

The chancellor’s cost of living package lowers the risk of a recession, leading economists have said. In its latest forecast, the Bank of England said that growing pressure on household finances will lead to a deep economic downturn, suggesting that gross domestic product, the most comprehensive measure of economic growth, will contract by nearly a

One of the government’s most loyal ministers has warned that a windfall tax on oil and gas companies will not be “economically cost-free”. The tax was announced by Chancellor Rishi Sunak as part of a £21bn support package aimed at helping people cope with the rising cost of living. But Jacob Rees-Mogg, the minister for

Eight million of the poorest UK households will receive a one off “cost of living payment” of £650 – and there will be an effective windfall tax on the profits of oil and gas companies, the chancellor has announced. Rishi Sunak said the package of support for households is worth over £5bn and will come

Chancellor Rishi Sunak is expected to bow to pressure to impose a windfall tax on energy companies when he sets out the government’s latest plan to tackle the cost of living crisis later. Although not confirmed, Treasury sources have also not denied reports that he will scrap the requirement to repay the £200 discount on

Volkswagen (VW) has reached a £193m settlement with UK drivers involved in a class action lawsuit over the so-called dieselgate scandal in 2015. The German carmaker, which had refused to compensate the owners of diesel models affected in the UK citing EU law, faced claims brought on behalf of 91,000 people by several legal firms.

The sale of Chelsea FC has been given approval by the UK government following the proposed takeover by the Todd Boehly / Clearlake Consortium. In a statement the government said it had “reached a position where we could issue a licence that permits the sale” of the club. “We are satisfied the proceeds of the

The UK’s energy price cap is expected to rise in October to around £2,800, Ofgem’s chief executive says. The cap which applies until 31 September is currently £1,971 a year, which was itself a 54% or £693 rise from the previous cap six months earlier. Ofgem chief executive Jonathan Brearley has told the Business, Energy

UK private sector growth is the weakest it has been since last year’s winter lockdown, as the cost of living crisis hits consumer demand. The closely-watched S&P Global / CIPS Flash UK Purchasing Managers Index (PMI) hit 51.8 in May – a 15-month low and down from 58.2 in April. Anything above 50 is considered

The governor of the Bank of England has hit back at criticism that its decisions have contributed to the highest inflation in 40 years. Andrew Bailey said he “rejected” the argument made by a predecessor, in an interview with Sky News, that the Bank of England and other central banks including the Federal Reserve and

The cost of living crisis is causing “anxiety and uncertainty” for millions – but apps to help “feel a bit more in control” amid soaring prices can save you money, a consumer expert has told Sky News. Inflation reached 9% in April – its highest level in 40 years, further pushing up the cost of