Business

British companies are exporting hundreds of millions of pounds of equipment and machinery which almost certainly ends up in Russia, undermining the official sanctions regime and bolstering Vladimir Putin’s war machine, according to data analysis from Sky News. The items – which include drone equipment, optical supplies and heavy machinery – are being sent to

Higher interest rates helped HSBC achieve record annual profits last year but the sum was dented by the economic slowdown in its biggest growth market. Europe’s largest lender, which is UK based but largely Asia focused, reported pre-tax profits of $30.3bn (£24bn) for 2023 – a 78% rise on 2022’s sum. While much of that

The Body Shop has announced it is closing half of its stores in the UK – including seven today and cutting 40% of roles at its London-based head office. It comes after the embattled retailer entered administration last week, putting more than 2,000 jobs at risk. The Body Shop has roughly 200 outlets across the

A prominent US investor is among the parties being courted by Superdry’s founder as he assembles an offer to take the struggling fashion chain private. Sky News has learnt that Davidson Kempner, which has backed a number of UK retailers, is in discussions with Julian Dunkerton about backing an offer for Superdry. The talks are

Business Secretary Kemi Badenoch has hit out at the former Post Office chairman after he alleged he was told to “stall” spending on compensation for Horizon scandal victims ahead of the next general election. Henry Staunton, who was ousted by the business secretary last month, used an interview with The Sunday Times to suggest that

Elliott Advisors, the owner of Waterstones, is plotting a £700m takeover of Currys, the London-listed electrical goods retailer. Sky News has learnt that Elliott, best-known for its activist sieges against the boards of some of the world’s largest companies, is working on a bid for one of Britain’s best-known high street names. This weekend, it

It’s a frosty morning on Kidsley Farm in Derbyshire, a rare thing in this unusually warm winter. Andrew Dakin’s beef herd is housed in the old brick barns, their breath steaming in the chill air. Alongside scuttling chickens and tractors of varying vintages, this is the very image of a traditional farmyard. But for how

HMRC has been accused of using “dangerous and sinister” new tactics in a tax crackdown that has already been linked to 10 suicides. The government has recently come under pressure over the “Loan Charge” – controversial legislation which made tens of thousands of contractors who were paid their salaries through loans retrospectively liable for tax

Energy bills are projected to fall by an average of 15% – equivalent to £293 in annual savings – as a mild winter meant high gas storage levels. A closely watched forecast by Cornwall Insight indicates energy bills from April to June will drop to £1,635 a year for the typical user. By comparison, average

Retail sales have grown significantly – far exceeding expectations – as consumer spending bounced back in January. The 3.4% increase in retail sales is more than double the 1.5% rise forecast by analysts – and suggests the economy is recovering. On Thursday, the UK officially entered recession after two consecutive three-month periods of contraction –

Last year was a tumultuous one for NatWest Group. The lender was engulfed in a damaging row over ‘debanking’, during which it lost its highly regarded former chief executive Dame Alison Rose. NatWest confirmed this morning – as reported earlier this week by Sky’s Mark Kleinman – that Paul Thwaite, the bank’s former commercial banking

The owner of British Gas has reported a big jump in profits – as its boss called for a “social tariff” that would help poorer Britons pay less for their gas and electricity. The retail wing of parent company Centrica, which is mostly made up of British Gas, said profits soared to £799m in 2023,

Campaigners are urging the government to double maternity pay amid fears mothers are making “drastic” choices because they cannot afford to live on the current statutory weekly amount. The amount should be increased to £364.70, according to trade union Unison and charity Maternity Action. Both organisations say they are concerned some women are going back

Takeaway delivery strikes will be held every Friday and on holidays if demands are not met, an organiser has said ahead of the Valentine’s Day stoppage. A group calling itself Delivery Jobs UK says up to 4,000 delivery riders could strike between 5pm and 10pm on Wednesday night as there are four full WhatsApp groups,

Prices have increased over the past 12 months by 7.9% on average, putting pressure on already stretched household budgets. Inflation is now at its lowest annual rate since March 2022 driven by decreases in transport costs, with the cost of motor fuel decreasing. Price rises for food and other household items, although down from their

The rate of inflation has remained at 4%, despite forecasters predicting a rise, official figures show. The consumer price index measure of inflation stood at 4% in January, the Office for National Statistics (ONS) said. Money latest: Inflation rate holds – as surprise US data leads to market sell-off It’s the same as in December

Shoplifting has hit a record high with 16.7 million incidents recorded last year – more than double compared to 2022. The spate cost retailers around £1.8bn, a record sum, and the first time it has surpassed the £1bn mark, according to an annual survey by the British Retail Consortium (BRC). Violence and abuse against shop

Bitcoin has returned to the $50,000 level for the first time since December 2021, riding on the coat tails of a wider rally for US stocks. The world’s largest cryptocurrency, which hit one-month highs last Friday, maintained its momentum on Monday by rising almost 5%. Rivals, such as ether, saw similar percentage moves. Analysts credited

A former chief economist at the Bank of England has expressed disappointment at Labour’s decision to axe its £28bn green investment pledge. Andy Haldane, who is now the managing director of the Royal Society of Arts, told Sky’s Sophy Ridge that the original promise “led the world” in its ambition, and would have benefitted the

The UK arm of The Body Shop has entered administration, threatening jobs and stores. As first reported by Sky News, FRP Advisory has been brought in to handle an insolvency process just weeks since the new owners took control of the cosmetics retailer. The Body Shop has roughly 200 outlets across the UK. Inflation to