Business

The governor of the Bank of England believes the UK’s jobless rate has climbed to around 6.5% – higher than official figures suggest – as the coronavirus pandemic continues to wreak havoc on the economy. In a speech to business leaders at a virtual event in Scotland, Andrew Bailey was also guarded on whether negative

British retail suffered its worst annual performance on record in 2020, new figures reveal. Total sales fell by 0.3% on 2019 – the biggest year-on-year change since the BRC-KMPG retail sales survey began in 1995. Non-food sales dropped by 5% as a result of national and local lockdowns closing non-essential stores offering fashion, lifestyle and

The chancellor has warned that there are tough times ahead for the UK economy as it struggles through a third national lockdown. In an update to MPs on Monday, Rishi Sunak said: “We should expect the economy to get worse before it gets better.” Mr Sunak said restrictions placed on people and businesses were necessary

A former Ocado executive who has been involved in the NHS Test and Trace programme will this week be appointed as the next boss of Royal Mail. Sky News has learnt that Simon Thompson, who has worked for companies including Apple, Honda, Lastminute.com and Wm Morrison, is to be named as the former state monopoly’s

The American investors which control the Co-operative Bank are lining up their first board nominees weeks after talks about a sale of the self-styled ethical lender were abandoned. Sky News has learnt that the syndicate of hedge funds, which includes GoldenTree Asset Management, are finalising the appointment of two heavyweight City figures as non-executive directors

Saracens, the Championship rugby club plunged into crisis last year after breaching salary cap rules, has secured new backers even as the coronavirus crisis hammers elite sport’s commercial income. Sky News has learnt that Saracens will this weekend unveil a multimillion pound long-term naming rights and kit sponsorship with StoneX, a global financial services group

Martin Gilbert, the veteran fund management boss, is joining forces with a group of City grandees and former Aberdeen Asset Management colleagues to spearhead a fresh wave of deal-making activity across the sector. Sky News has learnt that Mr Gilbert, who stepped down from the helm of Standard Life Aberdeen last year, will next week

It is fair to say most of America’s business leaders never took to Donald Trump. Now, in the dying days of what has arguably been the most divisive presidency in US history, the gloves are off. US business leaders are taking to the airwaves and queuing up to condemn the outgoing president for egging on

A “high volume” of lorries are being delayed and refused entry at ports including Dover due to “incorrect paperwork” following Brexit, a shipping company has said. One week into the new arrangements, disruption has begun to be felt from Britain leaving the EU’s customs union and single market and operating on new trade terms with

Plane manufacturer Boeing will pay out more than $2.5bn to resolve a US investigation into the deadly 737 MAX disasters, the country’s Justice Department has said. In a statement, America’s government said the settlement includes a criminal penalty of $243.6m and compensation to the firm’s customers of $1.77bn. Boeing will also set up a fund

Ryanair has hit out at the UK and Irish governments for their handling of coronavirus vaccine roll-outs while slashing flights and its passenger forecasts. The no-frills carrier said it was to “significantly cut” services from Thursday 21st January which would result in “few, if any, flights being operated to/from Ireland or the UK from the

The FTSE 100 has hit its highest level in ten months, building on a recovery that has lagged its peers during the coronavirus crisis to date. The blue-chip index added 229 points, or 3.5%, on Wednesday to close at 6,841. When points are converted to pounds, it meant almost £61bn was added to its collective

Jeremy Darroch is to step down as chief executive of Sky, the parent company of Sky News, after 13 years. Mr Darroch, 58, is one of the UK’s longest-serving chief executives. His successor will be Dana Strong, currently president of consumer services at Comcast Cable, the largest broadband and pay TV provider in the United

The latest addition to Britain’s array of 24-hour news channels is to begin recruiting more than 100 journalists after completing a £60m fundraising that it claims was significantly oversubscribed. GB News, which aims to launch later this year, said on Wednesday that Sir Paul Marshall, a prominent hedge fund manager, and Legatum, a Dubai-based investment

Businesses in the retail, hospitality and leisure sectors will receive up to £9,000 in one-off grants to help them through England’s new coronavirus restrictions, the chancellor has said. The grants were part of a package of measures announced by Rishi Sunak totalling £4.6bn to help struggling firms after the latest measures came into force. Advertisement

The FTSE 100 has rallied sharply on the first day of trading this year as hopes over the impact of vaccine roll-outs trumped fears over more lockdowns. London’s leading share index was up by as much as 3% or more than 200 points, pulled higher by commodity giants such as Fresnillo and Glencore which tend