Business

The rate of inflation has eased slightly to 6.7% confounding the predictions of economists that it would rise. The Office for National Statistics (ONS) said the consumer prices index (CPI) measure slowed in the 12 months to August, from the 6.8% figure reported the previous month, thanks to food rising at a weaker pace during

The CBI, the ailing business group, has acknowledged its financial travails for the first time as it postponed what was set to be a crucial annual meeting this week. Sky News has seen a message from the CBI to members which admitted it had “experienced some short term cashflow challenges”. It insisted, however, that it

A former governor of the Bank of England has told Sky News that while it was too slow to turn off the stimulus taps after the COVID pandemic, its actions to tame inflation are now “in the right area.” Lord Mervyn King, who presided over the Bank’s response to the global financial crisis in 2008,

The government has announced a new fixed sum payment for victims of the Post Office Horizon scandal in an effort to provide quicker compensation. An award of £600,000 is on offer to the 86 postmasters who have had their convictions over turned after faulty Horizon software made it appear they were stealing. Anyone who has

The chancellor has offered an olive branch to the CBI, the stricken business lobbying group, by agreeing to meet its boss for the first time since a sexual misconduct scandal erupted in the spring. Sky News has learnt that Jeremy Hunt has agreed to hold in-person talks with Rain Newton-Smith, the CBI director-general, in the

A “potent cocktail” of pressures has forced the trade body for manufacturers to cut its outlook for output this year amid a slump in new orders and hiring. Make UK’s quarterly survey said a slowdown in production since the early summer had forced it to trim its annual forecast to a fall of 0.5%. That

The owner of Waterstones is among a pack of bidders circling The Body Shop after its Brazilian owner hoisted a for sale sign above the cosmetics retailer. Sky News has learnt that Elliott Advisors, the investment firm best-known for its activist campaigns against the boards of some of the world’s biggest companies, tabled an indicative

Mike Ashley, the high street billionaire, is in talks to sell the online clothing label Missguided to Shein, the giant Chinese online fashion player. Sky News has learnt that the two sides are in detailed negotiations about a deal, which would represent Shein’s first acquisition of a British fashion brand. City sources said that Shein

At the main roundabout outside Port Talbot steelworks, union reps and those on their lunch break gathered holding a banner: “British Steel – Back It or Lose It!” Some 4,000 are employed by Tata Steel here, more than 12% of the town’s entire population. One of them is Greg Coggins, who has worked for Tata

Business secretary Kemi Badenoch has had a busy week. It started on Monday with a £75m cheque to BMW to secure 4,000 jobs tied to future production of electric Minis at its Oxford plant. It ends with a £500m subsidy to sweeten the decarbonisation, by Indian industrial giant Tata, of its Port Talbot steel plant

Thousands of jobs are expected to be lost at Britain’s largest steelworks despite a £500m rescue package. The government will make the offer to assist Tata Steel employees who may face redundancy at its site in Port Talbot, as it moves from blast furnaces to greener steel production. Tata is expected to contribute £700m towards

The European Central Bank’s main interest rate has hit its highest level since the creation of the euro in 1999 amid the continuing battle against inflation. The Bank’s deposit rate was raised by 0.25 percentage points to 4% at the latest meeting of the governing council, which manages monetary policy for the 20 countries that

The John Lewis Partnership (JLP) has revealed its transformation plan will take two more years to complete than expected, while revealing a fall in losses over the first half of its financial year. The employee-owned company, in which staff are known as partners, said that a combination of higher costs due to inflation and a

Shares in UK-based chip designer Arm Holdings have soared after the firm made its Nasdaq debut on Thursday. The firm’s stock opened at $56.1 (£45.2) per share – 10% above the initial public offering (IPO) price of $51 (£41). Arm, which is still 90.6% owned by Japan’s SoftBank Group, had earlier secured a valuation of

The Range, the value retail chain, has struck a deal to buy the Wilko brand from its collapsed rival’s administrators. Sky News has learnt that The Range, founded and owned by Chris Dawson, has agreed to pay in the region of £5m for the Wilko name. The deal is expected to be announced later on

The head of BP has suddenly resigned following allegations over “personal relationships with colleagues”. Bernard Looney’s departure as chief executive of the British energy giant comes less than four years after he was appointed to the role. The 53-year-old, who was paid more than £10m in wages, bonuses and other benefits last year, is said

A deal has been struck for the owners of Poundland to take over the leases of 71 Wilko stores. The Pepco Group will rebrand the branches under the Poundland name. It is unclear if Wilko staff at the outlets will be kept on or rehired, but administrators PwC said it was hoped the deal would

A further 9,100 Wilko employees will be made redundant by early October, administrators have said. PricewaterhouseCoopers (PwC) failed to reach a deal to save any significant part of the retailer after it went into administration. “It is anticipated that all stores will be closed by early October, resulting in the redundancies of a further 9,100

A Sky News investigation into potentially misleading and confusing boiler marketing involving the use of hydrogen in home heating has prompted several companies to remove statements about the gas from their websites. It comes as the chief executive of the UK’s independent climate change committee told Sky News that “no one should be installing a

Parents of babies and toddlers say mounting costs and cuts to local services are preventing them from giving their children the best start in life, a survey has revealed. Children’s charity UNICEF UK has warned that expensive childcare, fewer support services and the cost of housing are contributing to parents worrying about their children’s development.