Business

Water companies in England and Wales have been told they will not be allowed to impose the hikes to bills they have demanded, the industry regulator has said in an interim verdict on their business plans for the next five years. Ofwat declared that it was minded to slash, by a third, the combined increases

The UK has launched a multi-billion pound national wealth fund to power green invest and infrastructure development in an effort to grow the economy. So far £7.3bn in state funds has been allocated so investments can be made “immediately” in areas such as ports, manufacturing and renewable energy. The move is part of Labour’s plans

Dyson has revealed plans for 1,000 job losses in the UK. The manufacturer of innovative vacuum cleaners and other products said the cuts, which amount to more than a quarter of its UK workforce of 3,500, followed a review of its global needs. It is understood that the decision is not linked to the UK

The first big announcement of Gordon Brown’s chancellorship was, arguably, the single biggest decision and the single biggest moment of his entire time in office. In a wood-panelled room on Whitehall a few days after being elected, Mr Brown announced that he was making the Bank of England independent – to the shock of many

Chancellor Rachel Reeves has announced mandatory housing targets and an end to the onshore wind ban to get “Britain building again”. The UK’s first ever female chancellor said Labour will create a new taskforce “to accelerate stalled housing sites in our country”. She promised her government would build 1.5 million homes over the next five

The founder of Revolut is to cash in part of his multibillion dollar stake in the company as part of a $500m (£391m) share sale. Sky News has learnt that Nik Storonsky, who is the fintech giant’s chief executive, plans to offload stock worth tens or even hundreds of millions of dollars in the secondary

One of the advertising gurus who helped propel Margaret Thatcher to power is weighing the formation of a consortium to bid for The Daily Telegraph. Sky News has learnt that Lord Saatchi, the Conservative peer, has been discussing the option of launching an offer for the right-leaning newspapers ahead of a deadline later this month.

Having turned the political map red, Labour’s priority is steering the economy into the black. Sir Keir Starmer’s programme for government may be modest, but the means to deliver it are not. A new prime minister and, in Rachel Reeves, the first female chancellor, have a tough economic inheritance. Follow general election fallout live Stagnant

A housebuilder owned by the investment firm Elliott Advisors has tabled a secret takeover offer for Crest Nicholson, its London-listed rival. Sky News has learnt that Avant Homes, which is run by former Persimmon chief Jeff Fairburn, made an all-share proposal to the board of Crest last month. The bid, which City sources said had

Forget the UK general election. The poll that financial markets will be watching most closely over the next few days is the second round parliamentary ‘run-off’ in France this Sunday. The French poll is unpredictable, to say the least. The first round of voting last week raised the prospect of a hung parliament and prompted

Cineworld is drawing up plans to axe dozens of British cinemas as part of a radical restructuring that would also include extensive rent cuts. Sky News has learnt that the company, which until last year was listed on the London Stock Exchange, is considering closing about a quarter of its roughly-100 British multiplexes. Cineworld also

For the first time since the pandemic a million cars were sold in the first half of a year, according to industry data. But the numbers are still well below the 2019 pre-pandemic year sales and demand from individual private buyers has collapsed amid a cost of living crisis, figures from the Society of Motor

A former chair of the Post Office has told the Horizon IT scandal inquiry that in-house lawyers advised him against sharing a report he commissioned on the accounting system. Tim Parker, who held the role for almost seven years from October 2015, said he regretted taking the advice the findings of the review by Jonathan

Whoever wins the next general election will face extremely tough choices on taxation and spending. As the independent Institute of Fiscal Studies has pointed out, both Labour and the Conservatives have ruled out changes to the big four revenue-raisers, income tax, national insurance, VAT and corporation tax. And, while both parties have made relatively modest

Financial markets are giving their first reaction to the early evidence of a record-breaking win for Labour in the general election. A respected exit poll by Ipsos, carried out for broadcasters including Sky News, was the first to put an estimate on the size of the majority expected for Sir Keir Starmer’s party. The 170

Sanctions imposed against Russia over its invasion of Ukraine have failed to achieve any of their aims, the country’s ambassador has told Sky News. Andrey Kelin was speaking to Sky News as an investigation by Sky’s Ed Conway revealed glaring loopholes in the restrictions regime, which has allowed British companies – legally – to help

Inside Out has become the first film of the year to take over $1bn worldwide, becoming the highest grossing film of the year. It is the first to reach the milestone since Warner Brothers’ movie Barbie last year, gaining the accolade faster than any animated film in history. Image: Pic: Disney/Pixar It has held the

A planned strike at the Port Talbot steelworks has been suspended. The Unite union is suspending its industrial action, it said, after the news on Thursday that the Indian conglomerate owner, Tata, would close the site earlier than first announced in response. The closure date is now 7 July, the day before the previously planned

This is the story of how an obscure company based in an office block on a quiet street in Glasgow became an accessory in Vladimir Putin’s war on Ukraine. It is the story of how Europe and Russia remain locked in a tense relationship of economic dependence, even as they supposedly cut their ties. It

As the latest reduction in the energy price cap takes effect, households are being warned of a big lift in bills ahead due to higher wholesale gas prices. The cap, which limits what suppliers can charge per unit of energy, fell by 7% overnight in the wake of the latest three-month review by industry regulator