Business

Rachel Reeves will this week announce plans to unlock tens of billions of pounds from corporate pension schemes as part of government plans to kickstart economic growth. Sky News has learnt that the chancellor will use a crucial speech on Wednesday to disclose that she wants to use so-called surplus release to boost investment in

The Original Factory Shop (TOFS), the independent discount retail chain, is close to being sold after more than 17 years under the ownership of private equity firm Duke Street. Sky News has learnt that Baaj Capital, a family office which counts In The Style and party supplies group Amscan International among its investments, has emerged

The family behind Lakeland, one of Britain’s most prominent privately held retailers, is exploring a sale after more than 60 years amid growing cost pressures sweeping the industry. Sky News has learnt that Lakeland, which is controlled by the three sons of founder Alan Rayner, has appointed advisers to gauge the appetite of prospective buyers

There has been an “unprecedented” rise in the number of businesses on the brink of insolvency, according to a closely watched report. The latest Red Flag Alert report by Begbies Traynor, an insolvency specialist, showed those in critical financial distress rose by 50% in the three months to December compared to June-August. It said that

The boss of Britain’s biggest mortgage lender has told Sky News he expects three interest rate cuts this year, bringing some relief to borrowers and mortgage holders. Lloyds Banking Group chief executive Charlie Nunn said he anticipates rates will continue to fall gradually thanks to the resilience of household and business finances – but cautioned

For three days Donald Trump dominated Davos from a distance. On the fourth, he did it in person, albeit virtually, with a speech that took his threats of economic conflict with Europe directly to its political leaders. Beamed from the White House to the World Economic Forum, he delivered a message of total confidence in

Sainsbury’s has revealed plans to cut more than 3,000 jobs. The supermarket said the move was a bid to save money ahead of a £140m leap in costs from budget tax measures, due to come into force within weeks. Head office and senior management roles are among those affected, the chain said, adding that the

Chancellor Rachel Reeves has indicated she will overrule environmental objections to a third runway at Heathrow in order to prioritise economic growth, a position likely to bring her into conflict with colleagues including energy secretary Ed Miliband. Speaking as she began a 48-hour pitch to international investors at the World Economic Forum in Davos, Ms

Rachel Reeves risks entering an economic “doom loop” if she continues to cut spending, a former Bank of England chief economist has warned. Andy Haldane, who was with the Bank for 32 years until 2021, said the Office for Budget Responsibility’s (OBR) forecast in March could lead to less investment and spending. He told Sky

It is no surprise to see a government that claims to be committed to making economic growth a priority giving the green light to expansion of Gatwick Airport and Luton Airport. Nor, for that matter, would it be a surprise for a third runway at Heathrow Airport to be given the go-ahead by Sir Keir

There has been a surge in the pace of wage growth but a rise in the unemployment rate, according to the latest official figures. The Office for National Statistics (ONS) reported that both basic pay excluding bonuses, and average weekly earnings, rose at an annual rate of 5.6% in the three months to November. That

One of the things that made President Donald Trump’s inauguration distinctive was the prominence of Silicon Valley elite. Easily identifiable were the world’s three richest men – Elon Musk, Jeff Bezos and Mark Zuckerberg. And that’s not to mention some of the billionaires not placed directly in view of the cameras. When the riches of

Rachel Reeves will hold talks with some of Wall Street’s leading financiers in Davos this week, less than hours after Donald Trump’s second US presidency gets underway. Sky News understands that the chancellor will attend a breakfast hosted by JP Morgan on Wednesday amid speculation about the threat of US tariffs being imposed on the

The private equity owner of Asda has struck a deal to buy a controlling stake in a group which specialises in backing British SMEs. Sky News has learnt that TDR Capital has agreed to acquire a majority interest in CorpAcq, less than six months after the so-called ‘corporate compounder’ aborted a deal to list in

The government doesn’t think Donald Trump will impose trade tariffs on the UK, but is “prepared for all scenarios”, a cabinet minister has said.  Darren Jones, the chief secretary to the Treasury, told Sky News’ Sunday Morning with Trevor Phillips that the former president’s return to the White House “could be an enormously positive thing

The owner of Poundland, one of Britain’s biggest discount retailers, has drafted in City advisers to explore radical options for arresting the growing crisis at the chain. Sky News has learnt that Pepco Group, which has owned Poundland since 2016, has hired consultants from AlixPartners to address a sales slump which has raised questions over

TikTok has said it could go dark on Sunday after the Supreme Court ruled against its bid to avoid a ban that could shut the app down. The looming ban is the end result of 2024 legislation passed on national security concerns that called for TikTok parent ByteDance to sell the popular short-video app or

The UK’s benchmark stock index has reached another record high. The FTSE 100 index of most valuable companies on the London Stock Exchange closed at 8,505.69, breaking the record set last May. It had already broken its intraday high earlier on Friday, meaning it reached a high not seen before during trading hours. The weakened

There has been a surprise contraction in retail sales in December, despite the month being key for many retailers due to Christmas shopping, official figures show. Retail sales fell 0.3% last month, according to the Office for National Statistics (ONS). No drop at all was expected, not least a 0.3% drop. Sales growth of 0.4%

Fears have been raised over the robustness of Britain’s trade sanctions against Russia after the main government department enforcing the rules admitted it has no idea how many cases it is investigating. HM Revenue and Customs (HMRC), which monitors and polices flows of goods in and out of the country, says it had no central

The UK economy just about returned to growth in November after two months of contraction, the latest official figures show. Gross domestic product (GDP), the standard measure of an economy’s value and everything it produces, grew by 0.1%, according to data from the Office for National Statistics. It was expected to grow by 0.2%. Money

Forget this week’s minor decrease in the UK inflation number.  The most important European data release was the confirmation from Germany that, during 2024, its economy contracted for the second consecutive year. Europe’s largest economy shrank by 0.2% during 2024 – on top of a 0.3% contraction in 2023. Now it must be stressed that

There’s been a surprise fall in inflation to 2.5% after two months of rises, official figures show. It means prices are still rising but at a slower pace than before, according to Office for National Statistics (ONS) data for December. Economists had expected the figure to remain at 2.6%, the level recorded in November. Inflation

Chancellor Rachel Reeves has been accused of refusing to “face up to her own failures” by “jetting off to Beijing” during a week of market turmoil. Shadow chancellor Mel Stride accused the chancellor of ducking difficult questions as the “government was losing control of the economy” while Ms Reeves visited China over the past week

The former chief of the defence staff, the head of the BBC’s commercial arm and the chair of the Football Association are among the notable figures lined up to aid government efforts to deploy Britain’s ‘soft power’ more effectively on the global stage. Sky News has learnt that General Sir Nick Carter, Tom Fussell and

Plans to develop the UK’s largest untapped oilfield have been thwarted in a major climate court case. A Scottish court ruled the previous Conservative government acted “unlawfully” when it green-lit the offshore Rosebank oilfield and smaller Jackdaw gas project. The judge said the assessment of the projects’ climate damage failed to acknowledge the impact of

Pizza Hut’s biggest UK restaurant franchisee is closing in on a rescue deal that would salvage the vast majority of its British outlets and jobs. Sky News has learnt that Directional Capital, an investment firm which already controls much of Pizza Hut’s dine-in operations in Denmark and Sweden, is in advanced talks to acquire roughly

The government will “mainline AI into the veins” of the UK, with plans being unveiled on Monday by Sir Keir Starmer. The prime minister is set to promise investment, jobs and economic growth due to a boom in the sector. It comes as his government battles against allegations they are mismanaging the economy and stymied

The health secretary has said that the cabinet is aware of the “pressure” on Chancellor Rachel Reeves amid volatile markets and a challenging broader economic picture – but appealed for the public to “give her time”. Wes Streeting argued that the public “underestimates” the “amount of heavy-lifting” Ms Reeves has had to do and will

The proportion of 25 to 34-year-olds living with their parents has risen by more than a third in just under two decades, according to new analysis. Last year, the share of the age group living at home was almost a fifth (18%), up from 13% in 2006, the Institute for Fiscal Studies (IFS) said in

The London Stock Exchange is preparing to do battle for one of Europe’s biggest initial public offerings for years as Verisure, the domestic security systems provider, kicks off plans for a flotation valuing it at more than €20bn (£16.7bn). Sky News has learnt that Verisure’s owner, the private equity firm Hellman & Friedman (H&F), is

Making Britain better off will be “at the forefront of the chancellor’s mind” during her visit to China, the Treasury has said amid controversy over the trip. Rachel Reeves flew out on Friday after ignoring calls from opposition parties to cancel the long-planned venture because of market turmoil at home. The past week has seen

The pound has come under renewed pressure at the end of a torrid week for the UK currency, falling to fresh 14-month lows against the dollar. Sterling lost almost a cent, to stand just above $1.22 at one stage, on the back of higher support for the greenback after US employment data came in much