Business

Shareholders in Lloyds Banking Group could reap a windfall worth more than £500m early next year following a deal that will see it repaid loans in full by the owners of The Daily Telegraph. Sky News has learnt Britain’s biggest high street lender will be in a position to write back more than £500m on

Even before Northern Rock collapsed and the financial crisis exploded, Alistair Darling was already wrangling with an unenviable inheritance as chancellor of the exchequer. Not only was he having to follow in the footsteps of the longest-serving chancellor of modern times – a man who presided over an almost unprecedentedly long period of stability and

Metro Bank has revealed plans to cut 20% of its workforce and slash its business hours commitments as part of efforts to save it from collapse. The struggling challenger lender, which announced a £30m cost-cutting plan last month, said it was going further amid wider efforts to shore up its balance sheet. The bank has

Nottingham City Council has declared itself effectively bankrupt after issuing a section 114 notice. The Labour-run local authority confirmed the announcement on Wednesday, saying its chief financial officer had decided it “isn’t able to deliver a balanced budget for this year, which is a legal requirement”. As a result of the section 114 notice, all

ASLEF’s train drivers are to stage a number of strikes and overtime bans next month in their long-running dispute over pay. Union members at 16 train operating companies in England will walk out on different days between 2 and 8 December. Additionally, all members will refuse to work any overtime from 1 December to 9

Suppliers of branded goods including baked beans and pet food have “pushed up prices by more than their costs”, according to the competition watchdog. The Competition and Markets Authority (CMA) has been examining 10 product categories in a bid to see if shoppers, already struggling amid the continuing cost of living crisis, are being ripped

The National Grid is to pay some households to cut their energy use after activating its blackout prevention scheme during the current cold snap. Eligible properties with smart meters will be offered cash and other rewards in return for cutting their usage between 5pm and 6.30pm on Wednesday evening, it has been announced. It marks

The former chair of collapsed retail chain Wilko has told MPs that the retailer “ran out of cash” before its turnaround efforts were able to take effect. The business and trade committee heard Lisa Wilkinson explain a host of challenges, not least from high rents and other costs. She said a crucial loan fell through

Metro Bank is in talks to offload a £3bn mortgage portfolio to Barclays as part of a broader financial restructuring aimed at saving the smaller high street lender from collapse. Sky News has learnt that Metro Bank has entered exclusive talks with Barclays to sell the residential mortgage book in a move that would strengthen

A multibillion-pound investment plan which promises to create more than 12,000 new jobs in the UK is expected to be announced by the prime minister on Monday.  Rishi Sunak will be joined by some of the world’s biggest business leaders and investors at a summit at Hampton Court Palace, London. The prime minister will say

The former CNN president Jeff Zucker will fly into London this week amid mounting controversy over the Abu Dhabi-backed takeover of The Daily Telegraph he is spearheading. Sky News understands that Mr Zucker, the boss of RedBird IMI, will hold meetings with key stakeholders as expectations grow that the government will launch a public interest

Nearly half of women transport workers have been sexually harassed at work, according to a new survey. The Rail, Maritime and Transport (RMT) Union questioned 1,400 female workers across rail, bus, metro and passenger ferry operations. It found four in 10 have been victims of such distressing behaviour in the last year, with incidents including

The founder of Revolution Beauty, the London-listed cosmetics group, is in negotiations to repay nearly £3m to settle allegations that he breached his fiduciary duties to the company. Sky News has learnt that Adam Minto, who stepped down as chief executive just over a year ago, is in advanced talks to hand over the multimillion

Fuel prices have dropped twice as fast since petrol stations were warned they were ripping off motorists, analysis has shown. A Competition and Markets Authority (CMA) report on 8 November accused retailers of failing to pass wholesale cost savings on to customers. The regulator said the differences between pump prices and wholesale costs in September

The Ladbrokes and Coral owner has agreed a deal with the Crown Prosecution Service (CPS) to pay £585m after a bribery investigation. Entain is paying the sum following a Bribery Act investigation by HM Revenue & Customs (HMRC) into its former Turkish business. Under investigation were activities of suppliers and former employees of the Entain

HSBC customers have been left without online and mobile banking services on Black Friday. Shortly before nine o’clock on Friday the bank said it is investigating the issue “as a matter of urgency” and apologised to customers. It’s working to restore mobile and online banking service, HSBC said, including authorising online card purchases via the

In Birmingham’s famous Balti triangle, skilled chefs from Pakistan prepare curry at Al Faisals restaurant. The manager, Qasim Khan, says without foreign workers he’d struggle to staff the restaurant as British workers don’t apply when they advertise work. “It is very, very difficult to get people to work in the hospitality sector,” he says. “We’re

The energy price cap is to rise to an average annual £1,928 from January, the sector’s regulator has announced. Ofgem said a typical household paying by direct debit for gas and electricity faces forking out 5% more when compared to the annual cap figure covering September to December, which equates to £94 more over the

Nissan is to commit to manufacturing electric versions of two of its bestselling models at its Sunderland plant after months of talks with the government. Sky News can reveal that the giant Japanese car manufacturer will announce on Friday that it will build the electric Qashqai and Juke at the site – a decision that

Jeremy Hunt will claim the economy is “back on track” in an autumn statement that is expected to prioritise tax cuts and economic growth. The chancellor is expected to say the government’s plan for the economy is “working” but “the work is not done” as he unveils measures to boost business investment by £20bn a