Business

Fourteen new trains are to be built at a Hitachi plant in County Durham, securing hundreds of jobs. The plan safeguards 700 jobs with a £500m investment for the Newton Aycliffe site. The plant and its workers had faced an uncertain future with an upcoming gap in its order book before work begins on HS2

The owner of The Guardian is pressing ahead with the sale of the world’s oldest Sunday newspaper to a fledgling digital media company, just hours after scores of journalists went on strike in protest at the deal. Guardian Media Group (GMG) and its parent, the Scott Trust, confirmed on Friday that the sale of The

Across Europe, car companies are cutting jobs and shutting factories – to the extent that some question their very existence. So it’s worth asking the question: what’s gone wrong with Europe (and for that matter America’s) car industry? While some will reach for their own pet conclusions (Brexit! Electric vehicle deadlines! Government regulations!) in practice

Thames Water’s largest creditor group has failed to secure a veto over whether a £3bn emergency funding injection is used to settle regulatory fines imposed for a string of environmental and performance failings. Sky News can reveal that a clause stipulating that the company’s A lenders – which account for well over £10bn of the

The owner of Guinness is understood to have placed limits on pub and bar purchases of the Irish-made stout in the UK following a rush of sales, which has reportedly sparked some panic buying ahead of Christmas. The number of kegs that can be ordered from the Diageo-owned brand was being “managed”, the company said

One of Britain’s biggest parcel carriers has been hit by a capacity crisis at the start of the crunch festive trading period, forcing it to urge key customers to divert business to rival delivery firms. Sky News has learnt that Yodel, which was due to recruit thousands of seasonal workers to help it deal with

Ford’s UK boss has called on the government to provide consumer incentives of up to £5,000 per car to boost demand for electric vehicles and help the industry hit challenging climate targets. Lisa Brankin, chair of Ford UK & Ireland, told Sky News that direct support for consumers to purchase zero-emission vehicles is crucial if

The Office for National Statistics (ONS) has admitted efforts to overhaul unreliable data on Britain’s jobs market may not be ready until 2027. The ONS confirmed it is now “unlikely” it will be able to introduce a revamped version of its Labour Force Survey (LFS) – which is the official measure of employment and unemployment

Jaguar wants “to be bold and disruptive” with its new electric car and redesign, the luxury vehicle maker’s managing director told Sky News. The British car maker sparked widespread controversy last month when it unveiled its rebrand ahead of becoming a fully electric brand. Speaking to Sky News business and economics correspondent Gurpreet Narwan, managing

Typhoo Tea has been bought out of administration for £10.2m. Less than a week after administrators were appointed a buyer confirmed plans to purchase the 121-year-old business. Consumer goods wholesaler Supreme has announced it is to be the new owner. There will be no disruption to supply during the acquisition process, Supreme said. The brand

It is one of the most popular times of the year to propose – according to Bridebook, a popular wedding planning app, more than 100,000 engagements happen during the festive period. But with Britons feeling the pinch after years of high inflation, how much are people spending, what cuts are they going for, and what

A mining group in which the financier Nick Candy is the largest shareholder is poised to swoop on a London-listed gold explorer to create an enlarged group worth more than £150m. Sky News has learnt that Metals Exploration, which is also quoted on the junior AIM market, is close to agreeing a cash-and-stock deal to

HSBC Holdings, one of Britain’s biggest high street banks and Europe’s largest lender by market value, is preparing to kick off a hunt for its next chairman. Sky News has learnt that HSBC’s board has appointed headhunters to orchestrate the recruitment of a successor to Mark Tucker, who has held the post since 2017. City

Former Harry Potter star Rupert Grint has been ordered to pay £1.8m in tax. The Ron Weasley actor lost a legal battle with HM Revenue and Customs in 2019 and was ordered to pay the sum following an investigation into his tax return from the 2011-12 tax year. Grint had received a £4.5m sum from

The owner of the UK’s largest natural gas storage site has warned of depleted stocks by the end of winter due to early cold weather and a lack of wind power. Centrica, which operates the Rough facility in the North Sea, said stocks could be lower compared to previous years due to higher demand. It

Around half the UK’s mortgage holders face paying higher rates over the next three years, the Bank of England has warned, while sounding alarm over the potential impact of Donald Trump’s looming return to the White House. Its latest financial stability report – released twice a year – showed 4.4 million homes were set to

Marks & Spencer (M&S) and the owner of B&Q have expressed an interest in taking over dozens of stores operated by Homebase, the DIY chain which fell into administration this month. Sky News has learnt M&S and Kingfisher are among the retailers which are circling the remaining Homebase estate of close to 50 outlets, ahead

The City watchdog is to give companies it is investigating an additional window to contest allegations as it seeks to defuse the months-long row over its so-called ‘name and shame’ proposals. Sky News has learnt that the Financial Conduct Authority (FCA) plans to disclose on Thursday that it will allow the subjects of enforcement probes

Typhoo Tea has entered administration but a buyer could already be poised to take over the struggling firm. Administrators were appointed on Wednesday to the more than 100-year-old tea brand but a potential buyer has already emerged. Consumer goods wholesaler Supreme announced its takeover discussions were “at an advanced stage” but cautioned “there can be

Britain’s biggest airports are joining the growing private sector backlash against Rachel Reeves’s budget, warning that a £1bn business rates bill for the industry will trigger the cancellation of routes to and from the UK and higher costs for passengers. Sky News has obtained a draft letter from Airports UK, which represents more than 50

Vauxhall will close its Luton plant in April, the parent company Stellantis announced. More than 1,100 jobs at the van-making factory are at risk, but Stellantis said it is hoping to transfer “hundreds” of jobs to the group’s Vauxhall site in Ellesmere Port. It is now in consultation with unions and employees over the proposals,

The government’s financial sanctions watchdog has admitted it has only imposed a single £15,000 fine for evasion of Russian sanctions since they were introduced two and a half years ago. Appearing before the Treasury Select Committee, the Treasury’s economic crime chief said that despite the imposition of the most far-reaching set of sanctions on any

The trend of shop prices falling may be reversing as businesses face higher costs, according to industry data. The pace of price drops slowed this month, according to figures from the British Retail Consortium (BRC). November was the first time in 17 months that the inflation rate was higher than a month earlier. While shop

Barclays has been fined £40m over capital raising that averted its need for taxpayer aid during the 2008 financial crisis. The Financial Conduct Authority (FCA) found that the bank should have disclosed more details to the stock market about the £11.8bn in funding, from Qatari and other sovereign investors, that it had previously described as

Tax rises announced during the recent budget will hit businesses rather than encourage growth, the head of one of the UK’s most prominent business groups will warn on Monday. The Confederation of British Industry (CBI) has joined a choir of voices opposing Chancellor Rachel Reeves’s fiscal measures, which the Labour Party claims are needed to

The managing director of Jaguar has hit out at what he called “vile hatred and intolerance” after the car company released a new advert. A 30-second clip posted on the luxury car brand’s X account on Tuesday prompted online backlash after it featured a diverse group of models posing in bright clothes but no vehicles

Potential suitors have again begun circling ITV, Britain’s biggest terrestrial commercial broadcaster, after a prolonged period of share price weakness and renewed questions about its long-term strategic destiny. Sky News has learnt that a number of possible bidders for parts or all of the company, whose biggest shows include Love Island, have in recent weeks

The family which has owned Ann Summers, the lingerie and sex toy retailer, for more than half a century is to explore options for the business which could include a partial or majority sale. Sky News has learnt that the Gold family is close to hiring Interpath, the corporate advisory firm, to work on a

Bosch will cut up to 5,500 jobs as it struggles with slow electric vehicle sales and competition from Chinese imports. It is the latest blow to the European car industry after Volkswagen and Ford announced thousands of job cuts in the last month. Cheaper Chinese-made electric cars have made it trickier for European manufacturers to

Cambridge University’s wealthiest college is putting the long-term lease of London’s O2 arena up for sale. Sky News has learnt that Trinity College has instructed property advisers to begin sounding out prospective investors about a deal. Trinity, which ranks among Britain’s biggest landowners, acquired the site in 2009 for a reported £24m. The O2, which

Official accounts have revealed for the first time how much the King’s 2023 coronation cost UK taxpayers. According to the accounts, the government spent £72m on the coronation – the first in Britain since Queen Elizabeth II’s in 1953. The figure includes £50.3m of costs attributed to the Department for Culture, Media and Sport (DCMS),

Nine water companies have been blocked from using customer money to fund “undeserved” bonuses by the industry’s regulator. Ofwat said it had stepped in to use its new powers over water firms that cannot show that bonuses are sufficiently linked to performance. The blocked payouts amount to 73% of the total executive awards proposed across

Ford has announced plans to cut 4,000 jobs across Europe – including 800 in the UK. The car manufacturer said the cuts are needed as part of plans to bolster its competitiveness amid the stuttering drive to an all-electric vehicle (EV) future that has hit sales. Ford said the cuts would take place over the