Business

A consortium of US-based investors is close to buying a big stake in the McLaren Formula One (F1) team in a deal that will value the historic British racing outfit at more than £550m. Sky News can exclusively reveal that MSP Sports Capital, whose partners have had extensive involvement in Major League Baseball, American basketball

The embattled engineering giant Rolls-Royce Holdings is kicking off a search for its next chairman, potentially paving the way for the company’s first foreign figurehead since it was privatised by the government more than 30 years ago. Sky News has learnt that Rolls-Royce’s board has begun the process of identifying a successor to Sir Ian

The pound came under pressure and UK banking stocks were sold off in volatile trading on Friday as fears of a no-deal Brexit intensified. Sterling dipped by nearly two cents to just above $1.31 against the US dollar- a four-week low. It was down by more than a cent versus the euro at a little

A £14bn damages claim on behalf of tens of millions of British consumers can proceed against Mastercard following a landmark ruling by the UK’s highest court. If the mass action brought by former financial ombudsman Walter Merricks is successful, it could see more than 46 million people pocket £300 each. Mr Merricks alleges the card

Britons should prepare themselves for a bumpy ride on the markets in the coming weeks as the Brexit transition comes to an end, the Bank of England has warned. It said while the banking system was in a good position to withstand even a disruptive no-deal Brexit, it pointed out: “Financial stability is not the

The EU has offered the UK a series of short-term mini-deals for planes, lorries and fishing boats, should there be no full trade deal between the two sides by 1 January. The bloc made the proposals to the UK on Thursday with trade negotiations still deadlocked just three weeks before the end of the Brexit

The UK economy grew by just 0.4% in October as the recovery from the coronavirus crisis slowed even before latest lockdown measures. Figures from the Office for National Statistics (ONS) showed GDP expanded for the sixth month in a row but remained 7.9% below its February pre-pandemic level. Britain experienced its steepest recession on record

Boris Johnson has said “a good deal is there to be done” with the EU on trade – but says the bloc is currently insisting on terms which no prime minister could accept. Mr Johnson spoke at Prime Minister’s Questions before travelling to Brussels for final talks with EU President Ursula von der Leyen, just

Honda has suspended production at its UK car plant after transport-related delays to parts. The Japanese car maker told workers that it would have to pause work on Wednesday but would re-start as soon as possible. Honda’s factory in Swindon, where it makes the Civic model, operates on a “just in time” basis designed to

Sir Richard Branson’s Virgin Atlantic Airways is selling two of its newest aircraft to raise tens of millions of pounds that will help it to navigate through the bleakest winter in the recent history of commercial aviation. Sky News has learnt that the carrier, which concluded a £1.2bn rescue deal during the summer, is to

Britain’s jobs outlook is the weakest in Europe according to a survey by recruitment firm Manpower. The global poll, which included 1,300 UK employers, found the picture had improved slightly since the summer but remained behind that on the continent. In London, the outlook for the first quarter of 2021 is at an all-time low,

Mike Ashley’s Frasers Group has confirmed it is in talks over a “potential rescue transaction” for collapsed department store Debenhams. The retailer said in a stock market statement that it was “in negotiations with the administrators of Debenhams’ UK business” on a possible deal. It added: “Whilst Frasers group hopes that a rescue package can

B&Q owner Kingfisher is to return £130m in business rates relief taking the total handed back to the Treasury to more than £2bn. The announcement follows similar moves last week starting with Tesco, Britain’s biggest supermarket, which said it would forgo £585m in tax relief granted by the government under a scheme designed to help

The listed price comparison site Moneysupermarket has made a tentative approach to swallow up one of its newest competitors – the money-saving app set up by former Virgin Money chief Dame Jayne-Anne Gadhia. Sky News has learnt that Moneysupermarket.com Group contacted Snoop in recent weeks to enquire about a possible takeover. A source close to

Talks between the EU and UK have paused after both sides said there were “significant differences” on key issues. Negotiators hoped that a conversation between Prime Minister Boris Johnson and European Commission President Ursula Von der Leyen would provide the political impetus to unlock the deadlock. But with gaps still existing between both sides, what

Defence chiefs are in talks about a move to take over one of Britain’s oldest steelmakers in an attempt to shore up the supply chain of Britain’s nuclear submarine fleet. Sky News has learnt that the Ministry of Defence (MoD) is holding preliminary discussions about acquiring control of Sheffield Forgemasters, which traces its roots back