Business

The Post Office should be “handed over” to postmasters, its former chairman has said, accusing the government of using it as a “fig leaf” for stalling and evasion. In a letter seen exclusively by Sky News, Henry Staunton told the business and trade committee the government has “consistently hidden behind the Post Office’s skirts, spinning

The long-standing owner of the Moto GP global motor-racing series is in advanced talks to sell the business for more than £3bn. Sky News has learnt that Bridgepoint, which is the biggest shareholder in Moto GP’s parent company, Dorna Sports, is seeking a valuation of up to €4bn (£3.4bn) in its negotiations with prospective buyers.

Elon Musk, the multi-billionaire owner of Tesla and X, is suing artificial intelligence company OpenAI, accusing the firm of prioritising profit over developing AI for the public good. Mr Musk is bringing the suit against OpenAI, which he co-founded, and its chief executive, Sam Altman, for breaching a contract by reneging on its pledge to

The UK car industry has pleaded with the chancellor to help get the transition to electric vehicles (EVs) back on track when he delivers his budget next week, accusing the government of creating an own goal. The Society for Motor Manufacturers and Traders (SMMT) said it was clear that the decision to delay the ban

Post Office Limited (POL) “intended to pervert the course of justice” by relying on knowingly flawed cash accounts, an inquiry submission filed today alleged. Sir Edward Henry KC, who represents former sub-postmasters Lee Castleton and Seema Misra, among others, in the Post Office scandal, made the remarks in a closing statement for the Horizon inquiry.

The Home Office immigration system statistics for 2023 tell a different story to the one that dominates the political discourse. While government commentary and policy has focused on illegal migration via small boats, the largest driver of rising immigration is people coming to work, primarily in a health and care sector that would not function

Vape ads across social media platforms “need to stop” and advertisers pleading ignorance is not an excuse, the advertising regulator has warned. The Committee of Advertising Practice (CAP) – which regulates non-broadcast adverts – launched a crackdown on e-cigarette advertisers, warning the law prohibits them from marketing vapes containing nicotine that are not licensed as

Labour will inherit the worst economic situation of any incoming government since the Second World War, Rachel Reeves warned today, accusing the Conservative Party of “burning the house down” during its time in government. Talking in the run-up to next week’s budget, the shadow chancellor said that while George Osborne had promised to “fix the

You might not trust the Post Office with your parcels but one thing it seems the disgraced organisation can still deliver is drama. After ITV’s Mr Bates vs The Post Office did what a decade of investigative journalism could not – and made the public and politicians give a damn about wrongly convicted postmasters –

MPs have raised concerns over the treatment of small businesses by major banks after figures showed more than 140,000 accounts were shut down by lenders over the past year. As part of an inquiry into access to finance, the Treasury Committee gathered information from eight banks, including the so-called big four, on how many business

The government has announced it will significantly increase the interim payment given to Post Office workers who have their convictions overturned, from £163,000 to £450,000. More than 900 sub-postmasters and sub-postmistresses were prosecuted between 1999 and 2015, after faulty accounting software called Horizon, made by Fujitsu, made it seem like money was missing from their

The UK will “miss out” on economic growth unless it finally comes up with an industrial strategy to green the economy, the leading business group has warned. As the UK economy has stagnated in recent years, the value of green industries like renewables, eco-friendly heating and energy storage is growing and will help unlock further

The prime minister has revealed how some of the money from abandoning the HS2 northern leg will be reallocated. Northern England will get £2.5bn and the Midlands £2.2bn after plans to run the high-speed line to the North were scrapped last year. The cash will go to a “local transport fund” to help towns, rural

A former private secretary to Prince Andrew is playing a key role in the deliberations of a Chinese online retail giant over a possible bid for Currys, the high street electrical goods chain. Sky News has learnt that Amanda Thirsk, who quit as the Duke of York’s private secretary nearly four years ago, is working

Next has approached administrators to The Body Shop about a potential deal to purchase parts of the stricken cosmetics chain. Sky News has learnt that executives from the UK fashion retailing giant have contacted FRP Advisory to express an interest in acquiring assets as part of any sale process it decides to launch. There were

The worst airlines for customer satisfaction have been revealed The UK’s flag carrier airline, British Airways, ranked among the worst airlines in the survey. BA’s customer score for long-haul flights was the joint third lowest out of 17 carriers analysed by Which?, at 59%. The airline received just two stars out of five for boarding

The energy price cap is to fall by £20 a month, the industry regulator has announced, but households are to face an additional “temporary” charge to help suppliers support struggling customers with record levels of debt. Ofgem confirmed a 12% price cap reduction will take effect from 1 April, taking the annual energy bill for

Paula Vennells, the former chief executive of the Post Office, has had her CBE formally stripped from her by the King for “bringing the honours system into disrepute”. Ms Vennells received the honour in 2019 but was widely criticised amid the fallout from the Post Office scandal. She had previously said she would give up

Details of legislation to exonerate sub-postmasters who were wronged in the Horizon scandal have been set out by the government. Between 1999 and 2015, more than 700 Post Office managers were prosecuted after faulty accounting software provided by Fujitsu made it seem like money was missing from their branches in the UK. Prime Minister Rishi

Overturning the convictions of guilty sub-postmasters to exonerate all those unfairly prosecuted due to the Horizon scandal is a “price worth paying”, according to the government. Under new legislation, the government says it will “quash all convictions which are identified as being in scope”. The Post Office minister says that possibly exonerating people guilty of

The owner of Brentford, the Premier League football club, has engaged advisers to canvas offers of investment that could value one of the sport’s biggest recent success stories at more than £400m. Sky News has learnt that Matthew Benham, who initially invested in the Bees in 2007, has hired Rothschild to oversee a process that

The iconic BT Tower in London is set to become a hotel, if its new owner gets its way. BT Group revealed on Wednesday that it had agreed to sell the 177 metre-tall (581-ft) tower in the West End to MCR Hotels for £275m. The grade II listed communications tower, the telecoms firm explained, had

Petrochemicals billionaire Sir Jim Ratcliffe has completed the purchase of a 27.7% stake in Manchester United through his INEOS conglomerate – enabling him to take control of football operations from the owning Glazer family.  The deal ends a protracted saga that has engulfed United for 15 months without the full sale fans had been demanding

The Body Shop has announced it is closing half of its stores in the UK – including seven today and cutting 40% of roles at its London-based head office. It comes after the embattled retailer entered administration last week, putting more than 2,000 jobs at risk. The Body Shop has roughly 200 outlets across the

A prominent US investor is among the parties being courted by Superdry’s founder as he assembles an offer to take the struggling fashion chain private. Sky News has learnt that Davidson Kempner, which has backed a number of UK retailers, is in discussions with Julian Dunkerton about backing an offer for Superdry. The talks are

A crackdown on so-called fire and rehire tactics by employers has been criticised as “tinkering around the edges” by the leader of the Trades Union Congress (TUC). Its general secretary spoke up as the Department for Business and Trade (DBT) confirmed the creation of a new statutory code covering the practice, also known as dismiss

A leading shareholder in Currys is demanding that its board slaps an £800m price tag on the electrical goods retailer amid takeover interest from a former backer of Comet, its defunct rival. Sky News has been told by one of the company’s largest investors that they believe Currys’ board should hold out for at least

Elliott Advisors, the owner of Waterstones, is plotting a £700m takeover of Currys, the London-listed electrical goods retailer. Sky News has learnt that Elliott, best-known for its activist sieges against the boards of some of the world’s largest companies, is working on a bid for one of Britain’s best-known high street names. This weekend, it

It’s a frosty morning on Kidsley Farm in Derbyshire, a rare thing in this unusually warm winter. Andrew Dakin’s beef herd is housed in the old brick barns, their breath steaming in the chill air. Alongside scuttling chickens and tractors of varying vintages, this is the very image of a traditional farmyard. But for how

Energy bills are projected to fall by an average of 15% – equivalent to £293 in annual savings – as a mild winter meant high gas storage levels. A closely watched forecast by Cornwall Insight indicates energy bills from April to June will drop to £1,635 a year for the typical user. By comparison, average

Retail sales have grown significantly – far exceeding expectations – as consumer spending bounced back in January. The 3.4% increase in retail sales is more than double the 1.5% rise forecast by analysts – and suggests the economy is recovering. On Thursday, the UK officially entered recession after two consecutive three-month periods of contraction –

Last year was a tumultuous one for NatWest Group. The lender was engulfed in a damaging row over ‘debanking’, during which it lost its highly regarded former chief executive Dame Alison Rose. NatWest confirmed this morning – as reported earlier this week by Sky’s Mark Kleinman – that Paul Thwaite, the bank’s former commercial banking

The owner of British Gas has reported a big jump in profits – as its boss called for a “social tariff” that would help poorer Britons pay less for their gas and electricity. The retail wing of parent company Centrica, which is mostly made up of British Gas, said profits soared to £799m in 2023,