Business

The UK economy would need investment of £1trn pounds over a decade for an annual growth rate of 3% to be achieved, according to a business lobby group. The Capital Markets Industry Taskforce (CMIT), which represents leaders in the financial services sphere, said £100bn a year must be found to help the country catch up

The new owners of The Body Shop are lining up tens of millions of pounds in new financing as they finalise a deal to buy the chain out of administration. Sky News has learnt that Aurea, an investment company led by Mike Jatania, a cosmetics entrepreneur, is in advanced talks to secure more than £30m

Royal Mail may not be obligated to deliver second class letters on a Saturday in future, under plans being considered by the industry regulator. Ofcom, which launched a consultation on the company’s universal service obligation (USO) earlier this year, said such a shift would protect priority deliveries, including first class mail, and help loss-making Royal

An American investment firm has joined forces with one of the remaining bidders for Cala Group, the privately owned housebuilder which has been put on the market. Sky News understands that Sixth Street has teamed up with Patron Capital Partners – Cala’s former owner – in an effort to trump a rival offer from Persimmon,

Water company bosses could face up to two years in prison and be banned from taking bonuses under the new government’s first major proposals to crack down on England’s sewage, chemical and manure infested waterways. The new Water (Special Measures) Bill is designed to beef up feeble regulators so they can take on water companies

Senior business leaders have welcomed discussions with Angela Rayner over proposals to improve workers’ rights as “positive”, but warned the “devil will be in the detail” of legislation due to be put before Parliament next month. The deputy prime minister and business secretary, Jonathan Reynolds, met the bosses of major employers including John Lewis, Octopus,

Bidders for The Daily Telegraph and its Sunday sister title are this week holding their first direct talks with the newspaper group’s bosses ahead of a deadline for formal bids later this month. Sky News has learnt that the remaining bidders for the right-leaning newspapers are participating in management presentations as they seek to finalise

American tech giant Hewlett Packard has said it is to continue with legal proceedings “through to their conclusion” to seek up to £3bn in damages from late British billionaire Mike Lynch’s estate in the UK. The company had been seeking compensation over its acquisition of British tech firm Autonomy amid claims of fraud masterminded by

Labour is facing a drop off in confidence among business leaders amid plans for tax rises and improvements to workers’ rights, according to a survey. The Institute of Directors (IoD) had noted a leap in optimism in July among its membership as the new government came to power. But its latest economic confidence index showed

A full-fibre broadband builder is accelerating its search for merger partners amid growing financial strains on some of the industry’s smaller players. Sky News understands that Zzoomm, which is backed by the giant US-based investor Oaktree Capital Management, has drafted in Acuity Advisors, a specialist technology firm, to identify prospective deals. Zzoomm operates in nearly

A British hypersonic aviation campaign which has been hailed as a successor to Concorde is this weekend racing to avert collapse. Sky News has learnt that Reaction Engines has lined up PricewaterhouseCoopers (PwC), the accountancy firm, to act as administrator if its quest to secure new funding is unsuccessful. The company is understood to be

GE, one of the world’s best-known conglomerates has swooped to buy a British climate technology start-up in its quest to reduce the aviation industry’s environmental impact. Sky News has learnt that GE Aerospace has struck a deal to buy Satavia, a Cambridge-based company which helps to mitigate the warming effect of aircraft contrail clouds. Founded

The government’s plan to ban smoking in pub gardens and other outdoor venues is a “sensible approach” to help people stop, a minister has said. Sir Keir Starmer confirmed leaked reports on Thursday his government is considering the smoking ban, which would also include outdoor restaurants and outside sports venues, hospitals, nightclubs, and in some

The number of mortgages approved reached a near two-year high, according to Bank of England figures, as hopes of cheaper borrowing encouraged would-be buyers. Mortgage approvals increased to 62,000 in July, a level not seen since September 2022, a sign that buyers were waiting for hopes of reduced interest rates and the associated lower mortgage

House prices are now growing at the fastest annual rate in nearly two years, the UK’s largest building society has said, with rises expected to continue. In the year up to August, houses became 2.4% more valuable with the average property costing £265,375, according to Nationwide. But prices are still below the all-time highs recorded

Older people are having to fill out a 243-question form to access pension credit and winter fuel payments – a task that will be “daunting” for some, charities have said. The government has launched a campaign urging eligible people to apply for pension credit after Rachel Reeves announced last month that the winter payments would

The government will not defend the legal challenges brought against plans to develop the UK’s largest untapped oil and gas field and a second North Sea site. Rosebank, 80 miles west of Shetland, contains around 300 million barrels of oil and is the UK’s last major undeveloped oil site. It is twice the size of

The outlook for living standards for middle-income earners is “weak” beyond this financial year, according to an annual report by a thinktank released ahead of the Labour government’s first budget. The Resolution Foundation warned that a slowdown in pay growth across the board would start to bite by the time of Sir Keir Starmer’s first

The water industry has warned that firms will be unable to deliver reforms such as stopping sewage outflows without even greater bill rises, with crisis-hit Thames seeking more cash from customers than it originally proposed. A letter from industry trade association Water UK to Ofwat set a collision course between them as firms covering England

The owner of Ted Baker will on Wednesday announce that it has struck a deal with an American group to re-establish an online presence in the UK, days after its remaining retail stores were shut for good. Sky News has learnt that Authentic, which has owned Ted Baker since 2022, has struck a deal with