Business

The UK has launched a multi-billion pound national wealth fund to power green invest and infrastructure development in an effort to grow the economy. So far £7.3bn in state funds has been allocated so investments can be made “immediately” in areas such as ports, manufacturing and renewable energy. The move is part of Labour’s plans

Crisis-hit Thames Water has warned its cash is at risk of running dry by the end May next year due to a lack of new investment, forcing it to prepare a plan for its lenders. The country’s biggest water company, which serves almost a quarter of the population, previously said it had £2.4bn of liquidity

The first big announcement of Gordon Brown’s chancellorship was, arguably, the single biggest decision and the single biggest moment of his entire time in office. In a wood-panelled room on Whitehall a few days after being elected, Mr Brown announced that he was making the Bank of England independent – to the shock of many

Chancellor Rachel Reeves has announced mandatory housing targets and an end to the onshore wind ban to get “Britain building again”. The UK’s first ever female chancellor said Labour will create a new taskforce “to accelerate stalled housing sites in our country”. She promised her government would build 1.5 million homes over the next five

The founder of Revolut is to cash in part of his multibillion dollar stake in the company as part of a $500m (£391m) share sale. Sky News has learnt that Nik Storonsky, who is the fintech giant’s chief executive, plans to offload stock worth tens or even hundreds of millions of dollars in the secondary

One of the advertising gurus who helped propel Margaret Thatcher to power is weighing the formation of a consortium to bid for The Daily Telegraph. Sky News has learnt that Lord Saatchi, the Conservative peer, has been discussing the option of launching an offer for the right-leaning newspapers ahead of a deadline later this month.

Having turned the political map red, Labour’s priority is steering the economy into the black. Sir Keir Starmer’s programme for government may be modest, but the means to deliver it are not. A new prime minister and, in Rachel Reeves, the first female chancellor, have a tough economic inheritance. Follow general election fallout live Stagnant

A housebuilder owned by the investment firm Elliott Advisors has tabled a secret takeover offer for Crest Nicholson, its London-listed rival. Sky News has learnt that Avant Homes, which is run by former Persimmon chief Jeff Fairburn, made an all-share proposal to the board of Crest last month. The bid, which City sources said had

Forget the UK general election. The poll that financial markets will be watching most closely over the next few days is the second round parliamentary ‘run-off’ in France this Sunday. The French poll is unpredictable, to say the least. The first round of voting last week raised the prospect of a hung parliament and prompted

Cineworld is drawing up plans to axe dozens of British cinemas as part of a radical restructuring that would also include extensive rent cuts. Sky News has learnt that the company, which until last year was listed on the London Stock Exchange, is considering closing about a quarter of its roughly-100 British multiplexes. Cineworld also

For the first time since the pandemic a million cars were sold in the first half of a year, according to industry data. But the numbers are still well below the 2019 pre-pandemic year sales and demand from individual private buyers has collapsed amid a cost of living crisis, figures from the Society of Motor

A former chair of the Post Office has told the Horizon IT scandal inquiry that in-house lawyers advised him against sharing a report he commissioned on the accounting system. Tim Parker, who held the role for almost seven years from October 2015, said he regretted taking the advice the findings of the review by Jonathan

Financial markets are giving their first reaction to the early evidence of a record-breaking win for Labour in the general election. A respected exit poll by Ipsos, carried out for broadcasters including Sky News, was the first to put an estimate on the size of the majority expected for Sir Keir Starmer’s party. The 170

Sanctions imposed against Russia over its invasion of Ukraine have failed to achieve any of their aims, the country’s ambassador has told Sky News. Andrey Kelin was speaking to Sky News as an investigation by Sky’s Ed Conway revealed glaring loopholes in the restrictions regime, which has allowed British companies – legally – to help

A planned strike at the Port Talbot steelworks has been suspended. The Unite union is suspending its industrial action, it said, after the news on Thursday that the Indian conglomerate owner, Tata, would close the site earlier than first announced in response. The closure date is now 7 July, the day before the previously planned

This is the story of how an obscure company based in an office block on a quiet street in Glasgow became an accessory in Vladimir Putin’s war on Ukraine. It is the story of how Europe and Russia remain locked in a tense relationship of economic dependence, even as they supposedly cut their ties. It

Average house prices are still unaffordable for the typical earner, the UK’s largest building society has said. Despite wages rising above the rate of inflation in recent months and house prices falling from the record high of summer 2022, “housing affordability is still stretched”, Nationwide said. Money latest: New Wotsits and Monster Munch flavours launch

The outgoing boss of Boots is leaving to run Veonet, one of Europe’s largest chains of ophthalmology clinics. Sky News has learnt that Sebastian James is to become the new group chief executive of Veonet, which is owned by the private equity firm PAI Partners and Canada’s Ontario Teachers Pension Plan. He will leave Boots

The chief executive of Boots, Britain’s biggest high street pharmacy chain, is quitting after its owner’s plans for a £5bn sale or stock market listing stalled. Sky News has learnt that Sebastian James, who has run Boots since 2018, will leave the company in November. City sources said this weekend that he had accepted a

Britain’s fourth-biggest household energy supplier is lining up bankers to explore options including bringing in a new investor or a sale, 15 years after it launched in a bid to challenge the industry’s oligopoly. Sky News has learnt that OVO Group, which was founded by Stephen Fitzpatrick, is close to hiring Rothschild to assist with