Britain’s economy grew stronger than expected in November before the Omicron variant struck, bouncing back for the first time above pre-pandemic levels. The Office for National Statistics (ONS) said gross domestic product (GDP) had risen 0.9% during the month, up from a just 0.1% rise in October. Analysts had predicted a 0.4% rise in November.
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An estimated 3% of the UK workforce was off work in late December while a fifth of businesses reported increased cancellations over the past month amid the surge in the Omicron variant, according to data released by the Office for National Statistics (ONS). The number-crunchers reported that 21% of firms had seen a rise in
Ovo Energy, the UK’s third-largest household supplier, has informed staff of its decision to cut its workforce by a quarter. Sky News reported on Wednesday evening that 1,700 roles were to be axed in a bid to save money as the industry battles crippling rises in the cost of raw energy, especially gas, that have
Ovo Energy, the UK’s third-biggest gas and electricity supplier, is to cut a quarter of its workforce as part of a restructuring aimed at saving costs amid the deepening industry crisis. Sky News has learnt that Ovo could announce details of its plans as soon as Thursday, with roughly 1,700 out of 6,200 roles expected
Former directors of Thomas Cook, one of Britain’s biggest travel companies, are to be formally cleared of wrongdoing by the government’s bankruptcy watchdog after a probe lasting more than two years. Sky News has learnt that the Insolvency Service has concluded its investigation into the collapse of Thomas Cook, which was forced into compulsory liquidation
The World Bank has warned of a “pronounced slowdown” in global growth as threats from new COVID-19 variants and cost of living pressures bite. It also pointed to the risks of debt and income inequality as it stressed in particular the risk to emerging and developing economies. The warning came as separate figures showed inflation
Heathrow Airport has called for all coronavirus testing to be dropped for fully-vaccinated people while revealing that “at least” 600,000 passengers cancelled flights during the key holiday month of December. The UK’s largest airport said “swiftly imposed” action during the month to tackle the Omicron variant in the run-up to the festive season prompted uncertainty
A residential energy supplier part-owned by a Cheshire local authority is lining up administrators amid suggestions that it could collapse as soon as this week. Sky News has learnt that Together Energy, which serves about 170,000 homes, is preparing to call in insolvency practitioners from FRP Advisory, the London-listed restructuring firm. One energy industry executive
The chief executive of Rolls-Royce Motor Cars (RRMC) has told Sky News the company expects to continue to be immune from the global shortage of semiconductors holding back the wider car industry. Torsten Müller-Ötvös was speaking after the BMW-owned but Goodwood-based luxury marque revealed a record set of annual sales figures for 2021 – the
With lots of focus on the current cost of living crisis, new data for Sky News reveals which professions have been most affected. UK wage data from hiring website Indeed shows that only a few jobs have experienced wage increases far higher than inflation since the start of the pandemic. Those with the highest pay
WH Smith has kicked off a search for a new chairman as the high street and travel hub-focused retailer continues to grapple with the impact of the pandemic. Sky News understands that headhunters advising the chain have begun approaching prospective replacements for Henry Staunton, who has chaired the business since 2013. Mr Staunton, a former
The British company which has orchestrated a torrent of retail share placings for cash-strapped companies during the pandemic is in advanced talks to sell a big stake to the world’s largest technology investor. Sky News has learnt that PrimaryBid is close to finalising the details of a $150m (£110m) funding round that will be led
Eyewitness: Remembering a job done By James Matthews, Scotland correspondent Hunterston is a human story too. It showed in the gathering of around a dozen former employees who lined the approach road to watch this nuclear power station, their station, breathe its last. The 40-second rapid release of steam into the cold January air was
The US jobs recovery stalled at the end of last year even as official figures confirmed annual record growth in employment numbers. Closely-watched data from America’s bureau of labour statistics (BLS) showed the world’s biggest economy added 199,000 jobs in December – well short of the 400,000 figure pencilled in by forecasters. Experts said a
Oil and gas companies operating in the UK’s North Sea are expected to report “near record” income in 2021 and 2022 as the price of energy skyrockets. Wood Mackenzie analysis says that UK oil and gas operators are projected to record around $17bn in cash flow for last year, and approximately $18bn this year. Such
Annual house price growth hit 9.8% last month as the market “defied expectations” in 2021 – but growth is likely to slow considerably in the coming year, Halifax said. The increase was the biggest since July 2007, according to the lender, as prices rose month-on-month by 1.1%. It is the latest confirmation of a buoyant
The scrapping of pre-departure coronavirus testing for people arriving in the UK has resulted in a leap in interest in international travel, companies have reported. The measure, which was introduced in the run-up to Christmas to combat the Omicron variant, will be withdrawn from 4am on Friday across the UK now Scotland has decided to
Fashion retailer Next has set out plans to hike its prices by as much as 6% over coming months as costs soar partly thanks to labour shortages pushing up wages. The group, which published a trading update showing better than expected revenues over the Christmas period, also cited higher shipping and manufacturing costs. A hike
Boris Johnson’s government is set to announce new measures to help with rising energy bills within the next month. Ministers across government have now concluded that “something needs to be done” on energy bills ahead of a 1 April rise, although they have not yet determined what form this assistance will take. This means the
A local authority-backed energy supplier with 170,000 customers faces collapsing within weeks as a last-ditch search for new funding nears its end. Sky News has learnt that Together Energy, which is 50%-owned by Warrington Borough Council, is likely to run out of money later in January without an emergency capital injection. A source close to