Business

The UK economy is “headed for the worst of all worlds” as businesses expect activity to fall at the start of next year, according to the Confederation of British Industry (CBI). The industry group’s growth indicator survey found that private sector firms expect to cut down on hiring, reduce output and for prices to rise

An electric cargo bike logistics company which counts the fashion giant Zara among its partners has launched an urgent hunt for new backers. Sky News has learnt that Zedify, which has raised millions of pounds from investors including Barclays Sustainable Impact Capital, is working with Interpath Advisory on a review of its financing options. Zedify

Andrew Bailey, the Bank of England governor, will join Rachel Reeves on a visit to China next month aimed at strengthening financial services trade ties between the two countries. Sky News has learnt that Mr Bailey and Nikhil Rathi, chief executive of the Financial Conduct Authority, will both accompany the chancellor on the January trip.

Retail giants including Asda, Marks & Spencer, Primark and Tesco will mount a new year campaign to warn Rachel Reeves that plans to hike business rates on larger shops will put jobs and stores under threat. Sky News has learnt that some of Britain’s biggest chains – which also include J Sainsbury, Morrisons and Kingfisher-owned

British billionaire Mike Ashley has been denied a seat on the board of fast-fashion business Boohoo. A majority of Boohoo shareholders rejected efforts by the Sports Direct founder at a meeting in Manchester on Friday, with 64% of votes opposing the appointment. A similar number also denied restructuring expert Mike Lennon a seat on the

The UK’s retail sales recovery was smaller than expected in the key Christmas shopping month of November, official figures show. Retail sales rose just 0.2% last month despite discounting events in the run-up to Black Friday. It followed a 0.7% fall seen in October, according to data from the Office for National Statistics (ONS). Sales

Very few will be surprised by the Bank of England’s decision to keep rates on hold at 4.75%. What is more striking is the policy rift that has emerged. Three members of the rate-setting committee voted to cut rates while the other six opted to keep them as they are. It reflects some of the

The Bank of England has maintained its guidance for “gradual” interest rate cuts next year, following surprise support for a reduction this month. Its rate-setting committee, while deciding to keep Bank rate on hold at 4.75%, noted higher than expected wage rises and inflation despite a slowdown in the economy over the second half of

The US central bank has announced an interest rate cut, just hours before the Bank of England is tipped to refrain from following suit. The Federal Reserve cut its main funding rate by a quarter point to a new target range of 4.25%-4.5%, as markets had expected, but signalled that future reductions would happen more

English rent prices have reached another record high, growing by close to 10% in the past year, official figures show. The typical private rental price in England rose 9.3% in the year up to November, costing £116 more than 12 months earlier, according to the Office for National Statistics (ONS). English renters paid an average

Drinks company Thatchers has launched a bid to overturn a High Court ruling that denied its claims Aldi “copycatted” its cider. The Somerset-based cider maker sued the German discount chain for allegedly infringing the trademark of its cloudy lemon cider. It argued Aldi’s Taurus brand had copied its product. However, in January the High Court in

The government will offer compensation to Post Office Capture victims – while refusing to rule out blanket exoneration for those convicted. In an exclusive interview with Sky News, Post Office minister Gareth Thomas said his department is “working at pace” and is committed to providing redress as quickly as possible. Capture accounting software, which predates

The Royal Mail group is on its way to passing into foreign ownership, but the state will keep a “golden share” in the company. It means the government will have to approve any key changes to Royal Mail’s ownership, the location of its headquarters and tax residency. This is something the government does with companies

The sale of Royal Mail to Czech billionaire Daniel Kretinsky will be approved this morning, Sky News understands. Mr Kretinsky‘s company EP Group will buy the postal service’s parent company International Distribution Services (IDS). The £5.3bn takeover deal had been agreed in May but was subject to a review under national security laws as Royal

UK-based partners at Grant Thornton, the accountancy firm, have voted to back the sale of a majority stake to Cinven, the private equity firm. Sky News has learnt that GTUK’s partnership voted unanimously to support the deal, in a move expected to be announced internally as early as Monday. Support for the deal had been

NatWest Group is to hand its chief executive a potential multimillion pound pay boost as it returns to full private ownership after nearly 17 years in state hands. Sky News has learnt that the chair of the bank’s remuneration committee, Lena Wilson, is consulting leading institutional shareholders about an overhaul of its boardroom pay policy.