Business

The government has wobbled on the oil and gas windfall tax, reflecting a growing government concern about the effect of the 75% marginal rate on a sector that supports over 200,000 jobs. It is worth pointing out that the promised relief is dependent on fossil fuel prices falling beyond a certain level for two consecutive

The government is scaling back the windfall tax on bumper oil and gas profits in response to fossil fuel companies warning they are cutting back on investment. Prices had reached historic highs following the invasion of Ukraine, resulting in record profits for oil and gas producers such as Shell and BP. The windfall tax –

The former owners of The Daily Telegraph have tabled a proposal to restructure its debt to Britain’s biggest high street lender in a last-ditch attempt to regain control of the right-wing newspaper. Sky News has learnt that the Barclay family submitted an offer to Lloyds Banking Group on Wednesday that would have entailed the bank

The UK jobs market had more candidates going for fewer jobs last month with wages increasing more slowly than before, according to a closely watched survey. May had the highest number of jobseekers in two and a half years as more people were made redundant and hiring slowed, a survey of 400 UK recruitment and

The Daily Telegraph newspaper has inched closer to a sale after Lloyds Banking Group seized control of its parent firm over unpaid loans and placed it in the hands of receivers. Sky News has previously reported how the bank was understood to have undertaken the drastic move and was in the process of appointing investment

Britain’s biggest high street lender is lining up bankers to launch a £600m auction of the Telegraph newspapers and The Spectator magazine within days amid a bitter row with the titles’ long-standing owners. Sky News has learnt that Lloyds Banking Group is being advised by Lazard on its options for some of Britain’s best-known media

The scandal-hit CBI has secured support in its battle for survival by winning a crunch membership vote on plans aimed at restoring trust in the business lobby group. The UK’s largest employers’ organisation needed a simple majority to win the vote in an extraordinary general meeting in London and won 93% in favour of its

The CBI faced ridicule hours before a vote on its future on Tuesday after a senior executive hailed its “transparent” handling of the misconduct crisis which has left it facing collapse – despite blocking the media and resigned members from watching a pivotal general meeting. Sky News has seen an email sent by Henry Aldridge,

British Airways (BA) has revealed all its staff who are paid in the UK have been caught up in a cyber incident that has exposed personal data including bank and contact details to hackers. It emerged last week that a so-called zero-day vulnerability – a flaw – in the file transfer system MOVEit, produced by

The embattled CBI business lobby group faces another threat – this time in the form of rival business group and challenger the British Chambers of Commerce (BCC). The group has founded a new lobbying body, the Business Council, with some of the UK’s biggest businesses. Founding members of the new body include Heathrow Airport, oil

Apple is expected to announce a mixed reality headset – its first brand-new product for eight years – at its annual event for developers. The tech giant’s WWDC showcase is usually reserved for software reveals – notably the next major updates for its iPhones, iPads, and Macs – but this year fresh hardware is on

Siemens, the German-based industrial technology giant, is this weekend leading a last-ditch rallying cry to save the CBI, the ailing business lobbying group. Sky News has learnt that Siemens, which employs 11,000 people in Britain, is coordinating a letter among a group of CBI members to urge them to publicly endorse its survival. The letter,

The talent agency which managed Phillip Schofield until the disgraced TV star’s career imploded this week is this weekend facing questions about its own future after its lenders called in advisers to explore a financial restructuring. Sky News can reveal that YMU, which is owned by a private equity firm, has for weeks been involved

Rail strikes are set to cause further havoc today when train drivers walk out ahead of high-profile events including the FA Cup final, the Epsom Derby, and a Beyonce concert. Members of the Aslef union are taking industrial action in the long-running dispute over pay and working conditions. Read more: Everything you need to know

Two of the country’s biggest banking giants have announced they are closing a total of 63 branches. Barclays said on Friday it will shut another 10 branches, on top of more than 70 closures this year that have already been announced. Meanwhile Lloyds Banking Group will shut the doors on 21 Lloyds Bank sites, along

As food inflation rises to 19.2%, its highest rate in 42 years, the European Central Bank has suggested it could be down to, in part, businesses profiteering from the cost of living crisis by increasing their prices for larger margins, a term known as “greedflation”. But what is the data behind the suggestion? On the

The owner of British Gas is facing criticism from a leading City investor over the multimillion pound pay package handed to its chief executive after persistent criticism of windfall gains triggered by share price collapses during the pandemic. Sky News can reveal that abrdn, one of the London stock market’s most influential institutional shareholders, will

House prices fell by 3.4% year-on-year in May, according to one of the UK’s biggest mortgage lenders. Data from Nationwide building society also showed a month-on-month decline of 0.1%, with the average cost of a UK home now said to be £260,736. The building society had said there were tentative signs of a recovery in the

CBI members are to begin voting today on the future of the business lobby group, following a series of scandals. The organisation was plunged into disarray after claims of serious sexual assault were made by CBI employees against colleagues. Today it will launch what it describes as an “ambitious ‘programme of change'”, with adjustments to

Rail passengers are set to suffer fresh travel disruption over the next few days due to more strikes in long-running disputes over pay, jobs and conditions. Train companies are warning that services will be “severely reduced” because of industrial action by drivers and other workers. Members of the drivers’ union Aslef will walk out on