Business

Rent has remained unaffordable in England, having been so since records began, the latest official figures show. The typical private sector renter, on a typical wage in England, paid a figure deemed to be unaffordable by the Office for National Statistics (ONS). Renters on a median income – the midpoint between the highest and lowest

The Labour government’s first budget will embrace the “harsh light of fiscal reality” but “better days are ahead”, Sir Keir Starmer will say in a speech on Monday. Chancellor Rachel Reeves will deliver the budget on Wednesday and setting the tone for the announcement, the prime minister will warn of “unprecedented” economic circumstances and the

A former chair of one of Britain’s biggest auditors is to step down as chairman of Interpath, the independent advisory firm, because of a potential conflict of interest involving its private equity backer’s choice of auditor. Sky News has learnt that Interpath, which has been engaged by billionaire Sir Jim Ratcliffe on his cost-cutting campaign

Britain’s biggest energy retailers have told ministers that they will provide more than £500m of extra help for households as the government tries to deflect criticism over the winter fuel payments row. Sky News has learnt that EnergyUK, the industry body, is planning to make a joint announcement with the Department for Energy Security and

The Premier League is drawing up plans to present its clubs with fresh proposals for a financial settlement with the English Football League (EFL) as soon as next month. Sky News has learnt that a meeting of the top flight’s shareholders on November 22 is expected to include a discussion on a range of new

The amount employers pay in national insurance is set to rise in next week’s budget to raise money for public services, Sky News understands. Reports have suggested it could be increased by up to two percentage points and will – in part – be used to help fund the NHS. A government source told Sky

Mitie Group, the London-listed outsourcer, has kicked off a search for a successor to Derek Mapp, its long-serving chairman. Sky News has learnt that the FTSE-250 company is working with the search firm MWM Consulting on a hunt for Mr Mapp’s replacement. Potential candidates have started being sounded out in the last few weeks, according

The chancellor will need to spend an extra £20bn by the end of the parliament to maintain public investment at its present levels. Rachel Reeves has promised to unveil a “budget for investment” next week, while reversing the “years of underinvestment” overseen by the previous Conservative government. However, this would involve taking on billions of

Frasers Group, the owner of Sports Direct, House of Fraser and Flannels, has written to Boohoo ordering it to sack its chief executive and appoint Frasers founder Mike Ashley instead. Boohoo, the online fast fashion retailer, had ignored a private Frasers request to install Mr Ashley, according to an open letter from Frasers Group to

The owner of fashion chains Whistles and Phase Eight is in advanced talks to buy White Stuff, another prominent high street clothing retailer. Sky News has learnt that The Foschini Group (TFG), the South African-based retailer, is close to concluding a deal to acquire White Stuff and invest in its future expansion. Sources said a

Folkestone has been drawing in crowds in recent years with regeneration and private developments transforming parts of this port town on the Kent coast. But many residents will tell you that the fabric of this community is being torn apart. Local services are deteriorating and have been for some time. Leisure centres have shut down

The International Monetary Fund (IMF) has upgraded its projection for UK growth this year by 0.4% to 1.1% – the largest upward revision for any advanced economy. In a boost to Chancellor Rachel Reeves as she prepares to travel to Washington for the IMF’s annual meeting this week, its latest world economic outlook predicts strengthening

A new commission is to investigate Britain’s troubled water industry in a bid to tackle sewage pollution, “broken” infrastructure, and toughen up weak regulators. The new Independent Water Commission will deliver the “largest review of the sector since privatisation”, the UK and Welsh governments said as they unveiled the plans. Campaigners have warned against trade-offs

Government borrowing is at its highest since the pandemic due to public sector pay rises and the high cost of borrowing, official figures show. Last month had the third highest September borrowing on record, coming only behind 2020 and 2021, according to data from the Office for National Statistics (ONS). While more money came in

The prospects of a rescue deal being struck for a British hypersonic aviation pioneer appeared to recede this weekend when it emerged that talks with a Gulf-based state fund had stalled. Sky News has learnt that negotiations between Reaction Engines and the UAE’s Strategic Development Fund, the investment arm of the UAE’s Tawazun Council, about

Ministers will oversee the HS2 project as the cost of delivering the high-speed train line has been allowed to “spiral out of control”, the transport secretary has said. Louise Haigh announced on Sunday she has launched an independent review into how costs have been allowed to balloon “without sufficient explanation”. The transport secretary and her

Ministers are exploring plans to hand ownership of the Post Office to thousands of sub-postmasters across Britain in an historic shake-up at the 364 year-old institution. Sky News has learnt that the Department for Business and Trade (DBT) has asked BCG, the management consultancy, to examine options for mutualising the Post Office. The work is

Tony Danker, the former director-general of the CBI, is to receive in the region of £500,000 from the business lobbying group in a settlement reached nearly a year after he was ousted in the midst of a wider sexual misconduct scandal. Sky News has learnt that Mr Danker, who left the organisation in April 2023,

The founder of BrewDog has claimed that entrepreneurs will abandon Britain if capital gains tax is increased. James Watt, the founder of the brewery and pub chain, told Sky News that a significant rise in the tax “will do far more damage to our economy” and deal a hammer blow to the prosperity of every

Baillie Gifford, the Edinburgh-based fund manager, has told staff to return to full-time office working, the latest in a string of employers to cool on pandemic era remote working practices. Sky News understands that Baillie Gifford’s roughly-1,800 employees were notified in a video call several weeks ago that they were expected to attend its offices

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