Business

The boss of Fujitsu in Europe has admitted staff knew of bugs, errors and defects (BEDS) in the Horizon IT system as far back as 1999. Appearing before the inquiry into the Post Office scandal, Paul Patterson said it was “shameful and appalling” that the known glitches were not included in the witness statements used

There has been a shock fall in retail sales in the key December shopping period, sharpening the decline seen in recent months, official figures show. Data from the Office for National Statistics (ONS) said sales fell an unexpected 3.2%, despite Christmas and reported discounts offered by major chains and some positive reports by major high

The chancellor says he wants to cut taxes at the spring budget this year, declaring that doing so will be the quickest route to getting the economy growing again. Talking to Sky News on the fringes of the World Economic Forum in Davos, Jeremy Hunt said that while he has yet to see the fiscal

More than a third of adverts on Facebook Marketplace could be scams – with UK customers potentially losing nearly £60m on the platform in 2023, an investigation has found. Facebook Marketplace allows people to buy and sell new and used items such as cars, watches, games consoles, air fryers, shoes and handbags. The TSB retail

Kemi Badenoch, the business secretary, is seeking urgent talks with Fujitsu to thrash out a compensation package for sub-postmasters affected by the Post Office Horizon scandal. Sky News has learnt that Ms Badenoch wrote to Takahito Tokita, the Japanese company’s chief executive, in the wake of an acknowledgement from Fujitsu bosses that it had a

Directors of BP were meeting on Tuesday evening to finalise the appointment of Murray Auchincloss, the company’s acting chief executive, as its permanent boss. Sky News can reveal that the FTSE-100 oil major’s board has gathered at a central London hotel to agree the details of Mr Auchincloss’s appointment as the successor to Bernard Looney.

A plan to boost the security of critical imports has been revealed by the government following a host of disruptions to global supply chains. The Department for Business and Trade said it had been working with key industry groups for several weeks to identify products the country could not do without and should be “safeguarded”.

Wage growth has slowed but still remains well above the rate of inflation while unemployment is unchanged, according to official figures. Average weekly wage growth, which excludes bonuses, eased to 6.6% in the three months to November, from 7.3% a month earlier, the Office for National Statistics said. It means pay packets grew faster than

New strikes have been announced by the train drivers’ union ASLEF. Drivers will stage fresh industrial action and an overtime ban from the end of the month in a long-running pay dispute, the union said. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the

Six people have been arrested over a suspected plot to disrupt the London Stock Exchange, the Metropolitan Police has said. The force said it began its investigation after receiving information from the Daily Express on Friday. Activists from a group called Palestine Action were allegedly intending to target the exchange on Monday morning. It is

Plans for a new government information campaign to tackle the explosion in online fraud have sparked divisions among major banks over concerns about its cost and potentially conflicting public messages. Sky News has learnt that the Home Office has in recent weeks been in discussions with major lenders including Barclays, Lloyds Banking Group and Santander

Vue International, Europe’s largest independent cinema operator, is finalising a fresh debt restructuring after the Hollywood actors’ strike halted the release of a string of blockbuster movies. Sky News has learnt that UK-based Vue, its shareholders and lenders are in the process of organising the company’s second debt-for-equity swap in 18 months in a bid

What lies 1,000 metres beneath the North Sea could help the climate of the atmosphere above. And I’m on my way down to see it. The rattly lift drops at 10 metres per second, the speed of a sprinter, ruffling the air and flapping my shorts as it plunges down. Yes shorts. I wear a

US flight safety regulators are to intensify their scrutiny of Boeing in the wake of the mid-air panel blowout a week ago aboard one of the company’s planes. The announcement was made by a top Federal Aviation Administration (FAA) official who is working on the investigation into the scare aboard the Alaska Airlines flight on

Shipping costs have risen by more than 300% since November amid the disruption caused to freight in the Red Sea from attacks, according to fresh data. Just hours after US and UK-led attacks on Yemen aimed at preventing renewed assaults on shipping by Iran-aligned Houthi rebels, it was revealed that freight prices continued to rise

The UK economy returned to growth in November, according to official figures that are being closely watched amid fears the prospect of recession remains on a knife edge. The Office for National Statistics (ONS) reported output growth of 0.3% for the month – recovering from a 0.3% decline witnessed in October when many weather-sensitive sectors

The boss of Ryanair has complained of “minor issues” with new aircraft delivered by Boeing as the US plane manufacturer battles to contain the fallout from its latest safety scare. Michael O’Leary had used an interview with the Financial Times earlier this week to raise concerns about quality control at the US firm in the

A US regulator has reluctantly given its approval for funds holding Bitcoins to be traded on the US stock exchange. The approval by the US Securities and Exchange Commission (SEC) – an independent agency which has a primary purpose of enforcing laws against market manipulation – will allow investors to gain exposure to Bitcoin without

The head of beleaguered plane maker Boeing has said “a quality escape” occurred in safety checks which led to a mid-flight blowout when a door ‘plug’ came off during a flight involving one of the company’s jets. Chief executive Dave Calhoun explained that the “quality escape” to which he referred was “anything that could potentially

It is, says Chancellor Jeremy Hunt, a spending bombshell that will mean the Labour Party breaks its fiscal rules or imposes swingeing taxes on the public. The shadow chancellor, on the other hand, says it’s a necessary and affordable measure. Whoever you believe, and we’ll get on to the details shortly, it’s fast becoming clear

The justice secretary is meeting with senior judges today to discuss ways to accelerate the appeals of those convicted in the Horizon scandal, with cabinet minister Mel Stride saying an announcement could come this week. The government is facing fresh calls to act following the airing of the ITV drama, Mr Bates vs The Post

The father of a two-year-old boy who died after exposure to mould at his housing association flat has backed proposals to bring in a strict time frame for landlords to fix problems. The new requirements are part of a consultation on measures under legislation named after Awaab Ishak. Awaab died in December 2020 from a

Barclays is in the process of removing 5,000 roles from its global workforce in recent months as part of a renewed push by executives to slash costs and improve the bank’s profitability. Sky News has learnt that a total of roughly 5,000 jobs were shed from the British bank’s 84,000-strong ranks during 2023, with about

A petition calling for former Post Office boss Paula Vennells to lose her CBE over the Horizon scandal has attracted more than one million signatures. Demands to remove Ms Vennells CBE emerged again after ITV aired a new drama into the scandal, Mr Bates vs The Post Office, which tells how former subpostmasters and subpostmistresses

The owners of SoundCloud, one of the world’s largest music streaming services, are preparing for a sale that could fetch in excess of $1bn. Sky News has learnt that Raine Group and Temasek Holdings, the Singaporean state investment fund, have begun interviewing investment banks about a prospective auction of the company. Founded in 2007, SoundCloud

Rishi Sunak has vowed to cut taxes before and after the general election – but has warned they will be funded by curbing benefits and government spending. Speaking to The Sunday Telegraph, the prime minister sought to create a clear contrast between the Conservatives and Labour as campaigning begins. While Mr Sunak insisted his priority

Some of BP’s largest shareholders have urged it to approach Charles Woodburn, the BAE Systems chief executive, about becoming the FTSE-100 oil behemoth’s next boss. Sky News has learnt that several large investors believe that BP should target the appointment of an external candidate as its CEO for the first time in its 114-year history.

Chancellor Jeremy Hunt is unsure if the government can afford further tax cuts – as a National Insurance (NI) reduction comes into force today. The pre-election cut to NI, from 12% to 10%, will impact around 27 million payroll employees across the UK. A person earning the UK’s average salary of £35,000 will save £450

The chairman of NatWest bank has come under fire after he claimed it is not “that difficult” for people to get on the property ladder in the UK. Sir Howard Davies said that while some found it hard to “start the process”, aspiring homeowners “have to save and that is the way it always used

Here’s a sentence which might sound a little odd: higher interest rates have been good news for the UK economy. For the first time in many decades, the pain faced by borrowers from higher interest rates has been more than balanced out by the benefit experienced by savers from those interest rates. If this sounds

Mortgage approvals hit their highest level in six months near the end of last year, official data has revealed – as more lenders announce rate cuts. New figures from the Bank of England (BoE), published on Thursday, show that more than 50,000 loans for home purchases were rubber-stamped in November – the highest number since

Imported foods may be labelled when they do not meet welfare standards, as the government considers measures to help shoppers “buy British”. Environment Secretary Steve Barclay is set to announce plans to change labelling on goods to clarify if it is produced to the highest standards, as part of sweeping reform to support farmers. Mr

A string of banks and building societies are likely to follow the UK’s largest lender in cutting mortgage rates in the coming weeks, experts have said. It comes after Halifax reduced its rates by up to 0.83% on Tuesday, including a two-year deal of 4.68% with a £999 fee. Lloyds Banking Group, which owns Halifax,