Business

London Underground drivers have been suspended planned strikes over pay after saying they received an “improved offer”. Members of Aslef were due to walk out on Thursday and again next Tuesday – which would have heavily impacted Tube services. The Rail, Maritime and Transport union had already called off strikes by its members after resolving

NatWest Group, the high street banking group, has struck what is thought to be the UK’s biggest-ever deal to outsource pension payments to a specialist insurance company. Sky News has learnt that pension trustees at NatWest, which is on track to become wholly owned by private sector investors after more than 15 years in partial

Whitbread, the FTSE-100 owner of the Premier Inn hotel chain, has kicked off the search for a successor to Adam Crozier, its chairman. Sky News has learnt that headhunters acting for Whitbread have begun sounding out possible candidates for the post. Mr Crozier, who has chaired the company since 2018, is expected to step down

A £15bn merger between two of the UK’s biggest mobile networks could get the green light – if they stick to their commitments to invest in the country’s infrastructure, the competition watchdog has said. The Competition and Markets Authority (CMA) said the merger of Vodafone and Three had “the potential to be pro-competitive for the

Business leaders expressed frustration with ministers on Monday amid a growing budget backlash that bosses said would trigger an “avalanche of costs” and leave them with no choice but to slash investment and increase prices. Sky News has learnt that bosses of large retail and hospitality companies and trade associations told Jonathan Reynolds, the business

The group of financial heavyweights offering Britain’s biggest water supplier a £1.5bn lifeline is calling on the company’s other backers to accept the plan in a last-ditch bid to save the utility. Thames Water has been fighting to stay afloat since March when its investors declined to give it more money, raising the prospect of

Ryanair – Europe’s largest budget airline – has reported a significant profit decline and scaled back its growth expectations amid challenges from Boeing aircraft delivery delays, lowered fares, and consumer spending pressures. For the six-month period ending in September, Ryanair’s net profit dropped by 18% to £1.5bn, down from the same period last year. The

Two of Britain’s biggest food retailers will this week face pressure to publicly disclose whether they expect a fresh spike in prices next year as the industry grapples with huge tax hikes imposed in last week’s budget. Sky News understands that Marks & Spencer (M&S), which will unveil half-year earnings on Wednesday, and J Sainsbury,

The former Conservative chancellor Nadhim Zahawi is in talks to smooth the path to a takeover of The Daily Telegraph being led by the New York-based media investor Dovid Efune. Sky News has learnt that Mr Zahawi has been working for several weeks with LionTree, Mr Efune’s investment banking adviser, on the deal, which is

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

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

Thames Water has secured a £3bn injection to avoid running out of cash. There were fears the UK’s biggest water supplier, which serves 16 million customers, could have run out of money by Christmas. But the cash injection secures its financial future for at least the next year, or possibly until the end of May

Rachel Reeves will rewrite the government’s fiscal rules in next week’s budget to allow her to increase borrowing for public investment by around £50bn. Speaking to Sky News in Washington DC, the chancellor said that the self-imposed rule under which borrowing must be falling by the fifth year of economic forecasts will be redefined from

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 breakaway international golf tour funded by Saudi Arabia’s vast wealth is to stage its first event in India early next year amid its continued expansion and an impasse over the sport’s global calendar. Sky News has learnt that Greg Norman, the former two-time Major-winner who now serves as commissioner and chief executive of LIV