Business

Overhauling workers’ rights could cost businesses around £5bn a year, the government has said. The Employment Rights Bill, which aims to tackle low pay and poor working conditions, is being debated by MPs today as it passes through its next stage in parliament. Within the bill are a series of reforms branded the biggest overhaul

A collection of bondholders in Thames Water are mobilising to protect their interests amid an intensifying battle to avert the company’s nationalisation. Sky News has learnt that Class B bondholders were notified on Thursday they would no longer be part of the same group as the Class A noteholders represented by Jefferies, the investment bank,

The owner of Wagamama has begun exploring a £300m refinancing as it seeks to reduce its borrowing costs by locking in lower interest rates. Sky News has learnt that The Restaurant Group (TRG), which delisted from the London Stock Exchange last year after being bought by Apollo Global Management, is in talks with banks about

Britain’s new National Wealth Fund has struck a £1bn deal with two of Britain’s biggest high street lenders to retrofit thousands of homes to upgrade their energy-efficiency. Sky News has learnt that the government-backed vehicle has agreed with Barclays and Lloyds Banking Group to provide partial guarantees on loans to housing associations across Britain. An

The parent company of PizzaExpress is hiring bankers to help it refinance a £335m bond ahead of its maturity, amid tough trading conditions for casual dining operators. Sky News has learnt that Wheel Topco is close to appointing PJT Partners, the investment bank, to advise it on talks with its debtholders. PizzaExpress trades from 359

A trio of buyout firms have been shortlisted to buy a stake in the UK operations of Grant Thornton, one of Britain’s six biggest accountancy firms. Sky News has learnt that Cinven, EQT and New Mountain Capital – the backer of Grant Thornton’s US business – have made the cut in a process that could

Scrutiny of Thames Water, the crisis-hit utility, will intensify this week when the industry regulator appoints LEK Consulting as an independent monitor of the company. Scrutiny of Thames Water, the crisis-hit utility, will intensify this week when the industry regulator appoints LEK Consulting as an independent monitor of the company. Sky News has learnt that

An American predator is close to sealing a £300m swoop on a division of De La Rue, the Bank of England’s banknote printer, in a move that will herald a break-up of the historic company. Sky News can exclusively reveal that Crane NXT, a New York-listed industrial technology group, was on Monday night close to

Rachel Reeves has said she “wouldn’t have any problems” getting on a P&O ferry following the fire-and-rehire scandal. The chancellor was asked to clarify her position after criticism by her colleagues almost derailed a planned investment announcement from the travel operator’s owner ahead of a crucial summit. Politics latest: Ex-Google boss tells PM what’s blocking

The prime minister will pledge to get rid of regulation that “needlessly holds back investment” at a major business conference in London today. The International Investment Summit will comprise more than £50bn of deal announcements – or roughly twice the £28bn unveiled at the previous comparable gathering held under the former Conservative administration, Sky News’

The government will on Monday welcome more than £50bn of investment in the British economy as Sir Keir Starmer tries to reset his administration after a first hundred days market by scandal and infighting. Sky News has learnt that the International Investment Summit in the City of London will comprise more than £50bn of deal

Chancellor Rachel Reeves will deliver her first budget at the end of October, providing the first chance for her to change the fiscal rules. Upon entering government in July, the government said the Conservatives left it with a £22bn black hole, so the chancellor is expected to use the 30 October budget to raise some

A £1bn investment in Britain by port operator DP World will go ahead as planned, after a frantic effort by ministers and diplomats to repair relations following a row with the Dubai-owned multinational that threatened to overshadow a crucial investment summit. On Friday, Sky News revealed that the planned investment was under review and that

P&O Ferries is one of the few subjects on which Britain’s political class agree. Its summary sacking of 800 British seafarers and their replacement with cheaper, largely foreign agency staff is universally considered one of the most outrageous acts in the recent history of labour relations. Louise Haigh was among the first and loudest to

The government’s Investment Summit has suffered a major blow after ports and logistics giant DP World pulled a scheduled announcement of a £1bn investment of its London Gateway container port, following criticism by a member of Sir Keir Starmer’s cabinet. Sky News understands the Dubai-based company’s investment was due to be a centrepiece of Monday’s

The Post Office’s outgoing CEO today agreed the government is using the company as a “shield” over compensation schemes, while giving evidence at the inquiry. Nick Read, who resigned last month, was giving evidence at the Post Office Horizon IT Inquiry for the second day, with a focus on delays to victims’ financial redress. Edward

More than 140 London-listed companies including Fevertree Drinks, Jet2, Mothercare and YouGov have warned the chancellor that uncertainty over the continuation of a vital tax incentive is damaging investor confidence ahead of this month’s Budget. Sky News can exclusively reveal that AIM-quoted businesses generating combined profits of £1.5bn and employing more than 120,000 people have

The chancellor will need to raise taxes by £25bn if she wants to keep spending rising with national income, according to the Institute for Fiscal Studies (IFS). In its annual ‘Green Budget’ analysis, the IFS warned that the government would have to dramatically increase the £9bn of tax rises outlined in its manifesto to meet

The outgoing boss of the Post Office has said he does not need to clear his name following criticism of his leadership over the Horizon IT scandal. Nick Read made the comments as he arrived for the first of three days of evidence to the inquiry into the scandal, in which more than 900 sub-postmasters

Investors managing more than £9trn in assets have backed a more “competitive” approach to British boardroom pay amid a growing debate about London’s attractiveness as a listing destination. Sky News has learnt that the Investment Association (IA), the influential industry trade body, will publish on Wednesday a revised set of remuneration principles aimed at the

The culture secretary will hold talks with a group of Premier League clubs on Wednesday about the government’s plans for a football watchdog, even as the sport’s top flight teeters on the brink of civil war. Sky News has learnt that Lisa Nandy will meet executives from clubs including Crystal Palace, Liverpool and Tottenham Hotspur

A big four audit firm and one of Britain’s high street banks have resumed their membership of the CBI, delivering a boost to the scandal-hit lobbying group’s hopes that it can recover its long-standing influence in government. Sky News has learnt that KPMG and NatWest Group returned to being full members of the CBI this

The family which relinquished control of The Daily Telegraph last year is to hire a trio of banks to oversee a review of ownership options for Very Group, their online shopping empire. Sky News has learnt that the board of Very Group – now chaired by Nadhim Zahawi, the former chancellor – is lining up

A rescue deal for the British operations of TGI Fridays which will salvage more than 2,000 jobs is on the verge of being finalised this weekend. Sky News has learnt that Breal Capital and Calveton, which jointly own the upmarket restaurants business D&D London, could agree a deal to acquire the majority of TGI Fridays

Before we get onto the budget and what Rachel Reeves might do to fiddle her fiscal rules and give herself a little more room to spend, I want you to ponder, for a moment, a recent report from the Office for Budget Responsibility (OBR). This wasn’t one of those big OBR reports that get lots

An investor in one of Britain’s most popular price comparison sites is exploring the sale of its stake in a deal that could value it at more than £4bn. Sky News has learnt that the Canada Pension Plan Investment Board (CPPIB) is lining up advisers to assess whether to sell its 30% holding in Compare

Ministers are plotting a shake-up of Britain’s drive to attract inward investment days before a summit they will claim demonstrates the country is “open for business”. Sky News has learnt that officials are drawing up plans to merge the Office for Investment – a joint venture between the Department for Business and Trade and Number

The UK needs a strategy to meet growing demand for data centres or risk losing its advantage in the race to develop artificial intelligence (AI), one of the sector’s largest players has told Sky News. Data centres – warehouses housing processors that power cloud computing – are central to the digital economy. They provide the

The boss of the UK motor industry’s lobby group has blamed “criminal activity” for UK-made luxury cars finding their way into sanction-hit Russia. The chief executive of the Society of Motor Manufacturers and Traders (SMMT) Mike Hawes was speaking just over a week after Sky News uncovered a system of getting vehicles from the UK

The UK car industry has warned its efforts to support the transition to electric vehicles cannot be sustained indefinitely as it faces fines for missing climate-linked sales targets. The Society of Motor Manufacturers and Traders (SMMT) said that a government mandate, which requires its members to sell a minimum percentage of zero-emission vehicles each year,

Financial markets are now pricing in a shock interest rate cut for the UK at the next Bank of England meeting following remarks by its governor. There was a huge shift in expectations after Andrew Bailey told the Guardian newspaper the bank could be “a bit more aggressive” in its approach. He talked about inflation

Compass Group, the FTSE-100 catering giant which counts the Wimbledon tennis championships among its most prestigious contracts, is in talks with its investors about increasing its boss’s potential pay package by millions of pounds a year. Sky News has learnt that Compass is consulting its biggest institutional shareholders about substantial hikes to the annual bonus

Israel is fighting on at least four fronts, threatening a war across the oil-rich Middle East, but there is no great sense of fear yet as far as financial markets are concerned. Israel’s actions against Hamas in Gaza, Hezbollah in Lebanon, the Houthis in Yemen and the ultimate sponsors of these groups, Iran, has proved