Business

The government must make tackling poverty a priority in 2021 or risk being defined by a “record of worsening hardship”, according to a new report from a leading anti-poverty charity.  The “state of the nation” report by the Joseph Rowntree Foundation found that people who were already trapped in poverty were “particularly vulnerable” to the

John Lewis has suspended click-and-collect services at its department stores in the latest tightening of rules for shoppers as the coronavirus crisis intensifies. The department store chain said it was responding to a “clear change in tone and emphasis” from governments across the UK urging the public to stay at home. It came as all

British retail suffered its worst annual performance on record in 2020, new figures reveal. Total sales fell by 0.3% on 2019 – the biggest year-on-year change since the BRC-KMPG retail sales survey began in 1995. Non-food sales dropped by 5% as a result of national and local lockdowns closing non-essential stores offering fashion, lifestyle and

The chancellor has warned that there are tough times ahead for the UK economy as it struggles through a third national lockdown. In an update to MPs on Monday, Rishi Sunak said: “We should expect the economy to get worse before it gets better.” Mr Sunak said restrictions placed on people and businesses were necessary

A record 250,000 small firms are set to close this year under combined pressure from the coronavirus pandemic and Brexit, according to an industry body. The Federation of Small Businesses (FSB) said its survey revealed a “huge cost” ahead for employment without additional support from the Treasury to help mitigate the challenges faced by its

A former Ocado executive who has been involved in the NHS Test and Trace programme will this week be appointed as the next boss of Royal Mail. Sky News has learnt that Simon Thompson, who has worked for companies including Apple, Honda, Lastminute.com and Wm Morrison, is to be named as the former state monopoly’s

Saracens, the Championship rugby club plunged into crisis last year after breaching salary cap rules, has secured new backers even as the coronavirus crisis hammers elite sport’s commercial income. Sky News has learnt that Saracens will this weekend unveil a multimillion pound long-term naming rights and kit sponsorship with StoneX, a global financial services group

Martin Gilbert, the veteran fund management boss, is joining forces with a group of City grandees and former Aberdeen Asset Management colleagues to spearhead a fresh wave of deal-making activity across the sector. Sky News has learnt that Mr Gilbert, who stepped down from the helm of Standard Life Aberdeen last year, will next week

It is fair to say most of America’s business leaders never took to Donald Trump. Now, in the dying days of what has arguably been the most divisive presidency in US history, the gloves are off. US business leaders are taking to the airwaves and queuing up to condemn the outgoing president for egging on

A “high volume” of lorries are being delayed and refused entry at ports including Dover due to “incorrect paperwork” following Brexit, a shipping company has said. One week into the new arrangements, disruption has begun to be felt from Britain leaving the EU’s customs union and single market and operating on new trade terms with

Plane manufacturer Boeing will pay out more than $2.5bn to resolve a US investigation into the deadly 737 MAX disasters, the country’s Justice Department has said. In a statement, America’s government said the settlement includes a criminal penalty of $243.6m and compensation to the firm’s customers of $1.77bn. Boeing will also set up a fund

Ryanair has hit out at the UK and Irish governments for their handling of coronavirus vaccine roll-outs while slashing flights and its passenger forecasts. The no-frills carrier said it was to “significantly cut” services from Thursday 21st January which would result in “few, if any, flights being operated to/from Ireland or the UK from the

The FTSE 100 has hit its highest level in ten months, building on a recovery that has lagged its peers during the coronavirus crisis to date. The blue-chip index added 229 points, or 3.5%, on Wednesday to close at 6,841. When points are converted to pounds, it meant almost £61bn was added to its collective

Jeremy Darroch is to step down as chief executive of Sky, the parent company of Sky News, after 13 years. Mr Darroch, 58, is one of the UK’s longest-serving chief executives. His successor will be Dana Strong, currently president of consumer services at Comcast Cable, the largest broadband and pay TV provider in the United

The UK is on course for a double-dip recession in the first quarter after a “strikingly downbeat” end to 2020 and a new national lockdown, according to a report. A British Chambers of Commerce (BCC) survey found nearly half of all firms (43%) saw sales fall in the final three months of 2020, rising to

Businesses in the retail, hospitality and leisure sectors will receive up to £9,000 in one-off grants to help them through England’s new coronavirus restrictions, the chancellor has said. The grants were part of a package of measures announced by Rishi Sunak totalling £4.6bn to help struggling firms after the latest measures came into force. Advertisement