Business

Coronavirus measures that forced scores of workers to self-isolate contributed to a bigger than expected slowdown in economic growth in July, according to the UK’s largest business lobby group. The CBI issued its verdict after the Office for National Statistics (ONS) charted a rise in output of just 0.1% over the month following a 1%

Britain’s economic recovery is expected to slow over coming months thanks to staff shortages and supply chain disruption, according to a new forecast from a leading business group. Official figures show UK GDP grew by 4.8% in the second quarter but the British Chambers of Commerce (BCC) predicts this will slow to 2.8% in the

Ministers agreed to bow to pressure from Australia to drop binding commitments to the Paris climate change agreement from the UK-Australian trade deal, a leaked government email obtained by Sky News has revealed. Liz Truss, the trade secretary, and Kwasi Kwarteng, the business secretary, decided the government could “drop both of the climate asks” from

Halfords has become the latest big name company to report a hit to sales from supply chain disruption, warning its struggles may take time to overcome. The bikes-to-car parts and servicing retailer said like-for-like cycling sales were down by almost 23% in the 20 weeks to 20 August compared to the same period last year.

Boris Johnson is expected to raise national insurance by about 1.2% to pay for a pledge to end the “catastrophic costs” of social care – but Vaccines Minister Nadhim Zahawi says it would be “arrogant” to suggest the problems can definitely be fixed. Tory MPs claim the move amounts to a £10bn tax raid. Mr

The Treasury risks becoming engulfed in a fresh lobbying row after one of its top civil servants quit to take an executive post at Barclays. Sky News has learned that Katharine Braddick has tendered her resignation as the Treasury’s director-general for financial services – a job she has held since 2016. A senior banking industry

Luke Johnson, one of Britain’s best-known leisure entrepreneurs, is adding to his collection of e-commerce businesses by snapping up a leading online retailer of musical instruments. Sky News understands that Risk Capital Partners, Mr Johnson’s investment vehicle, has agreed to buy GAK, which trades from a flagship store in Brighton, West Sussex. The terms of

Almost 50 stores per day closed down across the UK during the first half of the year, research suggests. Some 8,739 outlets went out of business across high streets, retail parks and shopping centres between January and June, figures from the Local Data Company suggest. But 3,488 opened during the same period, resulting a net

Manchester United Football Club is closing in on the appointment of an internal successor to Ed Woodward, its long-standing boss. Sky News has learnt that the club’s New York-listed parent company could announce within weeks that Richard Arnold, Manchester United’s group managing director, will take over from Mr Woodward. One insider said that a statement

The US added far fewer new jobs this past month than anticipated, as a resurgent COVID-19 fuelled by the more transmissible Delta variant strikes hard across less vaccinated states. According to data published on Friday, American employers added 235,000 jobs in August, well short of the 728,000 expected by economists – and down from just

Retail giant Ikea says at least 1,000 of its product lines have been disrupted by the shortage of lorry drivers. It is the latest company to be caught up in the supply chain chaos currently affecting the UK. The firm said in a statement that a “perfect storm of issues, including the disruption of global

Price rises for consumers are “inevitable” as a consequence of the HGV driver shortage, the boss of Iceland has warned. Almost 50,000 drivers have left the road in the last two years, leaving retailers, suppliers, and hauliers competing for a diminished pool to supply clients. The scramble for supplies has led to sharp increases in

The recruitment industry has warned that the end of the furlough scheme this month is unlikely to put much of a dent in the UK’s record number of job vacancies, in the short term at least. The latest jobs recovery tracker from the Recruitment and Employment Confederation (REC) showed there were 1.66 million jobs on