Business

The company behind the controversial Cambo oil field has said work on the project is being paused – after oil giant Shell pulled out last week. Siccar Point, which owns 70% of the North Sea project off Shetland, said it would now “evaluate next steps”. The project has become a focal point for campaigners seeking

Chancellor Rishi Sunak has warned of “bumps on our road to recovery” as new figures showed growth stalled even before the arrival of the Omicron variant. GDP grew by just 0.1% in October, well short of the 0.4% expected by economists and a big slowdown on September’s 0.6% expansion, the Office for National Statistics (ONS)

The government is facing increasing calls to step in and support businesses affected by new “plan B” COVID measures – which include working from home guidance and vaccine passports for some venues. Trade union GMB said it backed the reintroduction of a furlough scheme if the new measures threaten jobs. Industry body UK Hospitality has

The owner of House of Fraser and Sports Direct has warned of a “shadow of uncertainty” cast by latest COVID-19 fears as well as the potential impact of a cost of living squeeze on consumers. Frasers Group reported a sharp rise in half-year sales and profits compared to a period last year affected by lockdown

The prospect of new Plan B COVID-19 restrictions has sent the pound to a one-year low and stirred dismay in the leisure and travel sectors. Sterling dropped below $1.32 against the US dollar to its lowest level since December last year while the UK currency also slid against the euro. In stock markets, travel and

The Mercedes Formula One team, which includes Sir Lewis Hamilton in its driver line-up, has confirmed it has ended its controversial tie-up with a company that made some of the insulation used in Grenfell Tower. In a statement, it said: “The Mercedes-AMG Petronas F1 Team and Kingspan today announced that they have mutually agreed to

Asda has joined Tesco, its biggest rival, in facing the prospect of strike action ahead of the key Christmas trading season. The GMB union said it was launching a consultative ballot – due to close on 20 December – over the supermarket chain’s decision not to give distribution staff a “meaningful” pay offer. It added

The head of a select committee has reacted with incredulity after an energy boss blamed the way the wind blew for exacerbating problems caused by a devastating storm that cut off supplies to parts of the UK. Paul McGimpsey, director of regulation at the Energy Networks Association (ENA), told MPs on the business energy and

Inflation looks set to “comfortably exceed 5%” next spring as a likely energy bill hike for millions of households takes effect, the Bank of England’s deputy governor has said. Ben Broadbent made the remarks amid questions about whether the Bank may act soon to tackle rising prices with an interest rate hike – or be

The CBI has cut its forecasts for economic growth thanks to costs and shortages over recent months – and warned that the emergence of the Omicron variant could see it dragged back further. UK GDP is now expected to notch up a still strong 6.9% growth this year and 5.1% in 2022 – but that

Paul Pester, the former TSB Bank chief executive, is joining Britain’s fintech frenzy by launching the first UK-based social networking app enabling friends and family members to share money. Sky News has learnt that Mr Pester has teamed up with Anthony Thomson, the Metro Bank and Atom Bank founder, and former CompareTheMarket chief Matthew Donaldson

Airline operators have said the return of pre-departure coronavirus tests for all international arrivals to the UK will be a “devastating blow for aviation and tourism”. The rule is being introduced to tackle the spread of the Omicron variant and applies to all travellers over the age of 12 visiting the UK or returning from

Jan du Plessis, the former chairman of BT Group and a host of other FTSE-100 companies, is a leading candidate to chair Britain’s audit watchdog as it prepares for a radical shift in its oversight of corporate Britain. Sky News has learnt that Mr du Plessis, who stepped down as BT’s chairman this week after

The parent company of Boots, Britain’s biggest high street chemist, is to explore a sale of the business next year that could value it at well over £5bn. Sky News has learnt that Walgreens Boots Alliance (WBA) is lining up Goldman Sachs, the Wall Street bank, to advise it on a review of options that

A member of the Bank of England committee which sets interest rates has backtracked on his support for a hike, saying he wants to see data on how the new Omicron COVID variant affects the UK’s economic recovery. Michael Saunders warned that a delay in raising rates could result in a more painful tightening being

America’s Federal Trade Commission (FTC) is suing to block the $40bn takeover of UK chip designer Arm Holdings by America’s Nvidia. The US watchdog said the deal would give Nvidia, one of the world’s largest chip companies, control over technology and designs that rival firms rely on to develop their own chips. It is the

The EU has fined banks, including Barclays, NatWest and HSBC, a total of €344m (£293m) for roles in an alleged foreign exchange spot trading cartel on a chatroom named “Sterling Lads”. The European Commission said the UK-based banks agreed to settle the case, alongside UBS which avoided a penalty because it had blown the whistle

Business owners across the hospitality industry say COVID rule changes are already having a “chilling” impact on bookings. Many who have survived 20 months of lockdowns and restrictions as well as a “lost” Christmas last year, say a strong festive period this year is essential to their survival. Data from reservations website OpenTable also suggests

House prices unexpectedly returned to double digit growth last month as the property market kept up its “extremely buoyant” pace, new figures show. Prices in November were 10% ahead of the same month last year, according to an index published by lender Nationwide – up slightly from 9.9% in October and beating expectations that growth

Facebook’s owner Meta has been issued a legally binding order to sell the GIF library Giphy after an investigation found the takeover “could harm social media users and UK advertisers”. The Competition and Markets Authority (CMA) launched an in-depth investigation into the deal in April after raising a number of concerns. It subsequently warned of