A former adviser to Boris Johnson is drawing up plans to list a new infrastructure investment company tied to his ambition to lead a consolidation drive in Britain’s vast corporate pensions sector. Sky News has learnt that Edi Truell’s Pension SuperFund (PSF) is pursuing the flotation of a long-term assets vehicle that could, over time,
Business
The spending limit for contactless payments will increase to £100 from 15 October, the government has said. Currently, contactless spending is capped at £45, allowing shoppers to pay by tapping their card and without entering a PIN. The decision to raise the limit was made by the Treasury and the Financial Conduct Authority following a
Labour shortages at meat processing plants have resulted in a surplus of 70,000 pigs on farms, the industry’s trade body has warned. The surplus is growing by 15,000 a week and farmers are weeks away from having to destroy perfectly healthy pigs, according to Zoe Davies, chief executive of the National Pig Association. It is
Virgin Money has confirmed that it will close its charity fundraising website Virgin Money Giving later this year in a cost-cutting move. The decision, first revealed by Sky News, means the site will be wound down after the London Marathon in October and will be closed for donations on 30 November. First set up 12
UK car production fell to its lowest July level in 65 years last month thanks to the global chip shortage and the “pingdemic”, industry figures show. Just 53,438 vehicles rolled off production lines in Britain, down by 37.6% on last year, according to the Society of Motor Manufacturers and Traders (SMMT). It represented the worst
The UK’s competition watchdog has warned PCR test providers to “immediately review their practices” or face enforcement action if they treat customers unfairly. In an open letter, the Competition and Markets Authority (CMA) warns companies within the sector that their actions could breach consumer protection law and suggests the Department of Health and Social Care
Takeaway delivery platform Just Eat has announced plans to create more than 1,000 customer service roles at its new office near Sunderland. The company, which is part of the Amsterdam-based Just Eat Takeaway group, is bringing work in-house that was previously outsourced to third party operators in Bulgaria and the Philippines. It said it had
McDonald’s has been forced to pull milkshakes and bottled drinks from its menu due to supply chain issues, it said in a statement on Monday night. The fast food chain, which operates some 1,300 restaurants across the UK, has become the latest victim of supply chain disruptions that are currently roiling England, Scotland, and Wales.
The government has given UK firms an extra year to comply with post-Brexit product safety marking rules after pressure from business groups. Companies had faced a 1 January 2022 deadline to switch from Europe’s CE mark to the new UK conformity assessed (UKCA) standard for most products but this will be pushed back to 2023.
The UK’s economic recovery stumbled in August as labour shortages dampened more than six months of unrestrained growth. The IHS Markit/CIPS Flash UK Composite PMI – an early indicator of economic health – gave a reading of 55.3 for August – the lowest since February and down from last month’s 59.2. Scores over 50 on
An online marketplace which counts one of Britain’s most prominent retail executives among its backers is to join rush of technology companies listing on the London Stock Exchange. Sky News has learnt that Fruugo, which was founded in 2006, is preparing to launch an initial public offering (IPO) as soon as this autumn. Bankers from
John Flint, the former HSBC Holdings chief executive, is in talks with Whitehall officials about becoming the inaugural boss of the government’s new £22bn UK Infrastructure Bank (UKIB). Sky News has learnt that Mr Flint, who left HSBC two years ago, is among the leading candidates to run the new lender. The UKIB has been
The $40bn takeover of UK chip designer Arm Holdings by US tech giant Nvidia faces an in-depth probe after regulators found the deal could weaken rivals and stifle innovation. Britain’s Competition and Markets Authority (CMA) said it could ultimately mean more expensive or lower quality products in cutting edge technologies. These include fields such as
Shares in Marks & Spencer have surged after it bumped up its profit outlook following “encouraging” sales – but admitted stores are still struggling to recover after lockdowns. The retailer pointed to clothing and home sales – increasingly made online – bouncing back to just below pre-pandemic levels as well as a big boost to
Retail suffered a washout last month as the end of the Euro 2020 tournament combined with wet weather were blamed for a sharp fall in sales. Experts also pointed to the likely impact of rising COVID-19 case numbers prompting people to self-isolate as well as the global chip shortages holding back computer and phone supply.
A leading cleaning products maker has warned of a profits slump as it counts the cost of higher raw material costs and HGV driver shortages. UK-based McBride, which makes own-label goods from detergents to dishwasher tablets on behalf of retailers, said it was starting to see “distribution challenges” – particularly in the UK and Germany.
Nando’s says it plans to have all its restaurants open again from Saturday after supply chain disruption forced 45 sites to close. The peri-peri chicken brand, which operates around 400 outlets across the country, has also “hit pause on delivery for now” according to a message on its website. It is the latest household name
The July inflation measure normally used to set the following year’s rail fare increases has been recorded at 3.8% – the highest for ten years. Figures published by the Office for National Statistics (ONS) showed the retail prices index (RPI) measure of inflation slipped back compared to June’s 3.9%. But it was the highest reading
The number of job vacancies has topped 1 million for the first time ever as the economy recovers from the pandemic, the Office for National Statistics (ONS) said. Figures published by the ONS also showed the number of employees on payrolls rose by 182,000 last month – though was still 201,000 below pre-crisis levels. Meanwhile
Military technology supplier Ultra Electronics faces a potential disposal of part of the business after agreeing to a £2.57bn takeover by US-owned defence group Cobham – a deal being closely scrutinised by the government. Cobham said it would seek to agree legally-binding commitments with the government to safeguard UK national security and jobs as part