Business

The Treasury has revealed proposals to regulate cryptocurrency, following widespread calls for action after the spectacular collapse of one of the world’s largest trading exchanges. Promising a “robust” approach to digital assets consistent with traditional finance, the government says it wants exchanges to have fairer and tighter standards. Under the plans, crypto platforms would become

Corporate insolvencies have reached their highest level since the aftermath of the great financial crisis, official figures show. There were 22,109 insolvencies in 2022, the highest figure since 2009 and an increase of 57% from 2021, when 14,059 businesses went bust. Businesses are reeling from the end of the pandemic support packages, which provided a

Support for trade unions is rising even though strike action is bringing public services to a standstill , Sky News polling shows. Industrial relations are at their most fractious since the 1980s, with the country having lost more than a million working days to strikes last year. Despite this, sympathy for striking public sector workers

Ryanair reported record after-tax profits of €211m (£185m) in the Christmas season from October to December. The budget airline continued to perform better than its pre-COVID years as pent-up demand during October half-terms and Christmas and New Year breaks resulted in “strong” passenger numbers and fares across the board. Passenger numbers rose to 38.4 million

The first “blank cheque” company to list in London after an overhaul aimed at helping the City compete with rival financial centres is in talks to merge with a privately owned drugs group developing treatments for chronic diseases. Sky News has learnt that Hambro Perks Acquisition Company (HPAC) is in advanced negotiations about a deal,

After Flybe went into administration on Saturday, many travellers will be out of pocket having bought tickets, while others are stranded in their outbound destination. Flybe has told its passengers to “not travel to the airport” unless they have arranged alternative flights with another airline. What are passengers’ rights if your flight is cancelled? Flybe

Flybe has ceased trading and all its scheduled flights have been cancelled, with hundreds of jobs lost. The airline has gone into administration less than a year after returning to the skies following a previous collapse. Sky News understands that 277 of Flybe’s 321 staff have been made redundant. The remaining 44 have been retained.

Michael Gove, the levelling up secretary, is closing in on a multibillion pound deal with Britain’s biggest housebuilders to help resolve the national cladding crisis exposed by the 2017 Grenfell Tower disaster. Sky News has learnt that major companies including Barratt Developments and Persimmon are preparing for the imminent signing of a legally binding contract

Chancellor Jeremy Hunt has dismissed economic “gloom” in a major speech today as he promised to use “Brexit freedoms” to increase growth and productivity in the UK. Speaking at Bloomberg’s European headquarters in London, he attacked “declinism”, instead saying the country was “poised to play a leading role in Europe and across the world in

Asda’s owners have revealed a planned shake-up that places hundreds of jobs at risk and will see thousands moved to lower-paid roles. The UK’s third-largest grocery chain by market share said its changes were the result of an “efficiency” drive but they were met with stinging criticism by the GMB union. The company has proposed

Royal Mail’s parent firm has raised its estimate for the cost of industrial action so far to £200m and claimed that up to 12,500 union members have worked on strike days. International Distributions Services (IDS) said 18 days of walkouts at Royal Mail helped push the division to a £295m operating loss in the first

A London-based estate agent chaired by the former Sainsbury’s chief Justin King is on the brink of a deal to buy rival Marsh & Parsons. Sky News has learnt that Dexters, which is privately owned, has been in talks for weeks with LSL Property Services, Marsh & Parsons’ London-listed parent company. Sources said a deal

Microsoft is investigating an outage that left thousands of users around the world unable to access the website’s services, including Teams and Outlook. The company did not say how many were affected, but Downdetector.com, which tracks outages, recorded thousands of people reporting problems with Teams, Outlook, Microsoft 365 and XBox Live. It showed 4,992 incidents

Liverpool and Manchester United supporters will temporarily set aside their historical enmity this week by uniting to demand tougher ownership rules for English football clubs. Sky News understands that the Reds’ and Red Devils’ biggest fan representative groups will issue a rare joint statement to urge ministers to include a beefed-up test for club owners

Thousands of pensioners left facing an uncertain retirement by the collapse of Sir Philip Green’s high street empire are on the verge of a funding deal backed by one of Britain’s biggest insurers. Sky News has learnt that the trustees of the Arcadia Group pension scheme are close to striking a binding deal with Aviva

It’s hard to imagine the internet without Google. The tech giant has become so synonymous with searching the web that it has become a verb – we don’t look it up, we “Google it”. Google ended 2022 as it ends every year, as the most visited website in the world. Its estimated share of the

The government should introduce a “social tariff” guaranteeing cheaper energy to vulnerable users who cannot afford their basic needs, the chief executive of regulator Ofgem has said. Speaking as Ofgem launched an investigation into energy suppliers imposing prepayment meters on struggling households, Jonathan Brearley said the current high-cost energy market left some households simply unable

Some households with smart meters could be eligible for discounts if they cut their use of electricity between 5 and 6pm today. The National Grid ESO (electricity system operator) is, for the first time, activating the “demand flexibility service (DFS)” – which allows it to access additional flexibility when national demand is at its highest

The bank executive who helped to transform Virgin Money into one of Britain’s biggest high street lenders has landed a role at the helm of a British-based digital wealth manager. Sky News understands that Dame Jayne-Anne Gadhia will on Monday be unveiled as chair of Moneyfarm. Dame Jayne-Anne’s appointment will ignite speculation that Moneyfarm, which

Grant Shapps has launched a crackdown on energy suppliers, following reports some are not doing enough to support vulnerable customers amid the cost of living crisis. The Business and Energy Secretary has written a letter to energy suppliers, telling them to stop the practice of forced fitting prepayment meters as the answer to families struggling