Official figures show the biggest quarterly leap on record for retail sales, as the sector battles back from the coronavirus lockdown amid renewed restrictions. The Office for National Statistics (ONS) reported a 17.4% jump in volumes in the third quarter of the year covering July to September. The wider figures were much stronger than analysts
Business
Barclays has warned it is evaluating cost-cutting measures after raising provisions for bad loans during the coronavirus crisis to date to £4.3bn. The bank reported that third quarter group profit before tax came in at £1.1bn after booking charges of £608m in the July to September period. It had previously revealed provisions of £3.7bn covering
Chancellor Rishi Sunak has vowed to “go further” as he announced three new measures to help workers and businesses get through the winter and a coronavirus second spike. Speaking in the House of Commons, he said cash grants of up to £2,100 a month will be given to firms in Tier 2 areas – enough
Businesses in parts of England under Tier 2 coronavirus restrictions will get further financial support in a package unveiled by the chancellor today, according to reports. Rishi Sunak will announce the new measures – aimed particularly at pubs, bars and restaurants – in the Commons on Thursday, the Telegraph claims. Currently, hospitality premises in “high
Shares in Tesla have risen after the electric car maker reported its fifth consecutive quarterly profit. The California headquartered company has overcome disruptions caused by the COVID-19 pandemic to post a 39.2% increase in revenues to $8.77bn (£6.68bn) from a year ago. Tesla said it was on track to deliver half a million vehicles in
A one-year spending review has been announced by the Treasury to “focus entirely” on tackling the coronavirus crisis – as official figures show borrowing records continue to be smashed. The government said it would have liked to outline spending plans for the rest of the current parliament, as it had originally intended. But a statement
Liverpool and Manchester United are in talks about a bombshell plot involving Europe’s biggest football clubs to join a new FIFA-backed tournament that would reshape the sport’s global landscape. Sky News has learnt that financiers are assembling a $6bn (£4.6bn) funding package to assist the creation of what could become known as the European Premier
The maker of top cleaning brands including Dettol and Cillit Bang, Reckitt Benckiser (RB), has reported a recovery in condom sales thanks to relaxed coronavirus restrictions. The FTSE 100 company, which has been among the few winners in the COVID-19 crisis to date thanks to its household hygiene and healthcare products, reported a 9.5% lift
Two-thirds of businesses say the government has done a poor job of communicating its plans for a post-Brexit trade agreement, according to a survey. The YouGov online poll of 1,000 businesses showed 21% described the communication as somewhat poor and 45% very poor. Just 8% said the government had done a very good job and
The first major corporate casualty of the coronavirus crisis in the UK, Flybe, could be back in the air next year. It was announced that the company, which folded in March as a collapse in demand for air travel exacerbated already deep financial turbulence, had been effectively bought out of administration by a firm affiliated
One of the insurers embroiled in a battle with the City watchdog about the payment of claims from coronavirus-hit businesses has begun lining up a successor to its veteran chairman. Sky News has learnt that RSA Insurance Group is working with headhunters on a search to replace Martin Scicluna, who also chairs the supermarket chain
Around two-and-a-half million coins celebrating the contributions ethnic minority communities have made to the UK will enter circulation on Monday. The coins will feature the words “Diversity built Britain”, along with a geodome representing connection and strength. The Treasury says that the new coins show the intent of the Royal Mint and Chancellor Rishi Sunak
A shareholder in Flybe when it collapsed this year with the loss of thousands of jobs is in talks with its administrators about a potentially controversial bid to resuscitate the regional airline. Sky News has learnt that Cyrus Capital, a hedge fund with offices in Mayfair, is behind a plot to reacquire some of Flybe’s
The head of the International Monetary Fund (IMF) has warned Rishi Sunak that “now is not yet the time to balance the books”. In an interview with Sky News, Kristalina Georgieva said the UK must stand ready to spend more to support businesses and households through the second surge of the pandemic. Her comments come
Pret A Manger plans to shut six more shops and cut around another 400 jobs in the face of the resurgent coronavirus pandemic. The recovery of the coffee and sandwich chain has been hampered by recently tightened COVID-19 restrictions and rising case numbers. In August, the company axed 2,800 roles as part of a shake-up
Wetherspoon founder Tim Martin has lashed out at the “ever-changing raft of ill-thought-out” coronavirus regulations as the pub chain sank to a £105.4m loss. His renewed criticism came as the company’s delayed results also revealed that sales fell by 30% from £1.82bn to £1.26bn in the year to 26 July. Lambasting the government’s handling of the