Business

Deloitte is planning to cut more than 800 jobs in the UK, sources say. The company, one of the ‘big four’ accountancy firms, is considering the move as part of a cost-cutting restructuring. In a statement to Sky News, Deloitte confirmed some roles were potentially at risk of redundancy, but did not go into specifics.

The Range, the value retail chain, has struck a deal to buy the Wilko brand from its collapsed rival’s administrators. Sky News has learnt that The Range, founded and owned by Chris Dawson, has agreed to pay in the region of £5m for the Wilko name. The deal is expected to be announced later on

Following the shock resignation of BP chief executive Bernard Looney, Ian King speaks with the firm’s former head of strategy, Nick Butler to find out what it will mean for the business. The UK economy shrank by 0.5% in July according to official figures. Ian discusses the reasons why with the head of Saxo UK,

Four people have been charged in connection with the collapse of Patisserie Valerie – a bakery chain that once had almost 200 stores. The Serious Fraud Office (SFO) said it related to an investigation that began in October 2018 – just two days after the company abruptly suspended trading, with more than 900 jobs and

The government and Tata Steel are on the brink of an agreement that will secure the future of the country’s biggest steelworks but pave the way for thousands of long-term job losses. Sky News has learnt that Whitehall officials are in preliminary talks about a financial support package to assist Tata Steel employees who may

Household energy suppliers are facing tougher restrictions on the forced installation of prepayment meters following criticism that curbs failed to help many of the most vulnerable. Industry regulator Ofgem said it was tightening the no-install rules from 8 November to include people aged over 75 with no support in their house and homes with children

The biggest test of Bernard Looney’s legacy at BP will be how much of his strategy survives his shock departure. That plan was one of the most dramatic ever unveiled by the chief executive of a British company. None of the so-called supermajors – BP, Exxon, Shell, Total, Chevron, ConocoPhillips and Eni – had, when

The owner of discount retailer Poundland will take over the lease of 71 of Wilko’s 400 stores after the chain’s collapse. The Pepco Group will rebrand the branches under the Poundland name. Around 12,500 jobs at the discount homeware retailer are at risk after the company announced attempts to rescue the chain had failed. Wilko

Economic forecasting is, like predicting the weather, an inexact science. You take the best available data, compare it to historical and more recent trends, perhaps chew your pencil, then make your best informed prediction. In recent months however charting the UK’s economic course has been as tricky as second-guessing the British summer. As heat waves

The UK economy contracted by 0.5% in July – with early official figures suggesting that strikes and the summer washout had an impact. The Office for National Statistics (ONS) said the decline – which was worse than many economists had expected – followed an unrevised 0.5% increase in gross domestic product (GDP) over the previous

The head of BP has suddenly resigned following allegations over “personal relationships with colleagues”. Bernard Looney’s departure as chief executive of the British energy giant comes less than four years after he was appointed to the role. The 53-year-old, who was paid more than £10m in wages, bonuses and other benefits last year, is said

A man who famously made a fortune by predicting the collapse of the US housing market in 2008 now appears to be suggesting that two major stock markets will tumble in value. Michael Burry, the hedge fund boss featured in The Big Short, in which he was played by Christian Bale, held negative options on

Private sector wages and total pay, including bonuses, surpassed inflation despite a surprise rise in the rate of UK unemployment. Economists thought the unemployment rate would remain at the 4% level recorded last month but it has now gone up to 4.2%. Wages have also risen again with private sector wage growth increasing to 8.2%

DIY retailer B&Q has apologised after two books titled “White Supremacy” were included in a product listing photograph on its website. The books featured in a listing for a wooden radiator cover. B&Q has apologised and said the product was offered by a third-party seller which it has now suspended. The DIY retailer has also

Bidders for the ailing retailer Wilko have been given until Wednesday to table offers for the company after its collapse into insolvency last week. Sky News has learnt that PricewaterhouseCoopers (PwC), which was appointed as administrator on Thursday, is seeking offers by the middle of this week as Wilko faces running out of cash. A

Pubs in England and Wales will be allowed to continue serving takeaway pints after the government decided to keep COVID licensing rules. Pubs were given permission to serve customers through hatches when they were forced to close during lockdown restrictions in 2020. Those rules were due to expire at the end of next month, but

The owner of the Daily Mail is in talks with prospective backers of a bid for The Daily Telegraph  - a deal that would underline its proprietor’s status among the most powerful figures in British media. Sky News has learned that Lord Rothermere, chairman of both DMGT and its consumer division dmg media, is courting

A British-based company which boasted that it would be a global pioneer in electric vehicle manufacturing is working with advisers to prepare for possible insolvency. Sky News has learnt that Arrival, which is listed on New York’s Nasdaq stock exchange, has drafted in Alvarez & Marsal (A&M) to advise it as it tries to salvage

The Premier League is targeting a financial agreement with its lower league counterparts within weeks as English football seeks to head off political criticism over the distribution of money through the sport. Sky News has learnt that the Premier League told its 20 ‘shareholders’ on Thursday that it now hoped to reach a swift conclusion

GDP exceeded modest expectations in June and for the second quarter as a whole, but perhaps the best that can be said of the economy at the halfway point in the year is that things could be worse. That was certainly the chancellor’s response to monthly growth of 0.5% and a three-month figure of 0.2%.