Retail sales fell unexpectedly last month partly thanks to shoppers spending more money eating out than in supermarkets, official figures show.
The 0.9% decline in sales volumes in August followed a downwardly-revised slump of 2.8% in July, according to the Office for National Statistics (ONS) – and was the fourth month in a row of decline.
It painted a gloomier picture than forecast by economists, who had expected the sector to stage a partial recovery last month.
The ONS said food store sales fell by 1.2% last month “with some evidence to suggest that the further easing of hospitality restrictions had an impact on sales” as consumers “increased their social spending such as eating and drinking at restaurants and bars”.
Non-food sales dipped by 1%, driven by department stores as well as sports equipment and computer outlets.
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Despite the declines, overall retail sales were slightly ahead of the same month a year ago and 4.6% up on pre-pandemic levels in February 2020.
Donald Trump has said the UK is making “a very big mistake” in its fossil fuel policy – and should “get rid of windmills”.
In a post on Friday on his social media platform, Truth Social, Mr Trump shared news from November of a US oil producer pulling out of the North Sea, a major oil-producing region off the Scottish coast.
“The UK is making a very big mistake. Open up the North Sea. Get rid of windmills!”, the US president-elect wrote.
The Texan oil producer Apache said at the time it was withdrawing from the North Sea by 2029 in part due to the increase in windfall tax on fossil fuel producers.
The head of Apache’s parent company APA Corporation said in early November it had concluded the investment required to comply with UK regulations, “coupled with the onerous financial impact of the energy profits levy [windfall tax] makes production of hydrocarbons beyond the year 2029 uneconomic”.
Chief executive John Christmann added that “substantial investment” will be necessary to comply with regulatory requirements.
Mr Trump used a three-word campaign pledge “drill, baby, drill” during his successful election campaign, claiming he will increase oil and gas production during his second administration.
In the October budget announcement, UK Chancellor Rachel Reeves raised the windfall tax levied on profits of energy producers to 38%.
Called the energy price levy, it is a rise from the 25% introduced by Rishi Sunak in 2022 as energy prices soared following Russia’s invasion of Ukraine.
Many oil and gas businesses reported record profits in the wake of the price hike.
The tax was intended to support households struggling with high gas and electricity bills amid a broader cost of living crisis.
Apache is just one of a glut of firms that made decisions to alter their North Sea extraction due to the Labour policy.
Even before the new government was elected, three companies, Jersey Oil and Gas, Serica Energy and Neo Energy – announced they were delaying, by a year, the planned start of production at the Buchan oilfield 120 miles to the north-east of Aberdeen.
Tide, the business banking services platform, has hired advisers to orchestrate a fresh share sale as it pursues rapid growth in the UK and overseas.
Sky News understands that Tide has been holding talks with investment banks including Morgan Stanley about launching a primary fundraising worth in excess of £50m in the coming months.
The share sale may include both issuing new stock and enabling existing investors to participate by offloading part of their holdings, according to insiders.
It was unclear at what valuation any new funding would be raised.
Tide was founded in 2015 by George Bevis and Errol Damelin, before launching two years later.
It describes itself as the leading business financial platform in the UK, offering business accounts and related banking services.
The company also provides its 650,000 SME ‘members’ in the UK a set of connected administrative solutions from invoicing to accounting.
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It now boasts a roughly 11% market share in Britain, along with 400,000 SMEs in India.
Tide, which employs about 2,000 people, also launched in Germany last May.
The company’s investors include Apax Partners, Augmentum Fintech and LocalGlobe.
An outsourcing group backed by Lord Hammond, the former chancellor of the exchequer, is among the suitors circling Telent, a major provider of digital infrastructure services.
Sky News has learnt that Amey, which endured years of financial difficulties before being taken over by two private equity firms in 2022, has tabled an indicative offer to buy Telent.
Industry sources expect a deal to be worth more than £300m, with a next round of bids due later this month.
Amey is part-owned by Buckthorn Partners, where Lord Hammond is a partner.
The outsourcer was previously owned by Ferrovial, the Spanish infrastructure giant, but ran into financial trouble before being sold just over two years ago.
It announced earlier this week that it had completed a refinancing backed by lenders including Apollo Global Management, HSBC and JP Morgan.
Amey is understood to be competing against at least one other trade bidder and one financial bidder for Telent.
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Once part of Marconi, one of Britain’s most famous industrial names, Telent ended up under the control of JC Flowers, the private equity firm, as part of a deal involving Pension Insurance Corporation, the specialist insurer, several years ago.
It provides a range of services to telecoms and other communications providers.
Amey declined to comment, while Telent could not be reached for comment.