Business

NatWest Group, the taxpayer-backed lender, is to start a search for a successor to Sir Howard Davies, the City grandee who has chaired it for the last seven years. Sky News has learnt that NatWest’s board has kicked off internal discussions about the launch of a process to fill what was once one of the

The cost of a homemade G&T could become more expensive as the price of popular tonic waters soars. The price of mixers made by brands such as Schweppes and Fever-Tree has increased sharply over the last month, according to shop price data from the research firm Assosia. Quoting the report, The Guardian said the price

The government has been warned it is falling dangerously behind in its plans to build a British battery industry, with manufacturing capacity forecast to be barely half the needed level by the end of the decade, according to internal documents seen by Sky News. The dossier of figures submitted to the Department for Business, Energy

US inflation has surged to its highest level in four decades according to new figures that add to pressure for interest rate hikes in the world’s biggest economy. Consumer price inflation climbed to 7.5% in January according to America’s Bureau of Labour Statistics (BLS), intensifying a squeeze on consumers and wiping out the value of

The economy grew at its best annual pace on record in 2021 despite a December hit from measures to control the spread of the Omicron COVID variant, early official estimates have revealed. Data from the Office for National Statistics (ONS) showed the pace of growth between October and December – the fourth quarter – was

Unilever, the consumer goods giant behind brands including Marmite and Magnum ice creams, has signalled that shoppers face further price increases as its own costs continue to rocket. The company, which said it was to cut 1,500 jobs in a global reorganisation just last month, used the publication of its annual results to estimate that

Workers seeking wage rises and firms trying to maintain profits in line with inflation could help sustain a spiral of prices and force further rate rise action, a top Bank of England official has warned. The Bank’s chief economist Huw Pill said officials expect these so-called “second round” effects to be contained but that if

Higher costs, more paperwork and border delays have been “the only detectable impact so far” of Brexit for British businesses, according to a new report by MPs. Trade volumes have been suppressed since the end of the transition period in December 2020 – though the COVID-19 pandemic and wider global issues were also key factors,

The energy regulator has told MPs that it estimated around £200m in household credit balances was lost through the failures of energy companies over the past year – with up to £10 set to be added to rocketing bills as a result. Ofgem chief executive Jonathan Brearley made his remarks as the business, energy and

Oil giant BP has announced plans to “accelerate the greening” of the company while revealing its highest annual profits for eight years on the back of surging oil and gas costs. The firm said underlying profits came in at $12.8bn for 2021 on the back of $5.7bn loss over the previous 12 months. The performance

Asda said it had “taken on board” comments by food poverty campaigner Jack Monroe as it announced it would stock low-price ranges in all of its 581 stores. Ms Monroe had highlighted, in a series of recent tweets, the lack of availability of many of the supermarket chain’s “Smart Price” products. Asda currently stocks 150

Plans for a crackdown on “cowboy” parking firms will cap many fines at £50 and introduce a new code of conduct to better protect motorists, according to the government. Ministers said that millions would benefit from an overhaul following years of complaints over unfair and extortionate charges. The package of measures will see the majority

The business secretary has again ruled out the prospect of the government cutting VAT on energy bills to provide further support as the cost of living continues to rise. Kwasi Kwarteng told Sky News the move would be “quite regressive” because “rich people will benefit just as much as people on lower incomes”. “That’s not

Downing Street is in talks with Macquarie Group, the Australian lender, to secure a headline-grabbing £10bn investment in British infrastructure that would represent one of the largest-ever such commitments by an overseas company. Sky News has learnt that officials at Number 10 have been negotiating with executives at the bank about the plan – which

The power industry is concerned some companies could be making massive profits on the occasional days when renewable electricity generation slumps. Generators which step up to fill those gaps are charging record prices to “balance” the supply of electricity as our power grid rapidly shifts towards net-zero. The costs are paid by the industry, but

The boss of British Gas owner Centrica has warned that household bills could see a further increase in the autumn on top of the 54% hike set to take place in April. Chief executive Chris O’Shea told Sky News that “nobody really knows” where the wholesale costs of energy – which are running about four

Bank of England governor Andrew Bailey has suggested that workers should not ask for big pay rises as it battles surging inflation. The Bank has acted to combat accelerating price growth by hiking interest rates to 0.5%. But if employees ask for wage increases to match the cost of living its task could be made

Households will be left in “deep peril” and older people will be “badly shaken” by the rise in energy bills, charities have warned. On Thursday, energy regulator Ofgem announced prices are set to soar by 54% for 22 million households from the beginning of April, adding £693 to the annual costs of a typical household.

Millions of households will see their energy bills rise to a typical £1,971 a year after regulator Ofgem increased its price cap by 54%. The increase, which will on average see bills for 22 million customers on variable gas and electricity tariffs rise by £693, will take effect in April and follows a 12% rise

The energy regulator will reveal this morning the extent of the additional financial pain households face through its revision to the price cap. Ofgem is expected to confirm a rise from 1 April of up to 50% – about £700 – taking a typical annual bill for gas and electricity up towards the £2000 mark.