Business

One of the only facilities in the world that uses carbon capture and storage technology to reduce the emissions of hydrogen production has the same carbon footprint as 1.2 million petrol cars, according to a new report seen exclusively by Sky News. In a first-of-its-kind investigation into the plant, which is owned and operated by

Wetherspoons boss Tim Martin said he was “breakdancing round my living room” after COVID-19 restrictions were eased – amid signs of a return to normal trading from a number of businesses. Mr Martin made the comments to Sky News a day after his company revealed a slump in sales over the Christmas period blamed on

The governor of the Bank of England has voiced “concern” that inflationary pressures in the UK economy could prove more stubborn than it expected. Andrew Bailey told a committee of MPs a key element of this was market forecasts since Christmas of higher than normal natural gas costs through 2023 as households and businesses grapple

Inflation climbed to 5.4% last month, its highest rate since March 1992, as Britain’s cost of living squeeze intensified, official figures show. The consumer price index (CPI) measure of inflation, up from 5.1% in November, was higher than economists had expected. It comes a day after official data showed wage rises for UK workers are

Households in Britain could soon be spending more of their money on energy than any previous generation, including during the oil shocks of the 1970s and ’80s, according to Sky News analysis. If the energy price cap rises in line with current wholesale prices, by the end of the year the share of family expenditure

UK workers saw their wage rises wiped out by surging inflation late last year, official figures show. Weekly earnings – excluding bonuses – rose by 3.8% in the three months to November compared to the same period a year earlier, according to the Office for National Statistics (ONS). But with inflation climbing to a ten-year

Amazon has announced that it will not stop accepting Visa credit cards for UK payments later this week as had been planned. In an email to customers, the online retailer said it was “working closely with Visa on a potential solution”. The move had been due to take effect on 19 January with Amazon blaming

Credit Suisse’s chairman has resigned just nine months into the role after breaching COVID-19 quarantine rules – in fresh controversy for the global investment bank as it recovers from a string of scandals. Antonio Horta-Osorio’s departure was announced by the Switzerland-based lender on Monday in an abrupt move that comes less than a year after

A former executive at Farfetch, the online luxury fashion platform, is a contender to become the next boss of ASOS, the £2.3bn digital retailer. Sky News has learnt that Andrew Robb, who left Farfetch in 2020, is among the candidates being considered by the London-listed company as the successor to Nick Beighton. The choice of

The high street retailer WH Smith has been plunged into a major pay row with investors amid heightened tensions over boardroom rewards as Britain grapples with a deepening crisis over pressure on household bills. Sky News has learnt that three of the main proxy advisers which issue guidance to City shareholders ahead of annual meetings

Lord John Sainsbury of Preston Candover – the former chairman of the supermarket chain – has died aged 94. The supermarket’s current chairman and chief executive announced the death of the Baron on Friday evening, saying he had lived a “remarkable life”. Martin Scicluna said: “We are all deeply saddened to learn of the death

SA Brain, one of Wales’s most prominent brewers, is to sell the freeholds to scores of its pubs to a consortium that includes a global private equity powerhouse – the latest in a string of significant deals in the sector. Sky News has learnt that Brains is close to agreeing a deal to offload approximately

Customers can expect to pay more for electrical and tech goods in 2022 with price increases “inevitable”, the boss of Currys has told Sky News. Speaking to Ian King Live, group chief executive Alex Baldock pointed to rising costs ranging from components and transport through to wages. However, he said the electrical retail giant would

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.

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