Business

The England and Wales Cricket Board (ECB) has received a £400m private equity approach that would see it relinquish majority ownership of The Hundred while raising funds to inject into the sport’s cash-strapped counties. Sky News has learnt that the governing body has in recent weeks been handed an offer from Bridgepoint Group, the London-listed

An extra £118m, at least, will be spent this year on temporary accommodation, such as hotels and B&Bs, by councils, a Sky News investigation has found. If trends continue, local authorities in England will spend nearly a quarter more (24%) this financial year than pre-COVID-19. Outside London, expenditure is on track to increase by 55%.

A pubs industry veteran is drinking to his biggest shareholder after it injected new funding into his business amid talks with lenders. Sky News understands that Oaktree Capital has in recent weeks committed millions of pounds to RedCat Pub Company, set up by Rooney Anand, which trades from roughly 120 venues. An industry source said

Primark has announced a £140m investment leading to the opening of four new shops and the creation of at least 850 jobs. The retailer said it plans to make the investment over the next two years in its UK operations. As part of that investment, the company said “at least” four news shops will be

The gas and electricity watchdog has announced a series of new rules for energy companies, including requiring firms to hold more capital, similar to the regulations placed on the banks in the wake of the financial crisis. Ofgem has proposed the regulations to protect customers and make firms more resilient after a number of electricity

UK car production has returned to growth, although it is still well below pre-pandemic levels, the Society of Motor Manufacturers and Traders says. Some 69,524 cars were built in October, up 7.4% on the same month a year ago. September had seen a fall in numbers, after four consecutive months of growth, illustrating how supply

The UK is facing a wave of strikes this winter, with at least one walkout a day ahead of Christmas, as workers from different industries seek better pay. From transport to the NHS, education to delivery drivers, tens of thousands of people from various industries are expected to take industrial action as recession grips the

A pound could buy $1.21 on Thursday morning, the highest amount since mid-August, making imports cheaper for UK companies and consumers. The 20 cents rise in sterling buying power from an all-time low in the days following the September mini-budget and the associated market upset, is due to dollar weakness rather than pound strength. The

Royal Mail workers are beginning a 48-hour strike that the retail sector warns could cripple the Black Friday discount shopping season. The strike action is being taken nationwide by 115,000 staff who are represented by the Communication Workers Union (CWU). It is the latest stoppage in a long-running, and increasingly bitter, dispute over pay and

Pay growth has only kept up with inflation in one industry, official figures show. According to data from the Office of National Statistics (ONS), regular wages – wages excluding bonuses – have only risen as fast as prices in the professional and scientific industry. Jobs in the sector include legal services, management, engineering and scientific

Manchester United’s American owners have confirmed they could sell the club as they explore “strategic alternatives” to boost its sporting and commercial success. It comes after Sky’s City editor Mark Kleinman exclusively revealed the Glazer family were preparing to announce the news and were already being advised by bankers. Fans of Manchester United have long

A fresh round of rail strikes in the run-up to Christmas and in the New Year have been announced. Workers are to stage a series of 48-hour strikes in December and January in the long-running dispute over pay, jobs and conditions, the Rail, Maritime and Transport Workers (RMT) union said. Over 40,000 members across Network

Shell will review £25bn of investments in British projects after the chancellor extended the windfall tax on energy companies, its UK chairman has told Sky News. David Bunch said the oil giant would re-examine each of its projects on a “case-by-case basis” after Jeremy Hunt increased the levy on “excess” oil and gas profits from

UK firms should be “looking to the British workforce” rather than relying on immigrants to fill jobs post-Brexit, a minister has said. At its annual conference, the director general of the Confederation of British Industry (CBI), Tony Danker, called on the government to use immigration to solve worker shortages in the UK, saying it must

A venture capital fund backed by the advertising mogul Sir Martin Sorrell will this week unveil its first public investment in a US digital asset management platform. Sky News understands that S4S Ventures, which was set up this year by Sir Martin and Stanhope Capital Group, are jointly leading a $10m Series B fundraising by

A challenger bank specialising in green finance has poached its new finance chief from a rival as it seeks to accelerate its growth in a challenging economic environment. Sky News understands that David McCarthy, who resigned after eight years as chief financial officer of Atom in September, is joining Tandem Bank in the same role.

A multimillion-pound payout to Jacob Rees-Mogg, the former business secretary, is in jeopardy amid faltering talks about a sale of the asset management business he cofounded. Sky News has learnt that negotiations between Somerset Capital Management, in which Mr Rees-Mogg is a substantial shareholder, and prospective buyer Emso Asset Management have stalled in recent weeks.

Banksy has accused US fashion retailer Guess of stealing his work, encouraging shoplifters to head to their flagship Regent Street store in central London and “help themselves” to the clothes. The anonymous graffiti artist shared an image of the shop’s front window with his 11.6 million Instagram followers, showing items of the capsule collection inspired

Brexit, slashing investment and Liz Truss’s mini-budget are among the “own goals” that have led to the UK’s dire financial straits, according to a top economist. Paul Johnson, the director of the Institute for Fiscal Studies (IFS), has been speaking about what left the UK in a position where yesterday’s autumn statement – that will

The UK’s economic outlook will be “challenging” for the next two years, Jeremy Hunt says. The chancellor presented his autumn statement to parliament on Thursday, littered with stealth taxes and curbs on government spending amounting to £55bn in an attempt to plug the black hole in the public finances. But the independent Office for Budget