Business

Lush, the UK-based cosmetics retailer, is facing a backlash from customers after a “boycott Israel” message was displayed on the window of one of its stores. The company, which has in the past faced criticism from the Jewish community for openly supporting the Palestinian cause, suggested in a statement that a member of staff had

Worse financial pain is to come, as many people have not yet felt the full impact of the increased cost of borrowing, the Bank of England has said in one of its latest health checks of the UK’s financial system. Higher interest rates, currently at 5.25% after a run of 14 hikes, have not yet

There are a few ways one could report the latest economic growth forecasts from the International Monetary Fund (IMF). The first way is to declare that Britain’s economy is heading for the buffers. Its economy will grow next year at the slowest rate in the G7 group of leading industrialised economies (0.6%). This is considerably

The rate of grocery inflation eased considerably over the past month, part-aided by a “jump in the amount of money spent on offers”, according to a closely-watched study. Kantar Worldpanel, which records supermarket sales and price data, said the annual rate of grocery inflation fell back to 11% over the four weeks to 1 October.

Santander UK has been approached to revive its financial crisis-era role as a white knight for failing British lenders as regulators seek to secure a quickfire private sector deal to shore up Metro Bank. Sky News has learnt that the Spanish-owned bank, NatWest Group and Lloyds Banking Group are among those approached by banking regulators

Wilko will shut the doors on its last remaining high street stores for the final time after the chain’s collapse. The 93-year-old retailer has been closing each of its 400 UK stores over the past month after collapsing into administration in August. Forty-one stores now remain but will close on Sunday. The shelves have already

The board of Metro Bank rejected a secret takeover approach last month from a rival British lender, just days before its share price crashed when it emerged that it was seeking hundreds of millions of pounds to shore up its finances. Sky News can exclusively reveal that Shawbrook has tabled several bid proposals to Metro

The UK is on course for the biggest tax rise in at least 50 years because of the freeze on personal thresholds and soaring inflation, according to new analysis. The Resolution Foundation said taxpayers are set to hand over about £40bn a year by 2028 – up from a forecast of £30bn at the time

One thing that quite often puzzles people who do not work in financial markets is their tendency to treat seemingly good news as bad. We got a classic example on Friday with news that US employers added 336,000 jobs in September. That was up from 227,000 in August (a figure itself revised higher from the

JD Wetherspoon has credited a surge in sales and reduction in costs for its first annual profit since the COVID pandemic. The value pub and hotel chain, which trades from 826 sites across the UK and Ireland, reported profit before tax for the year to the end of July of £42.6m. That compared to a

Metro Bank has kicked off talks about the sale of a £3bn chunk of its mortgage book as part of an increasingly urgent attempt to shore up its fragile balance sheet. Sky News has learnt that advisers to Metro Bank – which saw its shares plunge on Thursday after acknowledging that it was seeking to

The competition regulator is to investigate the dominance of Amazon and Microsoft in the UK’s cloud market. It follows a study by the telecoms watchdog Ofcom which “identified features that make it more difficult for UK businesses to switch and use multiple cloud suppliers”. Ofcom added: “We are particularly concerned about the position of the

Metro Bank, the high street lender, is drawing up plans to raise hundreds of millions of pounds of new capital in weeks in a bid to strengthen its troubled balance sheet. Sky News has learnt that Metro Bank – the first new lender to open on Britain’s high streets in over 100 years when it

Fuel retailers have dismissed claims that drivers are being overcharged following a surge in pump prices. Data released by the RAC on Wednesday showed an 8p per litre surge in the cost of diesel last month to a new average of 163.1p. Petrol prices rose by nearly 5p per litre to 157p. The motoring group

Superdry, the struggling London-listed fashion retailer, is close to striking a partnership with India’s biggest retailer that will release tens of millions of pounds to bolster its fragile balance sheet. Sky News has learnt that Superdry is in advanced talks with Reliance Brands, part of the vast Mumbai-headquartered conglomerate, about a new licensing joint venture.

Food prices have dropped for the first month in more than two years, according to an industry lobby group that says food inflation is now in single digits. The British Retail Consortium (BRC)-NielsenIQ Shop Price Index found food inflation eased to an annual rate of 9.9% in September, which is down from 11.5% in August.

Sir Jim Ratcliffe, the petrochemicals billionaire, is contemplating buying a minority stake in Manchester United Football Club rather than seeking full control, in an effort to end a nearly 10 months-long process to resolve the club’s future ownership. Sky News has learnt Sir Jim’s Ineos Sports vehicle has proposed to the controlling Glazer family a

Water companies are making their case for a hike to annual household bills of up to £156 in the second half of the decade, to tackle challenges including shortages and sewage leaks. Industry body Water UK said the firms’ business plans, which have to be signed off by the regulator Ofwat, would see investment almost

The prominent financier Jonathan Rowland is to take the challenger bank he co-founded six years ago onto the London stock market through a reverse takeover of another business set up by his family. Sky News has learnt that Mr Rowland, who has floated a number of corporate vehicles in the City, has orchestrated a deal

The owner of Beds.co.uk and furniture retailer Cox & Cox has swooped to buy Victoria Plum, one of the UK’s best-known bathroom sellers. Sky News understands that AHK Designs acquired Victoria Plum late on Friday evening. The brand had been put up for sale by Endless, the investment firm which had owned it since 2019.

The German media giant which publishes Die Welt, one of Europe’s leading newspapers, has joined the race to buy The Daily Telegraph and its Sunday sister title. Sky News can exclusively reveal that Axel Springer has registered its interest in acquiring the British broadsheets. Insiders said the company, which also owns the Business Insider and

Energy bills in the first three months of 2024 are projected to increase before dropping later in the year, according to a closely-watched forecast. Consumers can expect more costly bills from January as energy regulator Ofgem will bring its price cap up to £1,898 for an annual average household bill – an increase of £64,

The UK is no longer lagging behind in the G7 group of wealthy countries as revised figures show economic growth was bigger than first thought. The economy grew more than previously thought in the first three months of the year, latest figures from the Office of National Statistics (ONS) show. The data shows UK economic

Unsecured creditors in Wilko face recovering as little as 4p in the pound of the money they are owed, according to the first estimate published by the collapsed retailer’s administrator. Sky News has learnt that PricewaterhouseCoopers’ proposals, circulated on Thursday evening, informed unsecured creditors in Wilko Limited, the main trading company, that they were likely

Rishi Sunak is under growing pressure to provide support for millions of households expected to struggle with energy costs this winter. More than 140 charities and organisations are urging the prime minister to avoid a “costly sticking plaster” and support Britons against “once unthinkable” prices. Energy bills are set to be about 13% more expensive

The risk of the lights going out is down this winter, with power margins almost back to levels seen before the energy crisis, according to an eagerly awaited report. National Grid ESO’s annual winter outlook, which assesses its own readiness for the coldest months of November to March, said it only saw a matter of

The timing could hardly be any more provocative. Barely 24 hours after the International Energy Agency (IEA) reiterated in a new piece of analysis that there was no need for new oil or gas projects if the world is to get to net zero, Britain has approved the biggest new oilfield in more than a

Meta has “surrendered” the lease on one of its London offices as tech firms continue efforts to slash costs. The parent firm of Facebook and Instagram let the space at 1 Triton Square from British Land, the FTSE 250 commercial property company, in 2021 but never moved in. Meta paid £149m to break the lease,

Customers will receive £114m off their water bills next year as the regulator has said water companies fell short of standards. The majority of water and wastewater companies in England and Wales underperformed, Ofwat said as part of its water company performance report. As a result, all but five of the 17 utility providers will

Nissan has committed itself to the sale of only electric cars across Europe from 2030, the year when the UK was supposed to have banned new vehicles powered by petrol and diesel. The Japanese carmaker also confirmed that all new models to be launched on the continent from now on would be fully electric. Its

With political party conference season upon us and the Tories scrambling for ways to appeal to voters and lessen Labour’s lead in the polls, abolishing inheritance tax has again been floated as the next government giveaway. So, how many people are paying inheritance tax and how much are they paying: will abolition allow grieving loved

Scrapping the HS2 rail line to Manchester would be a “gross act of vandalism”, senior Tories have warned Rishi Sunak. Former chancellor George Osborne and ex-deputy prime minister Lord Heseltine said the move would mean “abandoning” the North and Midlands. Writing in The Times, they warned the prime minister: “Governments are remembered for what they

One of Britain’s most prominent university spinout ventures is backing a developer of therapies for neurological diseases as part of a capital-raising to fund it through to clinical trials. Sky News understands that Crucible Therapeutics, which was founded by University of Sheffield academics at its Department of Neuroscience, will announce this week that it has