Business

Three water companies are facing a combined record fine of £168m after a series of failings, including over sewage treatment. The proposals by regulator Ofwat include a penalty of £104m for Thames Water. Yorkshire Water faces a £47m fine, while Northumbrian Water will have to pay £17m. It comes after an Ofwar investigation found the

Markets in Asia have rallied after worldwide plunges on Monday amid fears the US may be in recession. Taiwan‘s stock exchange jumped following a record drop a day earlier, but shed some of the gains later in the morning amid lingering concerns over the outlook for the US economy and tech companies. Japan‘s benchmark Nikkei

English rugby chiefs have agreed to sell the naming rights to Twickenham Stadium, the home of the national rugby union side for the last century. Sky News can reveal that the Rugby Football Union (RFU) has struck a deal with Allianz, the German insurer, to add its brand to one of the world’s most famous

Stock markets in Asia have dropped sharply during trading on Monday amid fears the US economy may be heading for a recession. Japan’s Nikkei 225 share index fell by as much as 10% at one point, while the market’s broader TOPIX index also fell 8%. South Korea’s KOSPI index also dropped more than 8% on

The founder of Itsu and Pret A Manger is joining the board of Knoops, the fast-growing retailer of chocolate-based drinks. Sky News understands that Knoops, which is in the process of raising £5m to fund its expansion, will announce that Julian Metcalfe – a shareholder in the company – is to become a non-executive director.

The Post Office Horizon IT scandal may well be “the worst miscarriage of justice in recent British legal history”. Jason Beer KC, counsel to the inquiry which has been investigating the scandal, did not put it this way lightly. After four hard-fought years, senior executives reduced to tears, and countless heartbreaking stories of the damage

Wingstop, the quick-service chicken chain which is Britain’s fastest-growing restaurant operator, is hoisting a “for sale” sign over its UK business. Sky News has learnt that the company, which is majority-owned by the trio of entrepreneurs who brought it to Britain in 2018, has hired Goldman Sachs to find new owners. City sources said the

A very nasty summer sell-off has been under way now in stock markets around the world for the last 48 hours – and nervous investors got another reason to carry on selling on Friday. The US non-farm payroll figures – essentially a measure of how many jobs were added to the US economy last month

Labour has pulled £1.3bn of investment in tech and AI projects promised by the Tories. The Department for Science, Innovation and Technology (DSIT) said the funding committed by the previous Conservative administration was not allocated in its budget and so will not proceed. It included £800m for the creation of a next-generation exascale supercomputer at

The first interest rate cut since the start of the COVID pandemic is good news – but experts are warning of a hard slog back towards more comfortable borrowing cost levels. The Bank of England had raised Bank rate 14 consecutive times from December 2021 to try and keep a lid on a surge in

The Bank of England has cut interest rates by a quarter percentage point to 5%. The Bank’s nine-member Monetary Policy Committee (MPC) voted five to four to bring borrowing costs down, bringing to an end the joint-longest plateau for rates since the Bank was granted independence in 1997. Lower interest rates will instantly be reflected

Tax rises will likely be announced in the autumn budget, chancellor Rachel Reeves has admitted. She said Labour would stick to its election manifesto pledge not to raise national insurance, income tax or VAT. During the election campaign, Labour candidates avoided answering questions on whether other taxes would be increased – and the Conservatives warned

The Bank of England will implement its first interest rate cut since 2020 at midday on Thursday, if financial markets and many economists are right, hours after the US central bank signalled it could act next month. The Federal Reserve held its benchmark rate in the 5.25%-5.50% range on Wednesday evening but downgraded its view

This year’s budget to support the next wave of renewable energy schemes has been raised to a “record” £1.5bn, the government has announced, following a failed funding process in 2023. Energy Secretary Ed Miliband said the additional £500m for the looming renewable energy auction represented a commitment towards Labour’s goal of delivering clean, cheap, low-carbon

A new scheme offering settlements of £600,000 to victims of the Post Office scandal has been unveiled by the government. Ministers said it would help sub-postmasters traumatised by the scandal, in which faulty IT software called Horizon led hundreds of staff to be falsely accused of stealing from branches, receive financial support without “unnecessary bureaucracy”.

Rachel Reeves has accused her predecessor of hiding a “£22bn funding gap” for the current financial year, announcing a series of “tough decisions” to compensate. The chancellor told MPs that the investigation she ordered into the spending plans Labour inherited following the election found a Conservative “cover-up” that “put party ahead of country”. Her statement,

Rachel Reeves has scrapped some winter fuel payments, along with a raft of other government programmes and policies to plug a projected government overspend of £22bn. The chancellor said those not in receipt of pension credit will no longer receive the extra money as she repeatedly told MPs: “If we cannot afford it, we cannot

Rachel Reeves will signal Labour’s plans to cut government departments and the Civil Service as the new administration looks to accuse Rishi Sunak of “covering up” problems with the economy. The chancellor is set to speak to the House of Commons on Monday following a review of the government finances after taking office at the

Eddie Jordan, the former Formula One team-owner, has launched a multimillion pound legal fight against HSBC over its alleged mis-selling of a complex bond in which he invested. Sky News has learnt that Mr Jordan, who became one of Grand Prix motor racing’s most flamboyant and successful figures during a stint at the helm of

Cineworld has confirmed six cinemas will close as part of plans to cut jobs and save money, as the company struggles with debt. The firm is yet to confirm the full details of its restructuring plan, reported by Sky News on Thursday, that would see 25 UK cinemas close their doors and cut hundreds of