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Rain hits retail sales in Great Britain as shoppers reduce spending

Rain hits retail sales in Great Britain as shoppers reduce spending

A month of unrelenting rain in many parts of the country resulted in British shoppers spending much less than expected in April, with fewer treating themselves to clothes and big-ticket items. The Office for National Statistics blamed the wet weather for the 2.3% drop in the amount of goods bought compared with March, which was...

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Labour pitches into Tory territory with business support letter

Labour pitches into Tory territory with business support letter

Labour is trying to persuade prominent business leaders to sign a public letter endorsing the party in a move underlining its encroachment onto general election territory traditionally occupied by the Conservatives. Sky News has seen a draft letter being circulated by Labour officials in the last 24 hours which urges them to back it ahead...

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Retail sales tumble across Britain amid cost of living squeeze and wet weather; energy price cap falls 7% – business live

Retail sales tumble across Britain amid cost of living squeeze and wet weather; energy price cap falls 7% – business live

Introduction: UK retail sales fall sharply Good morning, and welcome to our rolling coverage of business, the financial markets and the economy. Economic news takes on extra significance in an election campaign. Every survey and data release becomes a healthcheck on the economy, scrutinised for signs that the economy is improving, or ailing. And this...

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Energy price cap in Great Britain to fall to £1,568 in summer

Energy price cap in Great Britain to fall to £1,568 in summer

The energy price cap in Great Britain will fall 7% to the equivalent of £1,568 a year this summer after a drop in wholesale gas prices. Set by the energy regulator Ofgem, the cap reflects the average annual dual-fuel bill for 29m households and takes effect from July until the end of September. Set quarterly,...

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Moto owners plot sale of motorway services giant

Moto owners plot sale of motorway services giant

The owners of Moto, one of Britain’s biggest operators of motorway service stations, are preparing to put the company up for sale for more than £2bn. Sky News understands that CVC Capital Partners and the Universities Superannuation Scheme (USS), which have jointly owned Moto since 2015, have hired Rothschild to oversee an auction of the...

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Election must focus on getting UK economy firing, say business leaders

Election must focus on getting UK economy firing, say business leaders

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China’s next shock is coming – and Britain and Europe are sitting ducks

China’s next shock is coming – and Britain and Europe are sitting ducks

Professor Michael Pettis of Beijing University says investment has spiked back up to 42-44pc of GDP, far surpassing any level ever seen in any major country since the industrial revolution. Other Asian tigers peaked in the low-30s before dropping back as they became richer. Xi Jinping has reverted to the worst pathologies of the old...

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Rates should be cut to 3.5% by end of 2025, IMF says

Rates should be cut to 3.5% by end of 2025, IMF says

UK interest rates should be cut to 3.5% by the end of next year, the International Monetary Fund (IMF) has recommended. Such a move could see the Bank of England cut its key rate by up to seven times from its current level of 5.25%. The IMF’s comments came as it upgraded its UK’s growth...

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Getir quits UK with multimillion pound Tottenham Hotspur debt

Getir quits UK with multimillion pound Tottenham Hotspur debt

Getir, the grocery delivery app which this month confirmed plans to exit the UK, has an outstanding debt to Tottenham Hotspur Football Club running to millions of pounds. Sky News understands that Turkey-based Getir, whose three-year training kit sponsorship deal with Spurs expired at the end of the Premier League season on Sunday, owes close...

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India, UK reaffirm FTA commitment at Strategic Dialogue

India, UK reaffirm FTA commitment at Strategic Dialogue

India and Britain have reaffirmed their commitment to conclude a mutually beneficial free trade agreement (FTA) at the annual UK-India Strategic Dialogue here, as the two sides reflected the “good progress” on the 2030 Roadmap since the last review. Foreign Secretary Vinay Kwatra, who is on a visit to the UK, held discussions with his...