Category Archives: Business

UK families face £38bn hit from fuel bills as Rishi Sunak urged to give extra help

Britain’s households are facing a £38bn hit on energy bills in the year ahead due to the soaring costs of wholesale gas and electricity, new analysis has found. Chancellor Rishi Sunak is under growing pressure to set out extra help for families struggling with the cost of living crisis, as the war in Ukraine causes […]

Aviation’s recovery remains overshadowed by war and Covid uncertainty, says Heathrow CEO

Airports and airlines are battling against “headwinds” cause by coronavirus and Russia’s invasion of Ukraine , the boss of the UK’s busiest airport has said. John Holland-Kaye, chief executive of Heathrow, was speaking after revealing figures showing the continuing slump in passenger numbers. In February, only 2.8 million passengers travelled through Heathrow, 15 per cent […]

Oil price fall provides relief for UK households but living standards still expected to fall sharply

UK households at last had some positive news about living costs on Thursday after two weeks of sharp oil price rises. Today oil prices stabilised below $120 a barrel, after recent surges pushed the cost of filling up petrol tanks across the country. Major disruption to oil supplies as Russia intensified its bombardment of Ukrainian […]

Halve VAT on fuel to protect consumers from soaring prices, petrol retailers urge

Petrol retailers have urged Boris Johnson’s government to halve VAT on fuel to ease pressure on consumers as prices soar amid Vladimir Putin’s war with Ukraine. The price of petrol hit a daily record on Wednesday, with motorists paying on average 159.6p a litre at forecourts, up from 158.2p on Tuesday. Diesel was also at […]

How much oil does the UK import from Russia?

As Vladimir Putin’s invasion of Ukraine becomes increasingly vicious, the punitive economic sanctions imposed on Russia by Western governments are continuing to bite, causing the ruble to plummet in value against the US dollar and Moscow’s central bank to raise its primary inflation rate and introduce capital controls. Foreign businesses and brands are meanwhile reconsidering […]

Nestle to halt all capital investment in Russia over invasion of Ukraine

Nestle has suspended all capital investment in Russia amid growing pressure on multinational firms to pull out of the country after it invaded Ukraine. The Swiss food maker, which manufactures brands including KitKat, Nescafe and Quality Street, told Reuters it would continue to supply essential food products in Russia. Nestle halted manufacturing in Russia on […]

Gatwick lost £1m per day in 2021 – but sees strong summer ahead if passenger locator form goes

The UK’s second-biggest airport, London Gatwick, lost just over £1m per day on average during 2021. Yet that was an improvement on the £1.275m daily loss in 2020, even though Gatwick handled far fewer passengers. Cost savings were achieved by moving all airlines and travellers to the smaller North Terminal. UK lockdowns and widespread international […]

Oil continues to climb after western allies announce curbs on Russian imports

Crude oil extended its rally Wednesday, after the US, EU and UK governments signalled plans to ban or phase out oil and gas imports from Russia, following the country’s violent invasion of Ukraine. Brent Crude, the global oil benchmark, rose 1.9 per cent on Wednesday morning. The energy source, which is also essential for a […]