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

Almost 1.5 billion fewer pints were sold in British pubs in 2021 than in 2019, according to the British Beer and Pub Association. The BBPA said pub beer sales were down 38% in 2021, with an on-trade loss of £5.7bn from beer sales alone. In 2020, trading was down 55% compared to pre-pandemic levels. Speaking to

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

Around three quarters of firms say they are putting up prices in response to surging costs such as wages, energy and raw materials, according to a new survey. The British Chambers of Commerce (BCC), which conducted the poll, said it highlighted the intense pressure creating a “cost of doing business crisis” for firms across the

LV= has revealed that it has pulled out of merger talks with mutual life rival Royal London amid the bitter fallout from LV’s failed takeover by US private equity last year. Royal London, which had been accused by LV of trying to “destabilise” its £530m deal with Bain Capital through a rival offer before the

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,

At last November’s Glasgow climate talks COP26, many analysts predicted the cost of electric vehicles were set to plummet in the next few years. Then in December, the government cut down the grant for buyers of electric vehicles. So will they still soon be much cheaper? In short, yes. Here’s why. Please use Chrome browser

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

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

House prices hit a record high last month, according to a report which warned that barriers to ownership – especially among young people – will become “more acute” in the coming months. The index, compiled by Halifax, showed average prices were 9.7% – or £24,500 – up over the 12 months to the end of

The worst of rising food prices is “yet to come” with a potential 5% surge in spring, the chairman of Tesco has warned. It is the latest bad news amid a growing cost of living crisis driven by rocketing energy prices and tax increases the government will introduce in April. It follows business secretary Kwasi

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

It is hard to think of another day – certainly one outside a recession – when so much bad economic news came in one single torrent. Energy bills up by £700 (with more to come thereafter), interest rates raised, inflation set to exceed 7% for the first time in a generation and now households expected