Business

The government has announced it will significantly increase the interim payment given to Post Office workers who have their convictions overturned, from £163,000 to £450,000. More than 900 sub-postmasters and sub-postmistresses were prosecuted between 1999 and 2015, after faulty accounting software called Horizon, made by Fujitsu, made it seem like money was missing from their

The UK has seen a “persistent under delivery” of new homes, according to the competition watchdog which has launched an investigation into eight housebuilders. Too few new homes are being delivered due to a “complex and unpredictable” planning system, the Competition and Markets Authority (CMA) said. Its report into the housebuilding industry also identified “substantial

A former private secretary to Prince Andrew is playing a key role in the deliberations of a Chinese online retail giant over a possible bid for Currys, the high street electrical goods chain. Sky News has learnt that Amanda Thirsk, who quit as the Duke of York’s private secretary nearly four years ago, is working

Next has approached administrators to The Body Shop about a potential deal to purchase parts of the stricken cosmetics chain. Sky News has learnt that executives from the UK fashion retailing giant have contacted FRP Advisory to express an interest in acquiring assets as part of any sale process it decides to launch. There were

The worst airlines for customer satisfaction have been revealed The UK’s flag carrier airline, British Airways, ranked among the worst airlines in the survey. BA’s customer score for long-haul flights was the joint third lowest out of 17 carriers analysed by Which?, at 59%. The airline received just two stars out of five for boarding

As household energy bills are set to fall in April, Ian King talks to Sky’s business correspondent Paul Kelso. He also speaks to Bill Winters, the chief executive of Standard Chartered, about its $1bn share buyback. Erik Hirsch, co-chief executive of Hamilton Lane, a leading private markets investment firm, also joins Ian. Listen and subscribe

The reduction in the Ofgem price cap that will apply from April may be the final step on the long, ruinously expensive road to a new normal for consumer energy prices.  The guide price for typical annual dual-tariff use of £1,690 – a fall of 12.3% from the previous cap – is a dramatic reduction

Paula Vennells, the former chief executive of the Post Office, has had her CBE formally stripped from her by the King for “bringing the honours system into disrepute”. Ms Vennells received the honour in 2019 but was widely criticised amid the fallout from the Post Office scandal. She had previously said she would give up

Overturning the convictions of guilty sub-postmasters to exonerate all those unfairly prosecuted due to the Horizon scandal is a “price worth paying”, according to the government. Under new legislation, the government says it will “quash all convictions which are identified as being in scope”. The Post Office minister says that possibly exonerating people guilty of

Vauxhall’s parent company has secured the future for its Luton plant but demanded more government aid to help drive the transition to electric vehicles. Stellantis confirmed on Thursday that the Bedfordshire site will produce “limited” volumes of electric vans for five of its group brands from 2025. They would include the Vauxhall Vivaro Electric, Peugeot

British companies are exporting hundreds of millions of pounds of equipment and machinery which almost certainly ends up in Russia, undermining the official sanctions regime and bolstering Vladimir Putin’s war machine, according to data analysis from Sky News. The items – which include drone equipment, optical supplies and heavy machinery – are being sent to

Higher interest rates helped HSBC achieve record annual profits last year but the sum was dented by the economic slowdown in its biggest growth market. Europe’s largest lender, which is UK based but largely Asia focused, reported pre-tax profits of $30.3bn (£24bn) for 2023 – a 78% rise on 2022’s sum. While much of that

The Body Shop has announced it is closing half of its stores in the UK – including seven today and cutting 40% of roles at its London-based head office. It comes after the embattled retailer entered administration last week, putting more than 2,000 jobs at risk. The Body Shop has roughly 200 outlets across the

Barclays has revealed a revival plan to shore up support among investors that includes cutting costs and risk while bolstering returns. The UK-based lender’s shake-up, that Sky News reported last month had already resulted in 5,000 job losses, will also see an overhaul of management, some business disposals and £10bn returned to shareholders over three

A prominent US investor is among the parties being courted by Superdry’s founder as he assembles an offer to take the struggling fashion chain private. Sky News has learnt that Davidson Kempner, which has backed a number of UK retailers, is in discussions with Julian Dunkerton about backing an offer for Superdry. The talks are

Business Secretary Kemi Badenoch has hit out at the former Post Office chairman after he alleged he was told to “stall” spending on compensation for Horizon scandal victims ahead of the next general election. Henry Staunton, who was ousted by the business secretary last month, used an interview with The Sunday Times to suggest that

Elliott Advisors, the owner of Waterstones, is plotting a £700m takeover of Currys, the London-listed electrical goods retailer. Sky News has learnt that Elliott, best-known for its activist sieges against the boards of some of the world’s largest companies, is working on a bid for one of Britain’s best-known high street names. This weekend, it

It’s a frosty morning on Kidsley Farm in Derbyshire, a rare thing in this unusually warm winter. Andrew Dakin’s beef herd is housed in the old brick barns, their breath steaming in the chill air. Alongside scuttling chickens and tractors of varying vintages, this is the very image of a traditional farmyard. But for how

Energy bills are projected to fall by an average of 15% – equivalent to £293 in annual savings – as a mild winter meant high gas storage levels. A closely watched forecast by Cornwall Insight indicates energy bills from April to June will drop to £1,635 a year for the typical user. By comparison, average

Retail sales have grown significantly – far exceeding expectations – as consumer spending bounced back in January. The 3.4% increase in retail sales is more than double the 1.5% rise forecast by analysts – and suggests the economy is recovering. On Thursday, the UK officially entered recession after two consecutive three-month periods of contraction –