Business

The Bank of England governor has said industry lobby group the British Retail Consortium (BRC) was right to warn of job losses as a result of the budget. There is a “risk” of unemployment rising due to increases in employers’ national insurance contributions and minimum wage rises announced by Chancellor Rachel Reeves last month, Andrew

Dozens of retail bosses have signed a letter to the chancellor warning of dire consequences for the economy and jobs if she pushes ahead with budget plans which, they say, will raise their costs by £7bn next year alone. There were 79 signatories to the British Retail Consortium’s (BRC’s) response to Rachel Reeves’ first budget

The chief executive of the City watchdog is at the centre of speculation that he has thrown his hat into the ring in the race to succeed Simon Case in the civil service’s top job. Sky News has been told by a number of sources that Nikhil Rathi has expressed an interest in the cabinet

Energy bills are to rise again next year, according to a respected forecaster. Costs from January to March are projected to rise another 1% to £1,736 a year for the average user, according to research firm Cornwall Insight. The energy price cap, which sets a limit on how much companies can charge per unit of

Cineworld’s hedge fund backers are drawing up plans to return the cinema operator to the public markets amid continuing uncertainty about the future of dozens of its British sites. Sky News has learnt that the company’s owners are at the early stages of considering a New York listing for the business, with the first half

A former Conservative cabinet minister has thrown his hat into the ring to become the inaugural chair of Britain’s new independent football regulator. Sky News has learnt that Chris Heaton-Harris, who stood down as an MP at July’s general election, is among those who applied for the role ahead of a deadline on Friday. Mr

Pizza Hut’s biggest UK franchisee has begun approaching potential bidders as it scrambles to mitigate the looming impact of tax hikes announced in last month’s Budget. Sky News has learnt that Heart With Smart (HWS), which operates roughly 140 Pizza Hut dine-in restaurants, has instructed advisers to find a buyer or raise tens of millions

The former head of Britain’s audit watchdog is being lined up as the next chairman of high street billionaire Mike Ashley’s London-listed retail empire. Sky News has learnt that Sir Jon Thompson, who joined the board of Frasers Group earlier this year as a non-executive director, is expected to take over from David Daly at

Typhoo Tea is preparing to enter administration after 120 years in business, amid declining sales and mounting debts. Typhoo, one of Britain’s oldest tea companies, has filed a court notice to explore potential solutions, with plans to appoint EY as administrators. In a statement to Sky News, chief executive Dave McNulty said: “This action has

The government has drafted in City lawyers to scrutinise a proposed rescue deal for Harland & Wolff, the shipyard-owner which built the Titanic. Sky News has learnt that ministers have drafted in external advisers to assess whether the renegotiation of a Ministry of Defence contract to facilitate a sale of the company to Spain’s Navantia

Chancellor Rachel Reeves has criticised post-financial crash regulation, saying it has “gone too far” – setting a course for cutting red tape in her first speech to Britain’s most important gathering of financiers and business leaders. Increased rules on lenders that followed the 2008 crisis have had “unintended consequences”, Ms Reeves will say in her

Water company United Utilities has reported hundreds of millions in profit as it seeks to further increase customer bills. The utility serving seven million customers in the northwest of England recorded £335.7m in underlying operating profits for the first half of this year, up nearly 23% from £271.1m a year ago. It comes as the

The jobs of more than half of the workforce at the DIY chain Homebase are at risk after the retailer’s owners called in administrators following a failed attempt at a sale. Sky News reported earlier on Wednesday that around 1,500 people were set to keep their roles as 75 of the 130 stores were set

A union representing Post Office staff has lashed out at proposals that could result in significantly more than 1,000 workers losing their jobs, describing them as “immoral”. The Communication Workers Union (CWU) signalled a fight ahead as the Post Office confirmed details of its transformation plan – first revealed by Sky News on Tuesday. The

The Post Office is drawing up plans to close dozens of branches and axe hundreds of head office jobs as it tries to place its finances on a sustainable long-term footing. Sky News has learnt that the state-owned company is preparing to announce in the coming days that it will shut or seek alternative franchising

The UK’s jobless rate has risen by more than expected, raising questions over whether the new government’s early warnings on the state of the economy have backfired. Official figures from the Office for National Statistics (ONS) showed the unemployment rate at 4.3% over the three months to September. That was higher than the 4.1% figure

There has been no discussion of how much Fujitsu, the maker of the faulty Post Office software Horizon, should contribute to compensating its victims, the company’s Europe chief executive has said. The company has been in discussion with the government about paying towards its proposed billion-pound spend on redress for victims of the computer programme

The steel tycoon Sanjeev Gupta is to seek court approval for a restructuring of the bulk of its remaining operations in Britain. Sky News has learnt that Liberty Steel, Mr Gupta’s privately owned company, is on Monday launching a restructuring plan for its Speciality Steel division in the UK (SSUK) that would significantly reduce its

A pair of Wall Street banking giants have hired lawyers to represent them in the escalating battle for the future of Thames Water. Sky News has learnt that JP Morgan and Bank of America, which hold financial instruments in Thames Water’s capital structure known as swaps, have engaged Simpson Thacher to advise them on their

In a significant legal victory, thousands of Bolt drivers have been recognised as workers, securing rights to paid holidays and a minimum wage. This landmark ruling, handed down by an employment tribunal on Friday, is expected to see more than £200m in compensation awarded to 15,000 drivers represented by law firm Leigh Day. The tribunal