Business leaders have raised concerns that the UK’s fast growth in offshore wind is not being matched with benefits to the economy. The port of Blyth in Northumberland was once the biggest exporter of coal in Europe but has transformed itself into a leading hub for offshore energy, and most of its work is with
Business
The boss of Virgin Atlantic said there was “no reason to delay” the return of US-UK travel next month – as the carrier reported an £858m annual loss. Virgin, which has cut thousands of jobs with flights grounded during the pandemic – and last autumn completed a rescue deal with investors – said passenger numbers
House prices rose at their biggest monthly rate since 2004 in April after Rishi Sunak extended a holiday on stamp duty, according to new figures from lender Nationwide. Prices climbed by 2.1% compared to March while they were up by 7.1% compared to the same period last year, the report said. The chancellor introduced a
The number of people looking to buy property in Cornwall has risen by more than 140% – the highest growth rate of any county in Britain. Analysis for Sky News by the property website Rightmove has found more than 15 million people searched for properties in Cornwall in the first quarter of this year, compared
Barclays was given a thumbs down from the City despite a bumper rise in quarterly profits to £2.4bn and growing optimism about the UK’s recovery from the COVID-19 downturn. The lender delivered earnings of £2.4bn in the January-March period, up from £923m a year ago when the economic picture was darkened by the prospect of
BT has confirmed that it is in “early discussions” over BT Sport – following a report that it was in talks to offload a stake in the TV operation. The Daily Telegraph said the telecoms giant was understood to be in talks with potential partners including Amazon, Disney and sports streaming service Dazn, as well
State-backed lender Natwest has reported a sharp rise in profits as it followed rivals in clawing back some of the money set aside to cover loans going bad. The bank, which remains 60% owned by the taxpayer, said pre-tax operating profits rose 82% to £946m for the first quarter partly thanks to a £102m release
Facebook’s financial results have exceeded expectations but the company’s growth could decline significantly under Apple’s new privacy policies. The social network said its monthly active user count rose 10% to 2.85 billion and net income for the first quarter was $9.5bn (£6.8bn) – compared with $4.9bn (£3.5bn) a year earlier. Total revenue, which is primarily
Sainsbury’s has reported a £261m loss for the year as it counted the cost of falling fuel sales and COVID-19 measures. Britain’s second-biggest supermarket chain said grocery sales for the year to 6 March climbed by 7.8% but overall revenues were flat as fewer motorists used their cars during a year of lockdowns. COVID-19 costs
Premier Inn owner Whitbread has slumped to a £1bn annual loss – but hopes to benefit from a “staycation” boom over the summer. Revenues for the year to 25 February fell 71% to £589m with the group’s hotels and restaurants closed for much of the period while 27,000 workers were furloughed and about one in
HSBC’s profits have surged by a better than expected 79% to $5.8bn (£4.2bn) in the first quarter, largely thanks to an improved economic outlook in the UK. The upturn allowed the banking giant to release $435m (£313m) that had been set aside to cover bad debt, boosting its bottom line despite a squeeze on revenues
The UK is on course for its strongest annual growth since the Second World War after a resilient performance through latest lockdowns, according to a respected economic forecaster. Gross domestic product (GDP) is expected to expand by 6.8% this year, according to the EY ITEM Club – which would be the fastest pace since 1941.
Former Post Office boss Paula Vennells has quit boardroom positions at retailers Morrisons and Dunelm as well as her role as a Church of England minister after a major miscarriage of justice. It comes after 39 sub-postmasters had their wrongful convictions for theft, fraud and false accounting overturned on Friday by the Court of Appeal.
Paula Vennells, the ex-Post Office chief executive, is quitting the boards of two major retailers days after her former employer was found culpable over one of the biggest miscarriages of justice in British legal history. Sky News has learnt that Ms Vennells’ departure as a director of Wm Morrison, the supermarket chain, and home furnishings
Football bosses are kicking off talks about the future of the Women’s Super League (WSL) that could trigger a bidding war between private equity investors. Sky News has learnt that the Football Association (FA) has appointed Rothschild, the investment bank, to advise it on financing options for the WSL. Sources said the process, which is
A ‘blank cheque’ company set up by the Japanese technology giant SoftBank is in talks to merge with a start-up which competes with the likes of Google Maps in the provision of sophisticated location data services. Sky News has learnt that Mapbox is in detailed negotiations to go public through a special purpose acquisition company