Business

The business secretary has said she “felt there was a need for new leadership” at the Post Office as it was announced its chairman is being forced out of the role. Henry Staunton has stepped down amid ongoing tensions with the government in the wake of the Horizon IT scandal. An interim will be appointed

Superdry, the London-listed clothing retailer, is weighing a radical restructuring that could involve significant numbers of store closures and job cuts after reporting weak sales. Sky News has learnt that Superdry and its advisers at PricewaterhouseCoopers (PwC) are initiating work on plans that could lead to a company voluntary arrangement (CVA) or restructuring plan, both

New Brexit border controls will leave British consumers and businesses facing more than £500m in increased costs and possible delays – as well as shortages of food and fresh flowers imported from the European Union. The new rules are intended to protect biosecurity by imposing controls on plant and animal products considered a “medium” risk.

The legislation being used to exonerate hundreds of sub-postmasters wrongly convicted over the Horizon IT scandal should include measures to protect the specialist finance sector which helped Alan Bates to overturn Britain’s biggest miscarriage of justice, according to an influential trade body. Sky News understands that the International Legal Finance Association (ILFA) wants ministers to

A promise by the incoming National Lottery operator to slash the price of a ticket from £2 to £1 is under review. Allwyn has also said delayed plans for new draw-based games will impact sales and the amount of money it can give to good causes in the early part of its 10-year licence. The

Saga is exploring ways to release money from its ocean cruises operation which could involve selling its two flagship vessels or offloading the entire business under a licensing arrangement. Sky News has learnt that the heavily indebted company, which is listed on the London Stock Exchange, is working with advisers on a range of potential

US aviation regulators have overturned their grounding of Boeing 737-MAX 9 planes following a mid-air panel blowout aboard an aircraft earlier this month but imposed an unprecedented restriction on the company. In an update on its work following the incident on an Alaska Airlines MAX 9 on 5 January, the Federal Aviation Administration (FAA) said

Drinks company Thatchers has lost a High Court trademark battle after it claimed supermarket chain Aldi “copycatted” one of its products. The Somerset-based cider maker sued the German discount chain for infringing the trademark of its Thatchers Cloudy Lemon Cider. It claimed that the supermarket had gained an “unfair advantage” by copying the drink in

Unavoidable hidden charges for online consumers, a practice known as drip pricing, is to be banned under a wider transparency drive. The Department for Business and Trade (DBT) said additional fees, which are only revealed late in the checkout process and cost customers £2.2bn a year, must be included in the headline price under the

The UK’s largest building society is dropping its cheapest mortgage rate to an eight-month low and significantly under the Bank of England’s base interest rate. From Wednesday, Nationwide will offer new remortgaging customers a 3.84% rate on a five-year fixed deal. Existing mortgage holders can get the low rate on additional borrowing and switcher deals,

Government borrowing came in sharply lower than expected last month, boosting the chancellor’s aim of pre-election giveaways in his March budget. Data from the Office for National Statistics (ONS) showed public sector net borrowing at £7.8bn in December. That was £8.4bn less than in the same month a year earlier and the lowest in any

Wm Morrison, the supermarket chain, is closing in on a £2.5bn deal to sell its petrol forecourts portfolio to another company backed by the same private equity firm. Sky News understands that Motor Fuel Group (MFG) is weeks away from agreeing the takeover of Morrisons’ fuel retailing empire. Both Morrisons and MFG are majority-owned by

A review of Royal Mail’s letter delivery obligations that could see Saturday post scrapped is “predetermined”, according to an industry union leader. Communication Workers’ Union (CWU) general secretary Dave Ward was reacting to a story by Sky News on Saturday that regulator Ofcom was to launch a consultation on options for reforming the Universal Service

Compass Group, the FTSE-100 contract caterer, is in advanced talks to take over a rival business which provides hospitality services at landmark venues including Kew Gardens and the Royal Opera House. Sky News has learnt that Compass is this weekend putting the finishing touches to a deal worth more than £400m to acquire CH&Co, a

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

More than 3,000 jobs are to be axed at the country’s biggest steelworks, it has been confirmed. Of the losses 2,800 will be in the next 18 months. The timeline for a further 300 jobs are to go but no timeline has been given for when. It comes as Tata Steel announced it was to

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