Business

Councils in England have warned spending on temporary accommodation is threatening to “overwhelm” their budgets. A total of 96% of District Councils Network (DCN) members reported an increase in the use of temporary accommodation, with four-fifths (80%) saying the rise is “significant” and causing budgetary strain. A DCN letter to Chancellor Jeremy Hunt – seen

Company insolvencies across England and Wales were up 10% in the last quarter compared to the same period last year, according to official figures as a separate report warns of a leap in financial distress. The Insolvency Service reported 6,208 registered company insolvencies between July and September. That was 2% down on the previous three

Lenders approved the lowest number of mortgages since January last month, according to figures from the Bank of England. Just 43,328 home loans for house purchases were signed off in September – a third consecutive monthly decline – while net approvals for remortgaging fell to 20,600. That was the lowest total since January 1999. The

Around 680 staff have been made redundant at window and door manufacturer and seller Safestyle. The business had gone into administration and the GMB union had expected up to 600 job losses. But on Monday, administrators Interpath Advisory were appointed and said the number was around 680 workers. Staff were unexpectedly texted to “down tools”

Europe’s biggest bank has credited rising interest rates for a 240% lift to its latest quarterly profits but expressed worries about the UK’s economic outlook. HSBC, which is London based and listed but largely Asia-focused, said that pre-tax profits for its July to September third quarter came in at $7.7bn (£6.4bn). Higher interest rates, on

Former crypto tycoon Sam Bankman-Fried has admitted he made “mistakes” in how he ran his collapsed FTX exchange – but told a court he did not steal from its customers. The 31-year-old also acknowledged a “lot of people got hurt” when the company went bankrupt as he testified in open court in his fraud case

The private equity investor that owns Footasylum is in pole position to buy The Body Shop, the ethical cosmetics chain founded by Dame Anita Roddick and her husband Gordon nearly 50 years ago. Sky News has learnt that Aurelius Group is in exclusive negotiations to buy the British-based chain, which was put up for sale

A backbench Conservative MP is demanding a government probe into the Barclay family’s use of Middle East-based financing to regain control of The Daily Telegraph. Sky News has learnt that Danny Kruger, the MP for Devizes, urged the culture secretary Lucy Frazer to issue a Public Interest Intervention Notice (PIIN) into the funding behind the

ASOS, the London-listed online fashion retailer, is exploring a sale of the TopShop brand it bought from the wreckage of Sir Philip Green’s collapsed retail empire less than three years ago. Sky News has learnt that ASOS, which will publish its delayed full-year results next week, is at the early stages of a process that

An independent review into the closure of Nigel Farage’s Coutts account and the discussion of his banking with a journalist by the head of the bank has found “a number of shortcomings” in the closure process. But law firm Travers Smith, which was commissioned by the board of NatWest to conduct the review, said the

The independent review into the closure of Nigel Farage’s Coutts account and the discussion of his banking with a journalist by the head of the bank has found “a number of shortcomings” in the closure process. But law firm Travers Smith, who were commissioned by the board of NatWest to conduct the review, said the

Monzo is in talks about a £300m-plus fundraising that would underpin its status as the most highly valued digital bank in Britain. Sky News has learnt that Monzo, which was founded in 2015 and now boasts 8.5m customers, is in detailed talks with a pack of blue-chip investment funds about a share sale expected to

UK carmakers have recorded their best September since 2020 – but warned growth is “under threat” from new Brexit export rules due to come into force within months. More than 88,200 vehicles rolled off factory lines in September, an increase of over 25,100 – almost 40% – compared to the same time last year, figures

Pizza Express is considering a surprise move to gatecrash a takeover of The Restaurant Group (TRG), the London-listed company which owns Wagamama. Sky News has learnt that Pizza Express is at the preliminary stages of evaluating whether to make a rival offer for TRG, which this month agreed to be bought by Apollo Global Management

Both Microsoft and Google’s parent company, Alphabet, have both reported higher than expected revenue in their latest quarterly results. Microsoft recorded revenue in the three months to the end of September of $56.5bn (£46.4bn), a 13% rise on the same period last year and better than the $54.5bn (£44.8bn) predicted by analysts. It credited the