British retail sales slumped in December after consumers did much of their Christmas shopping earlier than usual in November and many people stayed at home due to the spread of the Omicron coronavirus variant, Reuters reported. Economists said that the scale of the hit bolstered their expectations that the world's fifth-biggest economy shrank last month under the strain of Omicron and new government restrictions to slow its spread.

The United Kingdom is cracking down on “misleading” cryptocurrency advertising as more citizens get involved in the digital assets, The Hill reported. Finance Minister Rishi Sunak announced his plan on Tuesday to amend financial promotion legislation to include cryptocurrency. The finance minister said even though 2.3 million people in the U.K. own cryptocurrency, more than 3 percent of the population, understanding of the digital currency is declining.

Prices in Britain rose at their fastest pace in 30 years in December, according to the national statistics agency, stoking concerns about the strain on household budgets with inflation still months away from its expected peak, the New York Times reported. The annual rate of inflation was 5.4 percent, up from 5.1 percent in November. That’s the highest since March 1992, the Office for National Statistics said on Wednesday, based on data modeling for the period before official records were collected.

The U.K. audit regulator said it expects to pursue more enforcement cases and increase its budget as it looks to tackle new responsibilities and fold into a new regulatory body, the Wall Street Journal reported. The Financial Reporting Council on Tuesday unveiled a three-year plan covering its strategy and priorities during a pivotal transitional period. The FRC is in the process of folding into the Audit, Reporting and Governance Authority, which the U.K. government announced in 2019. The new regulator is expected to begin its work in 2023. The U.K.

In a warehouse tucked under two railway arches in southeast London is a treasure trove of Greek delicacies, including barrel-aged feta, fresh oregano, Cretan olive oil and cases of nearly a hundred different wines destined for the city’s top restaurants and discerning home cooks. But as Britain phases in Brexit-required customs rules with the European Union, the tempting variety at Maltby & Greek is under threat, the New York Times reported.

Britain’s biggest energy companies can’t agree on what the U.K. needs to do to soften the blow of soaring bills for customers, making it harder for the government to tackle a cost-of-living crisis, Bloomberg News reported. Octopus Energy Ltd., Britain’s fifth-largest gas and power supplier, is leading the push for a fund to help companies cope with the increase in wholesale costs. While the move is backed by some, several firms including Centrica Plc prefer instead actions including a tax cut, according to people familiar with the talks between the companies and the government.

East Yorkshire contractor PDR Construction, which Construction News revealed on Tuesday had ceased work on its sites across the country, has appointed administrators. The £83m-turnover main contractor had made all its staff redundant ahead of the administration, a statement from Leonard Curtis Business Rescue & Recovery has revealed. The statement blamed the impact of the pandemic on contracts, as well as a “significant” recent failed adjudication, which the administrator has not given details of.

A unit of offshore driller Seadrill Ltd yesterday filed a fast-tracked reorganization plan in Houston bankruptcy court, where it expects to seek approval of the proposal today, Reuters reported. The case comes just a few months after its parent entity emerged from its own bankruptcy proceeding. That reorganization plan is scheduled to go into effect early this year. Seadrill New Finance Ltd’s chapter 11 case is intended to be the “final component” of the entire Seadrill Group’s restructuring efforts, according to a declaration from financial controller Tyson de Souza.

OneWeb Ltd., a U.K.-backed satellite company, has been sued in the U.S. by a former Donald Trump business partner who claims he wasn’t paid for helping to secure rocket-launch rights in Kazakhstan, Bloomberg News reported. Giorgi Rtskhiladze, a Georgian-American businessman, said he played a role in helping OneWeb connect with business and government figures in Kazakstan, who paved the way for the company to launch satellites from the Baikonur Cosmodrome and to operate a ground station for its internet network, according to the lawsuit.

Prominent cabinet minister Michael Gove promised tax cuts down the line as U.K. Prime Minister Boris Johnson came under pressure from senior Tories to reduce the burden on ordinary Britons, Bloomberg News reported. Cabinet minister Jacob Rees-Mogg and former Brexit chief David Frost have criticized Johnson’s approach to tax in recent days, with the former calling for the premier to scrap an upcoming increase in payroll taxes to fund the National Health Service. In an interview with the Mail on Sunday, Frost said Johnson should return to a low-tax agenda.