A regular energy industry exercise aimed at preparing the UK for the possibility of a gas supply emergency has been scaled up despite the government downplaying the threat of shortages this winter. The annual drill will see potential scenarios – including rationing electricity – simulated over four days, rather than the usual two, as energy […]
Growth in the private sector edged closer to stagnation this month, with the manufacturing sector shrinking and growth in the dominant services sector weakening. The reading for the S&P Global/CIPS flash composite purchasing managers’ index dropped to 50.9 in August from 52.1 in July, its lowest since February 2021 and close to the 50 level […]
Klarna has backed the use of buy-now pay-later (BNPL) as a means of payment for essentials like groceries after debt charities and the regulator warned over the promotion of the products amidst a cost of living crunch this year. The Financial Conduct Authority (FCA) issued a warning to BNPL providers last week over the promotion […]
The UK and Ukraine have agreed to launch talks on a new digital trade agreement as Kyiv prepares to celebrate independence day. UK trade secretary Anne-Marie Trevelyan met with Ukraine’s economy minister Yuliia Svyrydenko yesterday to confirm the talks, which are centred around supporting “Ukrainian businesses by cutting red tape and helping them to trade […]
The Bank of England could be forced to raise interest rates to 4% from as early as next year to combat soaring inflation, despite the growing risk of recession amid the cost of living crisis. City traders are betting the central bank will more than double the cost of borrowing from 1.75% in response to […]
The minimum wage should be increased to £15 an hour as soon as possible to help millions of low-paid workers struggling amid the cost of living crisis, the TUC has said. In a move that opens a fresh policy gap between unions and Keir Starmer’s Labour party, the TUC has thrown its weight behind calls […]
UK inflation is on track to rise above 18% for the first time in almost half a century next year as energy prices rocket, according to the investment bank Citigroup. Using forecasts for the retail energy price cap, which analysts expect to rise to close to £6,000 in April from £1,971 currently, Citi’s UK economist […]
The former Formula One boss Bernie Ecclestone has pleaded not guilty to a charge of fraud brought after an investigation by HM Revenue and Customs. Ecclestone is accused of fraud by false representation after allegedly failing to declare the existence of a trust in Singapore worth $650m (£549m). He attended a first hearing at Westminster […]
P&O Ferries will not face criminal action over the way it fired nearly 800 employees earlier this year, the Insolvency Service has said. The firm sacked staff without notice in March, replacing them with foreign agency workers who were paid less than the UK minimum wage. The government agency said that, following a “full and […]
Cineworld, the world’s second largest cinema chain, is preparing to file for bankruptcy after failing to see a quick enough recovery in movie-going since the end of the pandemic. The London-listed business, which has run up debt of more than $4.8bn (£4bn) after losses soared while cinemas were shut during the global coronavirus crisis, has […]