Business

Ofcom will next week outline options for reforming Royal Mail’s service obligations that could pave the way for the abolition of Saturday postal deliveries amid warnings from the company’s boss that it may require a government subsidy to survive. Sky News has learnt that the regulator will on Wednesday publish a consultation paper on the

Mouthwash, teabags and sausages have all fallen victim to “shrinkflation” as manufacturers and retailers cut costs, a watchdog has found. Which? found that Listerine Fresh Burst mouthwash shrank from 600ml to 500ml but went up in price by 52p at Tesco, forcing shoppers to pay 21% more for 17% less – an increase to the

The Post Office board member responsible for overseeing the delivery of a controversial compensation scheme for sub-postmasters is to step down from its board. Sky News has learnt that Ben Tidswell, a former lawyer with the international law firm Ashurst who became a director of the Post Office in July 2021, is leaving after only

The boss of Fujitsu in Europe has admitted staff knew of bugs, errors and defects (BEDS) in the Horizon IT system as far back as 1999. Appearing before the inquiry into the Post Office scandal, Paul Patterson said it was “shameful and appalling” that the known glitches were not included in the witness statements used

There has been a shock fall in retail sales in the key December shopping period, sharpening the decline seen in recent months, official figures show. Data from the Office for National Statistics (ONS) said sales fell an unexpected 3.2%, despite Christmas and reported discounts offered by major chains and some positive reports by major high

The chancellor says he wants to cut taxes at the spring budget this year, declaring that doing so will be the quickest route to getting the economy growing again. Talking to Sky News on the fringes of the World Economic Forum in Davos, Jeremy Hunt said that while he has yet to see the fiscal

Four years ago, Michael Squires received a letter that turned his life upside down. A brown envelope containing a tax demand for £24,000 landed on his doormat. It came out of nowhere and gave Mr Squires sleepless nights as he worried about where he would find the money. “It’s a horrible anxious feeling, I knew

Kemi Badenoch, the business secretary, is seeking urgent talks with Fujitsu to thrash out a compensation package for sub-postmasters affected by the Post Office Horizon scandal. Sky News has learnt that Ms Badenoch wrote to Takahito Tokita, the Japanese company’s chief executive, in the wake of an acknowledgement from Fujitsu bosses that it had a

Directors of BP were meeting on Tuesday evening to finalise the appointment of Murray Auchincloss, the company’s acting chief executive, as its permanent boss. Sky News can reveal that the FTSE-100 oil major’s board has gathered at a central London hotel to agree the details of Mr Auchincloss’s appointment as the successor to Bernard Looney.

The annual rate of inflation has surprisingly risen, official figures show. The consumer price index (CPI) measure of inflation stood at 4% in the year to December, according to the Office for National Statistics (ONS). A fall, to 3.8%, had been expected by economists polled by Reuters. But instead inflation rose from 3.9% in the

Wage growth has slowed but still remains well above the rate of inflation while unemployment is unchanged, according to official figures. Average weekly wage growth, which excludes bonuses, eased to 6.6% in the three months to November, from 7.3% a month earlier, the Office for National Statistics said. It means pay packets grew faster than

Artificial intelligence will affect up to 40% of jobs worldwide, the International Monetary Fund (IMF) has warned. This could rise to 60% of roles in advanced economies like the UK – but it is believed that, in half of these cases, AI will benefit the workforce. In a new report, the IMF warned that AI’s

New strikes have been announced by the train drivers’ union ASLEF. Drivers will stage fresh industrial action and an overtime ban from the end of the month in a long-running pay dispute, the union said. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the

Plans for a new government information campaign to tackle the explosion in online fraud have sparked divisions among major banks over concerns about its cost and potentially conflicting public messages. Sky News has learnt that the Home Office has in recent weeks been in discussions with major lenders including Barclays, Lloyds Banking Group and Santander

Vue International, Europe’s largest independent cinema operator, is finalising a fresh debt restructuring after the Hollywood actors’ strike halted the release of a string of blockbuster movies. Sky News has learnt that UK-based Vue, its shareholders and lenders are in the process of organising the company’s second debt-for-equity swap in 18 months in a bid

The Post Office could be facing a £100m bill and insolvency after claiming tax relief for its compensation payments to sub-postmasters, a tax expert has claimed. Dan Neidle, the head of non-profit organisation Tax Policy Associates, said the Post Office claimed £934m tax relief for its compensation payments, and suggested it could be “unlawful”. The