Business

British Airways (BA) has announced it will cut a further 10,300 short-haul flights until the end of October. The airline, among the worst hit by post-pandemic staff shortages that have resulted in widespread disruption for passengers this year, made the announcement just a day after another wave of cancellations was revealed in a bid to

Chancellor Nadhim Zahawi has said there is “nothing off the table” on tax cuts as he called for caution on public sector pay rises. Speaking to Sky News on his first full day in the role, he said he would “look at everything” when pressed about his tax plans. “The most important thing is to

British Airways (BA) has moved again to build greater resilience in its flying schedules by cancelling additional flights during the key summer holiday season. The airline, one of the worst affected by post-pandemic staff shortages this year, said it was taking further “pre-emptive” action to prevent disruption for passengers. It follows a torrid reopening of

The Bank of England has told lenders to prepare for a “deteriorated economic outlook” and predicted that increases in house prices would slow down later this year. Banks were told to ramp up capital buffers to ensure they can weather the storm. “The economic outlook for the UK and globally has deteriorated materially,” the Bank

The Premier League is asking clubs to support phasing out shirt sponsorship by gambling companies in a last-ditch effort to avert a government-imposed ban. Sky News has learnt that the Premier League contacted clubs on Monday to propose a resolution that would see betting companies disappear from teams’ shirts within the next three years. Under

There are 7,000 fewer pubs in England and Wales than there were 10 years ago, research has found. Their total number dropped below 40,000 in the first half of 2022 – the lowest number on record, according to real estate advisers Altus Group. Pubs have suffered setbacks in recent years due to the coronavirus pandemic,

A family-run industrial group is to change hands for £400m, giving a much-needed boost to a deals market slowing down amid growing economic anxiety. Sky News has learnt that Triton Partners is on the verge of an agreement to acquire O’Connor Utilities Group, which is based in Manchester. An industry source said a deal could

Homeowners could soon be taking out 50-year mortgages to then be passed on to their children when they die, under new plans being considered by the government. The Japanese-style lending agreements could see people being able to buy a home with little or no expectation of completing mortgage repayments during their lifetime. Instead the property

The governor of the Bank of England is opposing plans drawn up by the Treasury that would allow ministers to overrule financial watchdogs on key areas of City regulation. Sky News has learnt that Andrew Bailey has expressed disquiet about a so-called ‘call-in power’ that will be included in the Financial Services and Markets Bill,

Tom Glick, a former executive at Manchester City FC’s parent company, is to take over the day-to-day running of Chelsea Football Club in the wake of its £2.5bn takeover. Sky News has learnt that Mr Glick’s appointment could be announced within days by Chelsea’s new owners, although it remained unclear on Friday whether he would

Klarna, the buy-now-pay-later credit provider, is trying to finalise a fresh capital injection likely to value it at less than $10bn – just 20% of its worth only two years ago. Sky News has learnt that the Swedish company has asked investors to commit in the coming days to a fundraising that is expected to

TV advert breaks could get longer and more frequent as part of a review of UK broadcasting rules. The regulator, Ofcom has said market developments, including the availability of online streaming services, meant it would consider an overhaul of advertising regulations. Currently, public broadcasting channels are limited to an average of seven minutes of advertising

Aston Martin has said it is considering multiple funding options following reports that Saudi Arabia’s sovereign wealth fund was lining up a possible investment worth hundreds of millions of pounds. Responding to the reports, the luxury carmaker said that it was keeping all “funding options under review,” amid uncertainty around the company’s future. Aston Martin’s

A closely-watched measure of the UK housing market has reported a “surprising amount of momentum” despite the mounting cost of living crisis, with prices hitting a new record. The Nationwide study covering June showed the annual rate of house price growth easing back for the third month in a row, to 10.7% from 11.2% in

The pound is heading for its biggest six-month drop against the US dollar since 2016, the year of the Brexit referendum. Sterling had fallen 0.46% to $1.2127 by mid-afternoon on Wednesday, its lowest level since 16 June, when the Bank of England raised its key policy rate by 25 basis points to 1.25%. The pound

Kerry says she has £20,000 of debts and counting. She is one of an increasing number of people for whom the cost of living crisis is not only making it hard to get by – but who are being plunged into the red or deeper into existing debt. “I’m paying it bit by bit,” she

The international money-transfer service WorldRemit has become the latest fintech unicorn to take an axe to its workforce, as tumbling valuations force founders onto a survival footing. Sky News has learnt that Zepz has let go scores of employees in recent months in a move that reduced its global employee numbers to approximately 1,000. News

Heathrow Airport has warned that a proposed reduction in the amount of money it can charge airlines per passenger would result in a major reduction in investment. In its final proposals revealed on Tuesday, the Civil Aviation Authority (CAA) said the average maximum charge – which is passed on to passengers in their air fare

Petrol retailers have been accused of forcing “rocket and feather” pricing after unleaded hit a new, and unexpected, record average high over the weekend. Motoring organisations had forecast a decline in wholesale costs to have been reflected at the pumps, but data from Experian Catalist revealed on Monday that petrol had reached 191.1p a litre

Russia has reportedly missed a deadline to pay investors of its international bonds, a scenario that would place it in default for the first time since the 1917 Bolshevik Revolution. According to the Reuters news agency, some Taiwanese holders of Russian Eurobonds had not received interest due when a grace period expired on Sunday. Moscow