Business

One of HSBC’s top UK executives is quitting in a surprise move to run the Skipton Building Society, one of Britain’s biggest financial mutuals. Sky News has learnt that Stuart Haire, group general manager and chief executive of the London-listed banking giant’s UK personal and private banking businesses, is to become the new CEO of

The father-and-son duo who have built Matchroom Sport into a global sports promotion empire are plotting a deal that will cement their status among Britain’s super-rich. Sky News can reveal that Barry and Eddie Hearn are in detailed talks with at least three private equity firms about the sale of a substantial minority stake in

The global chairman of KPMG has taken a swipe at the $80bn break-up being hatched by rival EY, implying that such a radical restructuring would be akin to an act of corporate vandalism. Sky News has obtained part of a memo sent by Bill Thomas to partners at the firm, reiterating KPMG’s commitment to retaining

London Underground workers have voted to strike again, as they near the end of this week’s action which has seen tube services disrupted across the capital. Around 10,000 London Underground staff refused to work this week – with all tube lines affected. More than 90% of Rail, Maritime and Transport union members who voted decided

Cath Kidston, the modern vintage brand, has been put up for sale just two years after collapsing into administration with the loss of nearly 1,000 jobs. Sky News has learnt that Baring Private Equity Asia (BPEA) has instructed advisers at PricewaterhouseCoopers (PwC) to find a new owner for the now wholesale-led company. Cath Kidston, which

“I’ve had plenty of luck over the last five years, all of it bad.” So said Sir Rod Eddington, former chief executive of British Airways, the man who steered the airline through the terrorist attacks of 11 September 2001 and an outbreak of the SARS virus 18 months later. Sir Rod, an easy-going Australian who

The British public is well-used to confrontations between workers in the public sector and the government of the day. Over the decades there have been strikes and work-to-rules involving miners, teachers, the railways, the civil service and health workers among others. In the last century, “the Winter of Discontent” in 1978-79 and the miners’ strikes

Brexit has damaged Britain’s competitiveness, will reduce productivity and leave the average worker poorer than they otherwise would have been, according to a new study. The Resolution Foundation said leaving the EU has reduced how open and competitive Britain’s economy is. And it goes further to say it has also led to an increase in

The rate of inflation has risen to a fresh 40-year high of 9.1% in May, according to the latest official figures. The update, from the Office for National Statistics (ONS), represents a slight uptick on the 9% figure of the previous month – driven upwards by April’s unprecedented rise in the energy price cap. The

Imagine, if you can, you are in the chancellor’s shoes. Your instincts are to cut taxes and reduce public spending yet pretty much every decision you’ve taken in office has involved doing precisely the opposite. Worse: in recent months, even when you have forked out serious sums to support workers, much of that money seems

This week’s rail strike and the potential for further walkouts across the public sector has conjured the spirits of the Winter of Discontent, the dark days of the late 70s still considered the low point for British industrial relations, even if some of those in government and Fleet Street are too young to remember it.

It would be tempting to assume, on the eve of what looks likely to be the biggest rail strike in a generation and amid speculation of a so-called “summer of discontent”, that the UK is somehow unique in being afflicted with poor labour relations at present. Nothing could be further from the truth. Governments across

Motorists are being warned to expect a surge in traffic on the roads when this week’s strikes bring large parts of Britain’s rail network to a halt. The AA believes the worst-affected roads are likely to be main motorway arteries, in addition to rural and suburban areas. And although the rail strikes are only taking

A former top executive at Aviva and British Gas will this week be appointed to spearhead the latest takeover quest of Marwyn, one of the London market’s most prolific creators of listed acquisition vehicles. Sky News has learnt that Mark Hodges, who has run some of the biggest companies in the British insurance industry, will

Hundreds of UK-based executives at PricewaterhouseCoopers (PwC) are to receive one-off six-figure windfalls from the sale of the global accountancy giant’s mobility services arm. Sky News has learnt that the firm’s 950 partners in Britain will be handed an average of just over £100,000 each following a $2.2bn deal with the private equity firm Clayton

Russia’s economy may take a decade to recover from the crushing sanctions placed on the country following its invasion of Ukraine in February 2022, according to one of Russia’s top businessmen. Returning to pre-sanctions levels could take nearly 10 years as the country remains cut off from half of its trade, said German Gref, the

The UK’s central bank will need to remain flexible on interest rates as inflation spikes but the country’s economy slows, according to a senior official at the bank.. “The statement that we put out collectively is one that I think had a certain level of flexibility because it had to encompass those different views,” Bank

The Government is trying to do everything it can to tackle the cost of living “storm” but cannot solve every problem or save every business, a business minister has told Sky News. Paul Scully played down the immediate likelihood of tax cuts to help struggling households as he stressed the “tight” public finances and burgeoning

Passengers at Heathrow will not face major disruption this summer despite an industry-wide international labour crisis that could take 18 months to resolve, the airport’s chief executive has said. Travellers at airports across the UK faced significant disruption to flights during a chaotic half-term week culminating in the Jubilee weekend, sparking concern that summer holidays

The Bank of England has raised interest rates for the fifth time in a row to 1.25% and set the scene to act more “forcefully” ahead because of a mounting inflation threat. There had been speculation of a more aggressive tightening after the sharpest rate hike since 1994 of 0.75% was imposed by counterparts at