Business

Ministers will this week move to seize control of the controversial contract responsible for manufacturing Britain’s nuclear warheads in a move that insiders said reflected the influence of Dominic Cummings, the prime minister’s top adviser. Sky News has learnt that the Ministry of Defence (MoD) will announce in the coming days that it intends to

Transport for London (TfL) has secured an estimated £1.8bn bailout from the government to help the service through the coronavirus pandemic. The capital’s transport body said the agreement will enable it to continue operating until the end of March 2021. The exact amount of money involved will be subject to passenger revenue in the coming

Furlough payments will be extended at 80% for the duration of England’s second lockdown, the prime minister has confirmed. After announcing the strictest blanket coronavirus measures since March, Boris Johnson said the furlough scheme would continue through November until 2 December. He said the end of the scheme, in which employees will receive four-fifths of

The new chief executive of J Sainsbury is plotting a sale of its banking arm as ultra-low interest rates diminish the prospects of making a meaningful return from the business. Sky News has learnt that Sainsbury’s has begun sounding out potential buyers of the unit, which boasts more than 2m customers across a range of

The petrol stations giant founded by two of Britain’s most successful sibling-entrepreneurs is about to take a big step towards addressing doubts about its corporate governance by naming a slate of independent board members. Sky News has learnt that John Carey, a former BP executive, is in advanced talks to join EG Group as a

Britain’s vast fund management sector is holding its breath for the outcome of a key vote on Friday amid fears that thousands of industry jobs could be forcibly relocated to the EU after the end of the Brexit transition period. Sky News has learnt that the Investment Association (IA) has decided to abstain on a

The Eat Out to Help Out scheme caused a “significant” rise in new coronavirus infections, a new study suggests. According to the University of Warwick, the sharp increase in COVID-19 infection clusters emerged a week after the scheme began. The government’s initiative was designed to boost the economy after the national lockdown, and allowed pubs

Lloyds Banking Group has posted a better-than-expected third quarter profit as it reaps the benefits of a boom in demand for mortgages. The bank reported a pre-tax profit of just over £1bn for the period between July and September – almost twice what was expected by analysts. Britain’s biggest domestic lender received its biggest quarterly

The FTSE 100 has fallen to its lowest level in six months as fears grow that the UK may need a national lockdown to limit the spread of COVID-19. The index fell 1.9% in the first few hours of Wednesday trading, while the domestically-focused FTSE 250 lost 1.5% to hit its lowest point in more

Paris has overtaken Heathrow as Europe’s busiest airport, with the London hub reporting falling passenger numbers and rising losses. The news came as Heathrow reported a loss of £1.5bn in the first nine months of the year due to the coronavirus pandemic. Passenger numbers between July and September were down by more than 84% compared

Aston Martin Lagonda says Mercedes is to own up to fifth of its shares under plans to turn around its fortunes. The maker of James Bond’s favourite car said it was to expand the investment partnership between the pair through greater access to the German company’s hybrid and electric technology in exchange for a shareholding

HSBC has warned it could start charging for “basic banking services” after reporting a 35% fall in pre-tax profits for the three months to the end of September. With interest rates so low, Europe’s biggest bank by assets is finding it difficult to charge more for loans than it pays out to depositors. The bank said

The footwear retailer Clarks is kicking off talks with landlords about store closures and rent cuts, reviving tensions between high street shop-owners and tenants which have been thrust into sharp focus during the COVID-19 crisis. Sky News understands that Clarks and its advisers are meeting with landlords this week to discuss a restructuring that would

The aircraft industry has pleaded for a testing regime for travellers as new figures show its third quarter was the worst on record. There were no orders for new aircraft in the month of September and just 13 orders placed during the financial quarter, a decline of 91.4% on the same quarter last year. July

A British technology company that has helped retail investors access billions of pounds of corporate cash calls during the COVID-19 pandemic will this week unveil a fundraising of its own that will catapult it into the top echelons of UK fintech start-ups. Sky News has learnt that PrimaryBid will announce on Monday that it has

Small breweries in Britain are warning that hundreds of jobs are at risk over government plans to cut tax relief. The Society of Independent Brewers (SIBA) described the proposals as “madness” during a period when many businesses are on the brink of collapse. Under the plans, up to 150 small breweries would have to pay