Business

The owner of the largest pipeline system in the North Sea has warned the future of domestic production is in doubt due to the severity of UK windfall taxes. Sir Jim Ratcliffe, who is Britain’s richest man and whose Ineos business owns the Forties oil and gas pipeline, said the tax rate applied to North

Supermarket fuel prices were roughly 5p more expensive per litre in 2022 than pre-pandemic levels, an investigation by the competition watchdog has found. The Competition and Markets Authority (CMA) has said that factors beyond the invasion of Ukraine have impacted the price customers are paying at the pumps and weak competition has helped drive increases.

Britain is at risk of forgetting “how to do things for ourselves”, the home secretary will warn, as she increases pressure on Rishi Sunak to cut net migration. The home secretary will use a speech at the National Conservatism Conference today to call for the Conservatives to renew their 2019 manifesto commitment, which promised “fewer

A retirement savings platform which previously secured backing from Legal & General will this week unveil a $95m (£76m) fundraising led by a New York-based private equity investor. Sky News has learnt that Smart, which was founded in 2014, will announce the capital raise on Monday. It will be led by Aquiline Capital Partners, which

Lord Tyrie, the former chair of the competition watchdog and architect of many of Britain’s post-financial crisis banking reforms, is among the candidates vying to head Ofgem, the under-fire energy regulator. Sky News has learnt that Lord Tyrie has put his name forward to replace Professor Martin Cave, who is due to step down as

Striking rail workers have vowed to continue walking out until the government “unblocks” their pay dispute on the second day in a row of cancellations. There are 14 rail operators affected by strike action by the RMT union on Saturday – the day of the Eurovision finale in Liverpool – after a separate walkout by

Virgin Orbit has pushed back the deadline for rescue bids as the commercial satellite venture founded by Sir Richard Branson scrambles to avert bankruptcy. Sky News has learnt that the company and its advisers have told would-be buyers of the company that they must now submit final offers by May 19, several days later than

For all its seaside delights, Margate in Kent is one of the most deprived parts of the UK. Amid the cost of living crisis, many families are struggling to make ends meet. Falling ill can become a headlong plunge into poverty – as Kyra Lloyd, a 25-year-old shop assistant, discovered when she began experiencing agonising

Mike Lynch, the British software tycoon, has been extradited to the US weeks after losing a long-running legal battle against the move. Sky News understands that Mr Lynch arrived in San Francisco on a United Airlines flight on Thursday lunchtime, paving the way for the former Autonomy chief to be tried on criminal charges. One

The governor of the Bank of England has told Sky News he expects inflation to fall “rapidly” in just weeks – but warned two thirds of the pain from interest rate rises is yet to come. Andrew Bailey made the comments after interest rates were increased for a record-breaking 12th successive time, lifting the cost

The Bank of England has raised interest rates for a record-breaking 12th successive meeting, lifting the cost of borrowing to 4.5% and warning that inflation would be higher this year than it previously anticipated. The Bank’s Monetary Policy Committee said that there would be no recession this year, upgrading its economic growth forecasts by more

It’s an ugly word for an ugly phenomenon. ‘Greedflation’ is the new buzzword in economics. The thesis is quite simple. While a certain chunk of the inflation we’re currently living through can undoubtedly be put down to higher energy prices and a chunk put down to higher wages as employers pass those costs onto their

Prices have increased at the world’s largest holiday company and are now “notably higher” than just three months ago. The average selling price at Tui has increased 5%, which the company has described as “notably higher” than the 2% price increase reported in the first three months of its 2023 financial year. In its half-year

Ryanair has ended a price feud with Boeing to confirm a deal for 300 new planes which, the no frills carrier said, was a record US order by an Irish company. Europe’s largest airline by passenger numbers said it was buying 150 737 MAX 10 aircraft with an option for a further 150 for delivery

One of Britain’s biggest companies has warned that the UK risks squandering its lead in one of the most important green technologies because of the government’s reluctance to support its companies. Johnson Matthey, the chemicals and metals company which is currently responsible for most of the world’s catalytic convertors, told Sky News it has intellectual

The chief executive of Royal Mail is in advanced talks to leave the company just weeks after his credibility was questioned by MPs investigating the performance of the former state-owned monopoly. Sky News has learnt that the board of International Distributions Services (IDS), Royal Mail’s London-listed owner, could announce as soon as this week that

The first cannabis company to stage an IPO on the London Stock Exchange will this week install a City veteran as its chairman and unveil a multimillion pound fundraising. The first cannabis company to stage an IPO on the London Stock Exchange will this week install a City veteran as its chairman and unveil a

The billionaire petrochemicals tycoon Sir Jim Ratcliffe is proposing a full buyout of Manchester United Football Club after three years if he succeeds with a £5bn offer to take control of the Old Trafford outfit. Sky News has learnt that the Ineos billionaire’s takeover bid includes put-and-call arrangements which would become exercisable in 2026, and

Adidas has reported a drop in sales but better than expected profits in the wake of its high-profile split from shamed rapper and fashion designer Kanye West. The sportwear company said the loss of his Yeezy trainers brand was “hurting” the business but it pointed to some of the pain being eliminated by a recovery

The crisis-hit CBI has drafted in a business ethics consultancy to aid a review of its culture four weeks before a meeting of its membership that will determine its future. Sky News can reveal that Rain Newton-Smith, the new CBI director-general, has signed off the appointment of Principia following an exodus of corporate backers two