The price of resale tickets could be capped under plans to stop the public being “fleeced” by professional touts, the government has announced. The limit could range from the cost of the original ticket to a 30% uplift, with a consultation to be launched on the specifics of the measure. Some in No 10 ‘a
Business
The chancellor is under pressure because financial market moves have pushed up the cost of government borrowing, putting Rachel Reeves’ economic plans in peril. So what’s going on, and should we be worried? What is a bond? UK Treasury bonds, known as gilts because they used to literally have gold edges, are the mechanism by
Bim Afolami, the former City minister, is to return to HSBC – the bank he worked for before he embarked on a career in politics – in a boardroom role. Sky News has learnt that Mr Afolami, who lost his Hitchin seat at last year’s general election, is to become a non-executive director of the
How worried should Rachel Reeves be about the fact that the interest rates on government bonds have leapt to the highest level in more than a quarter of a century? More to the point, how worried should the rest of us be about it? After all, the interest rate on 30-year government bonds (gilts, as
A representative for one of the world’s biggest fast fashion retailers, Shein was unable to answer questions from MPs over where it sources its cotton from. Shein’s general counsel for Europe Middle East Africa (EMEA) Yinan Zhu was asked if the company sells products containing cotton from China, mainly the region of Xinjiang, where China
UK long-term borrowing costs have hit their highest level since 1998. The unwanted milestone for the Treasury’s coffers was reached ahead of an auction of 30-year bonds, known as gilts, this morning. The yield – the effective interest rate demanded by investors to hold UK public debt – peaked at 5.21%. At that level, it
Shop prices will rise in 2025 as the key Christmas trading period failed to meet retailers’ expectations, according to industry data. Shop sales grew just 0.4% in the so-called golden quarter, the critical three shopping months from October to December, according to the British Retail Consortium (BRC) and big four accounting company KPMG. Many retailers
More than half of private sector firms are planning price hikes to help offset looming tax increases announced in the chancellor’s first budget , according to a corporate lobby group. The British Chambers of Commerce (BCC) warned business confidence was at its lowest level since the market meltdown that followed the Conservatives’ mini budget of
A television network majority-owned by David Montgomery, the media entrepreneur, is to snap up the licence to operate a London-focused TV station from Lord Lebedev, owner of the capital’s weekly Standard newspaper. Sky News has learnt that Local TV Ltd, which was acquired by Mr Montgomery in 2017, is close to announcing a deal to
Outside it is the bleak midwinter. We are smack bang in the middle of some of the country’s best agricultural land. But inside the cavernous warehouse where we’ve come, you wouldn’t have a clue about any of that: there is no daylight; it feels like it could be any time of the day, any season
The owners of Shawbrook Group, the mid-sized British lender, are drawing up plans to kickstart London’s moribund listings arena with a stock market flotation, valuing it at more than £2bn. Sky News has learnt that BC Partners and Pollen Street Capital, which took Shawbrook private in 2017, are close to appointing Goldman Sachs to oversee
Tide, the business banking services platform, has hired advisers to orchestrate a fresh share sale as it pursues rapid growth in the UK and overseas. Sky News understands that Tide has been holding talks with investment banks including Morgan Stanley about launching a primary fundraising worth in excess of £50m in the coming months. The
Donald Trump has said the UK is making “a very big mistake” in its fossil fuel policy – and should “get rid of windmills”. In a post on Friday on his social media platform, Truth Social, Mr Trump shared news from November of a US oil producer pulling out of the North Sea, a major
An outsourcing group backed by Lord Hammond, the former chancellor of the exchequer, is among the suitors circling Telent, a major provider of digital infrastructure services. Sky News has learnt that Amey, which endured years of financial difficulties before being taken over by two private equity firms in 2022, has tabled an indicative offer to
The Post Office is proposing a big hike in the fees that banks pay to allow their customers to access its network as it attempts to secure additional funding to boost postmasters’ pay. Sky News understands that more than two dozen banks and building societies are considering a proposal submitted to them recently by the
The cap on bus fares has risen to £3 in much of England today as new government policy took effect. It means the maximum a bus passenger will pay for a single journey is now £3, £1 more expensive than before, as the government increased the cap from 1 January. It’s the latest in a
UK business goes into the new year in a surly mood. New Chancellor Rachel Reeves‘s hike in employer’s National Insurance contributions (NICs) in her autumn budget will raise the cost of employing people and that is likely to have an impact on both hiring and investment. For individual sectors, there are specific challenges: the car
As energy bills become more expensive from 1 January, respected forecasters have said they are likely to rise further in spring instead of fall, as first anticipated. The energy price cap rises from January, bringing the cost of a typical annual bill to £1,738 – £21 a year more than from October to December. Bills
The operator of nearly 150 Pizza Hut restaurants in the UK is in advanced talks with potential buyers as it races to wrap up a deal to secure its future. Sky News has learnt that Heart With Smart (HWS), the US-owned brand’s biggest UK franchisee, is aiming to select a preferred bidder in January after
Almost 170,000 retail workers lost their jobs this year after the collapse of major high street chains, according to data. It is the highest since more than 200,000 jobs in the sector were lost in 2020 in the aftermath of the COVID pandemic, which forced retailers to shut their stores during lockdowns. The figures, compiled