Barclays has reported a 30% drop in pre-tax profits as its provision for bad loans due to the pandemic hit £4.8bn. However, the drop to £3.1bn in 2020 was much less than forecast as a strong performance by its investment bank offset cash set aside to cope with losses caused by the economic fallout of
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Jaguar Land Rover has announced plans to cut 2,000 non-factory jobs, just days after it committed to its UK plants and revealed a huge investment in a zero emission future. The company said it had begun to inform colleagues on the findings of an organisational review, which is designed to slash costs and create a
UK inflation rose last month buoyed by higher food prices and more expensive household goods, official figures show. The Consumer Prices Index (CPI) increased to 0.7% in January from 0.6% in December, according to the Office for National Statistics. The figure was ahead of analyst forecasts, with many economists having predicted inflation of 0.5% for
Bitcoin has crossed the $50,000 (£36,000) barrier for the first time on the back of surging demand for the so-called crypto king among mainstream investors. The cryptocurrency, which has endured wild swings in its value during a chequered 12-year history, struck a record high above $50,100 on Tuesday, according to the CEX.IO exchange. The milestone
Chancellor Rishi Sunak should ensure next month’s budget secures the economic recovery from the COVID-19 crisis to date rather than try to start fixing the public finances, according to a report. Analysis by the Institute for Fiscal Studies (IFS) and Citi Research warns of a hit to lower-income households ahead, in particular, if the furlough
Jaguar Land Rover has committed to keep all three of its British plants open in the drive for all its models to be fully electric by the end of the decade. The major shift forms a key plank of the carmaker’s plan to become a net zero carbon business by 2039. The firm, owned by
The first guests will check into England’s quarantine hotels today as part of the latest measure designed to prevent new cases of COVID-19. Those arriving in England from 33 high-risk countries will have to quarantine in selected hotels for 10 days, at a cost of £1,750 for a single adult. Health Secretary Matt Hancock said:
Rolls-Royce Holdings, the FTSE-100 engineering group, will this week name a former Deloitte partner as its next finance chief as it tries to navigate through the headwinds of the COVID-19 crisis. Sky News has learnt that Panos Kakoullis, who spent 30 years at the accountancy giant, has been picked as the Derby-based industrial titan’s next
The shake-up of Britain’s big four audit firms is to continue in earnest when Deloitte unveils the sale of its restructuring arm to Teneo, a strategic consulting firm which advises many of the UK’s biggest companies. Sky News has learnt that Teneo, which is backed by the private equity firm CVC Capital Partners, is in
The £4bn flotation of Darktrace, one of Britain’s most prominent technology companies, has been dealt a severe blow by the resignation of one of the investment banks hired to lead it. Sky News has learnt that UBS, the Swiss bank, has informed Darktrace that it is no longer able to work on the cybersecurity provider’s
The worst GDP since the invention of GDP. By now we’re mostly all familiar with the scale of the economic contraction this country has faced over the past year. We have lived the lockdowns, the furloughs, the closures. Even so, the scale of the fall in economic output still takes the breath away. Image: Bank
The coronavirus crisis meant the UK economy endured its deepest annual slump last year since the Great Frost in 1709, according to official figures. The Office for National Statistics (ONS) said early estimates, subject to revision, showed that gross domestic product (GDP) tumbled by 9.9% in 2020. It was a consequence of large parts of
New streaming service Disney+ has signed up nearly 95 million subscribers in just over a year, the entertainment giant has revealed. Disney’s latest quarterly results showed continued rapid growth for the direct-to-consumer channel, set up in November 2019 to compete with the likes of Netflix. Disney+ had 94.9 million paid subscribers as of 2 January,
Food exports to the European Union fell by as much as 60% at the start of the year as traders and officials struggled to adapt to post-Brexit arrangements, MPs have been told. Ian Wright, chief executive of the Food and Drink Federation (FDF), said changes since Britain’s trade deal with Europe came into force on
The EU has accused the UK government of “shortcomings” over implementing Northern Ireland protocol, ahead of a meeting between the government and the bloc in London. The protocol was the way in which a “hard border” was prevented on the island of Ireland following the agreement of a Brexit deal in December – but has
Britain’s biggest airlines have told Boris Johnson that the industry is facing a “second lost summer” in a fresh plea for a clear roadmap to reopening international travel. Sky News has seen a letter from Tim Alderslade, chief executive of Airlines UK, to the prime minister in which he warns of “devastating further consequences for