Business

Thousands of jobs are expected to be lost at Britain’s largest steelworks despite a £500m rescue package. The government will make the offer to assist Tata Steel employees who may face redundancy at its site in Port Talbot, as it moves from blast furnaces to greener steel production. Tata is expected to contribute £700m towards

The European Central Bank’s main interest rate has hit its highest level since the creation of the euro in 1999 amid the continuing battle against inflation. The Bank’s deposit rate was raised by 0.25 percentage points to 4% at the latest meeting of the governing council, which manages monetary policy for the 20 countries that

Shares in UK-based chip designer Arm Holdings have soared after the firm made its Nasdaq debut on Thursday. The firm’s stock opened at $56.1 (£45.2) per share – 10% above the initial public offering (IPO) price of $51 (£41). Arm, which is still 90.6% owned by Japan’s SoftBank Group, had earlier secured a valuation of

The John Lewis Partnership (JLP) has revealed its transformation plan will take two more years to complete than expected, while revealing a fall in losses over the first half of its financial year. The employee-owned company, in which staff are known as partners, said that a combination of higher costs due to inflation and a

The Range, the value retail chain, has struck a deal to buy the Wilko brand from its collapsed rival’s administrators. Sky News has learnt that The Range, founded and owned by Chris Dawson, has agreed to pay in the region of £5m for the Wilko name. The deal is expected to be announced later on

The UK economy contracted by 0.5% in July – with early official figures suggesting that strikes and the summer washout had an impact. The Office for National Statistics (ONS) said the decline – which was worse than many economists had expected – followed an unrevised 0.5% increase in gross domestic product (GDP) over the previous

A deal has been struck for the owners of Poundland to take over the leases of 71 Wilko stores. The Pepco Group will rebrand the branches under the Poundland name. It is unclear if Wilko staff at the outlets will be kept on or rehired, but administrators PwC said it was hoped the deal would

A boost in household spending power has been revealed as basic wage growth in July outstripped the rate of inflation for the first time in more than 18 months, according to official figures. The latest employment data from the Office for National Statistics (ONS) showed that wages, excluding the effects of bonuses, were up 7.8%

A further 9,100 Wilko employees will be made redundant by early October, administrators have said. PricewaterhouseCoopers (PwC) failed to reach a deal to save any significant part of the retailer after it went into administration. “It is anticipated that all stores will be closed by early October, resulting in the redundancies of a further 9,100

BMW is to build its next-generation electric Mini in Oxford after securing millions of pounds in taxpayer support from the government. The German-headquartered car giant is set to announce later on Monday details of its multi-million pound investment, which ministers say will secure around 4,000 jobs. It comes after Sky News revealed earlier this year

A British-based sleep technology business is being put up for sale by its London-listed owner in a deal that could fetch tens of millions of pounds. Sky News has learnt that Cambridge Sleep Sciences (CSS), which develops and licenses sound technology to help users get better sleep, is to gauge interest from prospective buyers. City

The owner of Cafe Rouge is in talks to buy Chiquito’s and Frankie and Benny’s, two of Britain’s best-known restaurant chains. Sky News has learnt that The Big Table, which is backed by the private equity firm Epiris, is negotiating the acquisition of the two brands from The Restaurant Group (TRG), the London-listed owner of

Insolvency firms face being formally regulated for the first time under reforms to be announced next week that will nevertheless fall short of a pledge to establish a new watchdog. Sky News has learnt that the Insolvency Service, which is part of the Department for Business and Trade, will unveil plans that will mean firms

The supermarket chain Wm Morrison is in talks about a £2bn deal to offload one of Britain’s biggest petrol forecourts empires. Sky News has learnt that the grocer has opened discussions with Motor Fuel Group (MFG) about a deal, with an agreement possible during the autumn. Both Morrisons and MFG are controlled by the private equity

The CBI, once Britain’s most influential business organisation, is facing an urgent cash crunch as it races to cut costs and seal a potential tie-up with a fellow lobbying group. Sky News has learnt that the CBI could be within weeks of running out of cash, spurring it to hold detailed talks about a tie-up

About 80% of mortgage holders and renters are now worried about rising housing costs, according to a poll. Which? said the figure was the highest in the 10-year history of its monthly Consumer Insight Tracker. It comes as rents continue to rise and mortgage payments remain high after the Bank of England hiked interest rates