Business

The supermarket giant Morrisons has proposed a last-ditch rescue deal for McColl’s Retail Group that would preserve the majority of its 16,000-strong workforce. Sky News has learnt that Morrisons tabled a proposal on Thursday evening that would see the convenience store chain’s lenders being taken on in full and its pension scheme protected. The proposal

The Bank of England has raised the base rate of interest to 1% – the fourth consecutive increase as it continues to move against surging inflation – despite issuing a warning about a recession ahead. The Bank forecast that the UK economy will shrink later this year in the face of double-digit inflation and an

The Bank of England is expected to increase its base interest rate to the highest level in 13 years in a bid to tackle inflation. It is predicted to rise to 1% amid soaring food, energy and fuel prices that saw inflation hit a 30-year high of 7% in March. The base rate is the

The American private equity firm financing the preferred bid to buy Chelsea Football Club will take a reduced stake in the Blues under a restructured deal that it wants to finalise within days. Sky News has learnt that Clearlake Capital is expected to own approximately 60% of Chelsea’s shares if the consortium spearheaded by Todd

Boohoo, the online fashion retailer, has reported a collapse in profits as the business was hit by higher product returns and a surge in costs. The company, which targets 16-40-year olds, enjoyed a 14% rise in revenue to almost £2bn in the year to February. But Boohoo said its bottom line was savaged by significant

The Pride of Kent, a P&O ferry, has failed its reinspection by authorities. The Maritime and Coastguard Agency (MCA) said: “The Pride of Kent remains under detention after failing to pass its reinspection today. We will reinspect when requested to do so by P&O Ferries. “There are no further inspections of P&O Ferries at the

Retail giants including Tesco, J Sainsbury, Greggs and Waterstones are forging a new coalition to urge Rishi Sunak to plough ahead with reforms to Britain’s decades-old business rates regime. Sky News has learnt that a group calling itself the Retail Jobs Alliance has been set up by some of the country’s biggest chains, and has

Travellers will be able to fly non-stop from Sydney to London after Qantas announced the world’s longest direct commercial flight. The airline said the 20-hour journey will become possible when it takes delivery of a dozen Airbus A350-1000 planes, which can do more than 10,000 miles without refuelling. A Sydney to New York route is

One in 10 women who have worked during the menopause have left a job due to their symptoms, a survey has found. The survey of more than 4,000 UK women aged 45-55, who are currently or have previously experienced the perimenopause or the menopause, also found that 14% of women had reduced their hours at

The American investment firm backing the preferred bidder for Chelsea Football Club has provided assurances about the identities of its underlying investors as it tries to win swift approval for the sport’s richest-ever takeover deal. Sky News understands that Clearlake Capital has informed the Premier League and Raine Group, which is running the sale process

North Sea oil and gas companies have come under pressure from the government to invest their profits into accelerating domestic energy production as millions of Britons continue to face soaring energy prices. Business Secretary Kwasi Kwarteng has written a letter to firms calling for them to provide a clear plan to spend their profits on

The former auditors of Mike Ashley’s high street empire are in advanced talks about a multimillion-pound fine that would bring an end to a probe into its accounts that has lasted for over five years. Sky News has learnt that the Financial Reporting Council (FRC), the audit regulator, is preparing to hit Grant Thornton with

A Californian private equity firm has edged closer to becoming the new majority-owner of Chelsea Football Club after securing a period of exclusivity to clinch a deal. A group spearheaded by Todd Boehly, the LA Dodgers part-owner, overcame opposition from rival consortia on Friday to land preferred bidder status in the battle to replace Roman

Sir Jim Ratcliffe has tabled a last-minute £4.25bn bid to buy Chelsea. The Ineos boss is understood to have held talks with chairman Bruce Buck on Thursday, and submitted what now represents the biggest offer for the Premier League club on Friday. The 69-year-old businessman explored in detail a possible bid for the Stamford Bridge

Annual house price growth slowed slightly in April, according to new figures from Nationwide Building Society. The 12.1% growth rate marked the 11th consecutive month that annual house price growth remained in double digits, although it was down slightly from the 14.3% growth seen in March. Property values increased by 0.3% month-on-month, meaning that the

A British clean energy start-up which hopes to build the world’s longest undersea cable capable of delivering nearly a tenth of the UK’s electricity is to kick off talks with prospective investors in the £16bn project. Sky News has learnt that Xlinks, which has been founded with the ambition of establishing a cheap and reliable

Sainsbury’s has warned that its profits this year will be hit by soaring inflation and a fall in customers’ disposable incomes. Britain’s second-largest grocer behind Tesco said that its underlying profit before tax in 2022-23 was expected to be between £630m and £690m, compared to the £730m underlying profit it has reported for the year

Facebook’s parent company has reported its weakest revenue growth for a decade but witnessed a recovery in its share price following a torrid 2021 to date for the company. Meta Platforms recorded revenue of $27.9bn between January and March – slightly below what Wall St had expected. The company had warned at the time of