The Post Office is drawing up plans to close dozens of branches and axe hundreds of head office jobs as it tries to place its finances on a sustainable long-term footing. Sky News has learnt that the state-owned company is preparing to announce in the coming days that it will shut or seek alternative franchising
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The UK’s jobless rate has risen by more than expected, raising questions over whether the new government’s early warnings on the state of the economy have backfired. Official figures from the Office for National Statistics (ONS) showed the unemployment rate at 4.3% over the three months to September. That was higher than the 4.1% figure
There has been no discussion of how much Fujitsu, the maker of the faulty Post Office software Horizon, should contribute to compensating its victims, the company’s Europe chief executive has said. The company has been in discussion with the government about paying towards its proposed billion-pound spend on redress for victims of the computer programme
The steel tycoon Sanjeev Gupta is to seek court approval for a restructuring of the bulk of its remaining operations in Britain. Sky News has learnt that Liberty Steel, Mr Gupta’s privately owned company, is on Monday launching a restructuring plan for its Speciality Steel division in the UK (SSUK) that would significantly reduce its
The UK is “not the target” of potential US tariffs after Donald Trump’s presidential election victory, a trade expert has told Sky News. Duncan Edwards, the chief executive of BritishAmerican Business, said Mr Trump‘s return to the White House could also mean fresh free trade agreement talks with the US. Discussions stalled under Joe Biden
A pair of Wall Street banking giants have hired lawyers to represent them in the escalating battle for the future of Thames Water. Sky News has learnt that JP Morgan and Bank of America, which hold financial instruments in Thames Water’s capital structure known as swaps, have engaged Simpson Thacher to advise them on their
Rachel Reeves will this weekend be told by some of Britain’s biggest hospitality groups that the tax hikes imposed in last month’s Budget risk triggering a tsunami of job losses across the sector. Sky News has learnt that dozens of bosses from pub, restaurant and hotel operators have agreed to sign a letter to the
In a significant legal victory, thousands of Bolt drivers have been recognised as workers, securing rights to paid holidays and a minimum wage. This landmark ruling, handed down by an employment tribunal on Friday, is expected to see more than £200m in compensation awarded to 15,000 drivers represented by law firm Leigh Day. The tribunal
The advisory firm which managed the insolvency of Bulb Energy in 2021 is kicking off a hunt for new backers in a process that could value it at about $2bn (£1.5bn). Sky News has learnt that Teneo, which is based in the US, has begun approaching prospective investors in recent days to gauge their appetite
The baby formula market needs to be shaken up to help parents struggling to afford it, according to the UK’s Competition and Markets Authority (CMA). Its interim report concluded there are “limited incentives” for the industry to compete on prices and that parents have suffered the consequences of high prices. Among its recommendations is a
The Bank of England has forecast Rachel Reeves’ first budget as chancellor will increase inflation by up to half a percentage point over the next two years, contributing to a slower decline in interest rates than previously thought. Announcing a widely anticipated 0.25 percentage point cut in the base rate to 4.75%, the Bank’s Monetary
The US central bank has cut interest rates for the second time in a row as the independent agency’s future becomes uncertain under a second Donald Trump presidency. The Federal Reserve, known as the Fed, has brought rates down to 4.5% to 4.75%. Unlike the UK, the US interest rate is a range to guide
Donald Trump’s victory was secured on an unequivocal promise to stretched American households that he would “end inflation”, but markets and economists are anticipating his second term will do the opposite. A combination of corporate tax cuts, government borrowing, lower migration and swingeing tariffs on overseas imports are all expected to heat up the American
An influential Manchester United supporters’ group has demanded that the club’s owners revive plans for a fan share scheme, which remains on ice nearly three-and-a-half years after it was initially promised. Sky News has learnt that the Manchester United Supporters’ Trust (MUST) wrote to Joel Glazer, Sir Jim Ratcliffe and Omar Berrada, the club’s new
Post Office campaigner Sir Alan Bates is yet to receive a reply from Sir Keir Starmer, despite writing to him over a month ago. Sir Alan said he had written to the prime minister to remind him the “clock is still ticking” on a financial redress deadline for victims. In his letter, he demanded a
A £15bn merger between two of the UK’s biggest mobile networks could get the green light – if they stick to their commitments to invest in the country’s infrastructure, the competition watchdog has said. The Competition and Markets Authority (CMA) said the merger of Vodafone and Three had “the potential to be pro-competitive for the