Business

Fears for thousands of retail jobs at the ailing chain Wilko deepened on Wednesday evening when trade union officials warned that the majority of its shops were likely to close within days. Sky News has learnt that administrators at PricewaterhouseCoopers (PwC) are in advanced talks to carve up parts of the 400-strong chain, with Poundland’s

NatWest has said former boss Dame Alison Rose, who quit last month over her handling of Nigel Farage’s bank account closure, could receive a pay package worth more than £2.4m. Dame Alison resigned last month, abruptly ending her four-year tenure, amid government pressure on her position. It followed her admission that she had discussed the

Falling house prices and record wage growth has meant houses have become more affordable on paper, but the rising cost of borrowing has cancelled out any benefit. The cost of a typical UK home is 6.7 times average earnings, down from a peak of 7.3 last summer, according to analysis from the country’s biggest mortgage

The UK’s competition regulator has launched a fresh investigation into Microsoft’s proposed £55bn takeover of Call of Duty maker Activision Blizzard after the tech firm offered a new remedy in a bid to get the deal over the line. The Competition and Markets Authority (CMA) confirmed on Tuesday that it stood by its final decision

Bosses of some of the UK’s biggest companies had their pay increased to 118 times the median wage of a full time UK worker, up from 108 times the average rate a year earlier. Median pay for chief executives of FTSE 100 share index companies grew to £3.91m in 2022, the highest level since 2007.

Shares in UK housebuilders have taken a fresh hit on the latest woes to hit the sector including a profit warning from a major player. Crest Nicholson shares plunged almost 15% at the start of Monday’s trading after it slashed adjusted pre-tax profit expectations for the year to October by more than 40% to £50m.

Ben Stokes, the England Test cricket captain, and former team-mate Stuart Broad are among a group of leading sportsmen backing a new venture capital fund targeting a distinctive position in the crowded arena of early-stage investments. Sky News can reveal that two of the pivotal figures in England’s recent Ashes series recovery to draw the

Direct Line Group, the struggling motor insurer, has approached one of the most senior executives at rival Aviva to become its new boss. Sky News has learnt that the FTSE-250 group, whose brands include Churchill and Green Flag, has been holding talks with Adam Winslow about taking over as its CEO. This weekend, insurance industry

Thousands of train drivers at 16 operators are to take further strike action next month as part of a year-long dispute. Members of the ASLEF train drivers union have announced walkouts on Friday 1 September and overtime bans on Saturday 2 September, disrupting services across Britain. So far in the dispute, which has been ongoing

The CBI, the embattled business lobbying group, is to close a swathe of its overseas offices as part of a cost-cutting drive aimed at ensuring its survival. Sky News has learnt the CBI has informed staff it is to axe its operations in Beijing, Delhi and Washington DC in the coming months. The move will

The energy price cap is set to fall again resulting in cheaper electricity and gas bills, according to a closely-watched forecast. Energy bills in the final three months of 2023 are projected to drop before increasing in 2024, according to research firm Cornwall Insight, as they expect strikes at Australian gas facilities will bring up

The banking sector is being warned it faces penalties if it does not secure free access to cash for the UK population, including businesses, following waves of branch closures over more than a decade. Hours after Sky News revealed the Financial Conduct Authority (FCA) was to be given powers to fine banks that fail to

Major banks face being fined if they fail to provide free access to cash withdrawals within three miles of consumers and businesses under new rules to be set out by ministers. Sky News has learnt that the Treasury is to publish guidelines within days setting out expectations for banks’ future provision of cash deposit and

Jamie Oliver and his wife Jools have paid themselves £6.8m in dividends after his firms’ total profits rose by almost a fifth. The Jamie Oliver Group said earnings were boosted by the celebrity chef’s TV series Jamie’s £1 Wonders, which Channel 4 launched in response to the cost of living crisis. An average of 1.4

There are “genuine grounds for hope” for the future of high street retailer Wilko, according to the GMB union, after the company entered administration, endangering 12,500 jobs. The union met with administrators PwC as part of the formal consultation process and confirmed there had been “expressions of interest” from prospective buyers. Those potential purchasers are

The rate of price rises has fallen sharply, according to official figures. The key, consumer price index (CPI) measure of inflation fell to 6.8% in the year to July, down from a rate of 7.9% in June, Office of National Statistics (ONS) data showed. It means prices are still rising but at a slower rate

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%

Supermarket prices for some branded snack foods have more than doubled in the last year, as the rising cost of living has squeezed household budgets, a leading consumer group has said. Which? found one particular item – a six-pack of Mr Kipling Chocolate Slices – rose by 129% at Tesco, the single largest price increase

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