Business

Virgin Atlantic says its £1.2bn rescue deal has been completed but that another 1,150 jobs will be cut across all functions. The news confirms a report by Sky’s City editor Mark Kleinman on Thursday night and comes less than four months after the carrier axed 3,150 roles and ended its Gatwick Airport operations. Chief executive

Airport testing is not a “silver bullet” that will end the need for quarantining, the transport secretary has told Sky News. Grant Shapps suggested the government was looking at cutting the amount of time travellers returning from higher-risk countries need to self-isolate for from 14 days to seven. Ministers are facing pressure from airports and

More than 100 million discounted meals have been claimed for under the government’s Eat Out To Help Out scheme, the chancellor has said. Rishi Sunak said the scheme had helped to protect 1.8 million hospitality jobs since it began on the first Monday in August. It provided diners with a state-funded 50% discount on food

Costa Coffee has announced a shake-up putting up to 1,650 jobs at risk as it struggles to recover after the lockdown. The company said it planned to axe the role of assistant store manager across its UK business. “The ongoing impact of COVID-19 remains challenging for Costa Coffee and has required the business to make

Britain’s biggest airport could axe a quarter of its frontline staff after months of talks with trade unions about employee pay and conditions failed to land an agreement. Sky News has learnt that Heathrow Airport informed union officials on Wednesday afternoon that it was issuing a formal Section 188 notice, triggering a 45-day consultation period

House prices have reached a new record high after bouncing back from falls earlier this year with the biggest rise since 2004 last month, according to figures from Nationwide. Prices rose by 2% in August compared to the previous month or 3.7% compared to a year ago, adding to evidence of a rapid recovery after

The first week of September is when many Britons traditionally swap the holidays for hard grind. Not this year. While many of us are back at work after the holidays most of us are not going back to work. For those fortunate enough to be able to work from home – around 40% of the

Advisers to Debenhams have asked prospective bidders to table offers for the business on Tuesday as they seek to salvage a future for the 242 year-old department store chain. Sky News understands that Lazard, the investment bank running the sale process, wants interested parties to submit bids by 5pm. The deadline comes as Debenhams’ administrator,

Two of the putative bidders for the AA are in talks about joining forces in a move that could undermine shareholders’ hopes of a hotly contested bidding war for Britain’s biggest breakdown recovery service. Sky News has learnt that Warburg Pincus is holding preliminary discussions about partnering with a consortium comprising two other buyout firms

The former chief executive of Saga, the over-50s insurance and travel provider, is to stage a stunning comeback as part of a £150m capital-raising to shore up its coronavirus-hit balance sheet. Sky News has learnt that Sir Roger de Haan, who sold Saga for £1.3bn in 2004, is to inject up to £100m into the

The Bank of England is “not out of firepower” if it is needed to offer further support to the coronavirus-battered economy, governor Andrew Bailey has said. Mr Bailey has already overseen a £300bn expansion of the Bank’s money-printing scheme – known as quantitative easing (QE) – and a cut in interest rates to a record

Commuting into – and working in – the City daily during the Covid crisis has been an, at times, depressing experience. I began working in the City 30 years ago and have spent most of the intervening period since working in and around the Square Mile. It is an inspiring place. :: Follow live coverage

Waitrose is teaming up with Deliveroo so it can deliver groceries in just 30 minutes, with a retail expert telling Sky News that coronavirus could change the way we shop for good. The supermarket chain is making more than 500 of its food and drink products available on the delivery app as part of a

Job losses at Gatwick caused by COVID-19 are on course to total more than 1,000 after the “dramatic” impact of the pandemic saw it plunge to a £344m half-year loss. The airport revealed that 740 employees have already left even before the 600 cuts announced in restructuring plans set out earlier this week. :: Follow

One of Britain’s oldest newspaper publishers is turning to the pensions lifeboat in a rescue deal that will involve steep haircuts for creditors and underline the crisis facing regional media groups amid the coronavirus pandemic. Sky News has learnt that Archant, whose titles include The New European and the Eastern Daily Press, has struck a

Pret A Manger is cutting 2,800 jobs due to the economic downturn caused by coronavirus. The popular cafe chain said its sales are down to levels around what they were 10 years ago. It follows the announcement that 30 Pret shops across the UK will close permanently. CEO Pano Christou said: “I’m gutted that we’ve