Business

Depending on your point of view, Jeremy Hunt’s proposed reform of financial regulations represents a potentially significant boost to the competitiveness of the UK’s financial services sector or a potentially dangerous watering-down of rules put in place to prevent a re-run of the financial crisis. The truth, as ever, is that it is probably somewhere

US regulators have filed a complaint aimed at stopping Microsoft’s planned $69bn (£50bn) takeover of Call of Duty games maker Activision Blizzard. Microsoft, which owns Xbox, said in January that it had agreed an all-cash deal – the biggest in the gaming sector to date. But regulators globally, including in the UK, have taken great

A striking Royal Mail worker has voiced fears up to 25,000 staff could be sacked and new working conditions imposed on those left after the core Christmas season has finished. The man, who usually delivers letters and parcels in the London area and is being identified as ‘Derek’ because he wished to remain anonymous, was

The chances are you haven’t heard of the BBL pipeline. It’s a 235km steel tube which runs under the North Sea between Balgzand in the northern tip of the Netherlands and Bacton in Great Britain. It’s one of those bits of innocuous infrastructure which, most of the time, no-one except energy analysts pay all that

Motorists should not expect to see a return of supermarkets using cheap fuel to lure in shoppers, an industry source has told Sky News. They spoke out after weeks of criticism from motoring groups and fuel price campaigners that supermarket petrol stations are failing to reflect plunging wholesale fuel prices. Data supplied by the AA

The government has U-turned over its ban on onshore wind by saying turbines could be installed if the projects gain the support of local communities. The Department for Levelling Up has launched a consultation to explore how councils can “demonstrate local support and respond to views of their communities when considering onshore wind development in

The price of own-brand and budget products in supermarkets has been rising far faster than premium and branded items during the cost of living crisis, new figures suggest. Which? tracked tens of thousands of products across eight major supermarkets – and while budget ranges had surged by as much as 18%, the price of premium

Union leaders have rejected revised offers to end industrial action on the railways – and announced more strikes over Christmas. RMT members at Network Rail are being urged by union bosses to reject new pay proposals and proceed with walkouts on 13-14 and 16-17 December. The RMT has also announced further strike action from 6pm

Grocery inflation eased for the first time in 21 months in November, according to closely-watched industry data showing that the cost of a traditional Christmas dinner will still be around 9% up on 2021. Kantar Worldpanel said its main grocery inflation figures offered a hint of hope ahead as the annual rate softened to 14.6%

Many pubs and breweries across the UK will be forced to shut their doors for good unless they receive further energy support, industry bosses have warned. In a new report by Frontier Economics, produced for the British Beer and Pub Association (BBPA), calculations showed energy bills returning to their regular rate after the government’s bill relief

The RMT has rejected an offer from train operators aimed at preventing strikes over the Christmas period, the union has announced. The Rail Delivery Group (RDG) said its proposed framework would have supported pay increases of up to 8%, covering 2022 and 2023 pay awards, while delivering much-needed reforms. But the RMT, led by secretary

Amazon is planning to resume multimillion dollar advertising on Twitter, according to reports. The move will see Amazon ply about $100m (£81.3m) per year into the platform, now owned by Elon Musk, according to Reuters news agency, citing a tweet from the tech blog Platformer. The tweet by a Platformer reporter said the company’s return

McLaren Group, the supercar manufacturer and Formula One team-owner, is in talks to raise hundreds of millions of pounds in new funding aimed at steering the British-based company into the electric vehicle era. Sky News has learnt that McLaren has opened talks with existing shareholders including the sovereign wealth funds of Bahrain and Saudi Arabia

The number of landlords selling up has risen by nearly 13% in four months, Sky News has learned. The statistics, given to us by the estate agents trade body Propertymark, show an increase from July to October. Why should we care what happens to landlords? In basic terms, if the landlord exodus continues we could

Travellers have been told to brace for more Christmas chaos after road workers announced 12 days of strikes to coincide with rail walkouts. National Highways employees, who operate and maintain roads in England, will take part in a series of staggered strikes from 16 December to 7 January, the PCS union said. “We know our

The John Lewis Partnership has revealed plans to build 1,000 rental properties on its land as part of a drive to diversify its business. The employee-owned group, which is spearheaded by its eponymous department stores and Waitrose supermarkets, said a joint venture with investment firm abrdn aimed to achieve a tenth of its ambition to

Collapsed fashion retailer Joules will live on after Next agreed a £34m cash rescue deal that preserves most of its stores and jobs. Under the deal Next will pick up 100 of its 132 stores and only 133 of 1,600 staff will lose their jobs. The 100 stores now owned by Next are to remain

Buyers are increasingly struggling to afford homes despite prices falling faster, according to a closely watched report. Average prices fell by 1.4% last month, up from a 0.9% drop the month before, Nationwide Building Society found. The mortgage lender said it was the biggest monthly drop since June 2020. It took the annual pace of

HSBC has announced plans to shut a further 114 UK branches, or more than a quarter of its surviving sites. The UK-based but mainly Asia-focused bank said they would begin to shut from April next year. The decision, as the wider banking sector has consistently claimed over many years, is the result of the surge

The administrator to Joules, the collapsed fashion retailer, is on the brink of a rescue deal with the South African owner of Phase Eight. Sky News has learnt that The Foschini Group (TFG) is close to securing an agreement to buy the majority of Joules’ stores and assets. One source said a deal could be

It was as long ago as 1982, back in the pre-privatisation days of the Central Electricity Generating Board, that the idea of building a new nuclear power plant in Suffolk – Sizewell C – was first mooted. At that time, construction had yet to begin on the neighbouring Sizewell B, which for now remains the

EasyJet says it is expecting to build on a strong summer, despite pressures on consumer budgets, after COVID and post-pandemic disruption pushed it to an annual loss. The no-frills carrier reported a headline loss before tax of £178m for the 12 months to 30 September. While that sum was well down on the previous financial

The National Grid will not implement its blackout prevention scheme tomorrrow evening after French energy suppliers said they were struggling to cope with demand. Earlier today it was announced that the Demand Flexibility Service (DFS), which is designed to avoid blackouts, may have been brought in for the first time on Tuesday evening to reduce

Stock markets in Asia have seen sharp falls while a recent easing in oil prices gained new momentum on Monday in reaction to growing COVID lockdowns and public protests against them in China. Brent crude futures were 3% down on the day at $81 a barrel as investors fretted over demand in the world’s second-largest

Qatar is reviewing its investments in London after the organisation running the capital’s transport system banned the Middle East country’s advertisements on the Tube, buses and taxis. A source with knowledge of the review has told Sky News the decision by Transport for London (TfL) is “another blatant example of double standards and virtue signalling

The England and Wales Cricket Board (ECB) has received a £400m private equity approach that would see it relinquish majority ownership of The Hundred while raising funds to inject into the sport’s cash-strapped counties. Sky News has learnt that the governing body has in recent weeks been handed an offer from Bridgepoint Group, the London-listed

An extra £118m, at least, will be spent this year on temporary accommodation, such as hotels and B&Bs, by councils, a Sky News investigation has found. If trends continue, local authorities in England will spend nearly a quarter more (24%) this financial year than pre-COVID-19. Outside London, expenditure is on track to increase by 55%.

Primark has announced a £140m investment leading to the opening of four new shops and the creation of at least 850 jobs. The retailer said it plans to make the investment over the next two years in its UK operations. As part of that investment, the company said “at least” four news shops will be

The gas and electricity watchdog has announced a series of new rules for energy companies, including requiring firms to hold more capital, similar to the regulations placed on the banks in the wake of the financial crisis. Ofgem has proposed the regulations to protect customers and make firms more resilient after a number of electricity

UK car production has returned to growth, although it is still well below pre-pandemic levels, the Society of Motor Manufacturers and Traders says. Some 69,524 cars were built in October, up 7.4% on the same month a year ago. September had seen a fall in numbers, after four consecutive months of growth, illustrating how supply

A pound could buy $1.21 on Thursday morning, the highest amount since mid-August, making imports cheaper for UK companies and consumers. The 20 cents rise in sterling buying power from an all-time low in the days following the September mini-budget and the associated market upset, is due to dollar weakness rather than pound strength. The

The amount energy companies can charge for electricity and gas will rise from January but households will be protected from the increase. Ofgem, the energy regulator which limits the amount suppliers can charge for each unit of electricity and gas, increased its cap for the first three months of next year to 67 pence per

Pay growth has only kept up with inflation in one industry, official figures show. According to data from the Office of National Statistics (ONS), regular wages – wages excluding bonuses – have only risen as fast as prices in the professional and scientific industry. Jobs in the sector include legal services, management, engineering and scientific