Business

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 UK economy grew by 0.1% between July and September, according to the Office for National Statistics (ONS). However, despite the small positive GDP growth recorded in the third quarter, the economy shrank by 0.1% in September, dragging down overall growth for the quarter. The growth was also slower than what had been expected by

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

Rachel Reeves will this weekend be told by some of Britain’s biggest hospitality groups that the tax hikes imposed in last month’s Budget risk triggering a tsunami of job losses across the sector. Sky News has learnt that dozens of bosses from pub, restaurant and hotel operators have agreed to sign a letter to the

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

The baby formula market is a “broken system” that needs urgent government intervention, according to a leading charity.   Feed UK welcomed the Competition and Markets Authority report that calls for change in the formula milk industry aimed at easing financial pressures on parents struggling to afford it. Clare Murphy, co-director of charity Feed, said: “The

The advisory firm which managed the insolvency of Bulb Energy in 2021 is kicking off a hunt for new backers in a process that could value it at about $2bn (£1.5bn). Sky News has learnt that Teneo, which is based in the US, has begun approaching prospective investors in recent days to gauge their appetite

The baby formula market needs to be shaken up to help parents struggling to afford it, according to the UK’s Competition and Markets Authority (CMA).  Its interim report concluded there are “limited incentives” for the industry to compete on prices and that parents have suffered the consequences of high prices. Among its recommendations is a

The Bank of England has forecast Rachel Reeves’ first budget as chancellor will increase inflation by up to half a percentage point over the next two years, contributing to a slower decline in interest rates than previously thought. Announcing a widely anticipated 0.25 percentage point cut in the base rate to 4.75%, the Bank’s Monetary

The battle for control of Thames Water’s future has deepened after a second group of bondholders tabled a fully underwritten offer to provide £3bn of new debt. Sky News has learnt that the utility’s class B bondholders submitted a proposal to the company on Thursday morning which aims to trump a rival offer from its

Donald Trump’s victory was secured on an unequivocal promise to stretched American households that he would “end inflation”, but markets and economists are anticipating his second term will do the opposite. A combination of corporate tax cuts, government borrowing, lower migration and swingeing tariffs on overseas imports are all expected to heat up the American