Business

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

Whoever wins the next general election will face extremely tough choices on taxation and spending. As the independent Institute of Fiscal Studies has pointed out, both Labour and the Conservatives have ruled out changes to the big four revenue-raisers, income tax, national insurance, VAT and corporation tax. And, while both parties have made relatively modest

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

The Conservative Party will on Wednesday unveil a letter signed by scores of small business-owners in a last-ditch bid to convince undecided voters that they can be trusted as the stewards of Britain’s economy. Sky News understands that the Tories are planning to publish a letter signed by between 100 and 150 SME bosses that

Hulme Grammar School in Oldham doesn’t feel like a bastion of privilege, but the children whose parents pay around £15,000 a year for them to attend are nevertheless among an elite minority. A selective fee-paying school, Hulme is one of around 2,500 independent schools that educate 7% of the school population, a minority that is

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

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

As the latest reduction in the energy price cap takes effect, households are being warned of a big lift in bills ahead due to higher wholesale gas prices. The cap, which limits what suppliers can charge per unit of energy, fell by 7% overnight in the wake of the latest three-month review by industry regulator

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

Nationwide, HSBC and Virgin Money customers have been affected by problems affecting their banking services. Nationwide said there was a “delay with some customers receiving their salary or pension payments today”. Meanwhile, HSBC and Virgin Money said it was aware of issues affecting its online and mobile banking – with the former saying it was

An expert on the Post Office Horizon IT systems has denied suggestions he was “protecting the monster” in evidence he gave to the trial of a sub-postmaster who was wrongly convicted while pregnant. Former senior Fujitsu engineer Gareth Jenkins told the Post Office Inquiry he did not hide glitches in the branch accounting system at