Closing statements are being presented to the Post Office Horizon IT inquiry and lawyers for key figures have submitted their final arguments. Ancient Post Office Boss Paula Vennells says in her own written statement posted online that she is “devastated” that information “was not shared with her” about the faulty Horizon IT system. It is … Read more
This is a crucial week for the water industry. Regulator Ofwat will make its “final determination” on Thursday on how bills will rise over the next five years. Before that, Britain’s largest company Thames water hopes to gain court approval for a £3bn bridging loan to avoid running out of cash in the spring. Together … Read more
UK-based partners at Grant Thornton, the accountancy firm, have voted to sell a majority stake to Cinven, the private equity firm. Sky News has learned that the GTUK partnership voted unanimously in favor of the deal, a decision which is expected to be announced internally as early as Monday. Support for this operation was widely … Read more
The private equity firm surrounding Boots the Chemist’s parent company is assembling funding from a syndicate of banks for a possible buyout deal worth more than $10 billion. Sky News has learned that Sycamore Partners is arranging debt financing for a deal to buy Walgreens Boots Alliance, with Bank of America, JP Morgan and Wells … Read more
Tube and train fares in London will increase by 4.6% from next March, the capital’s mayor announced. This increase corresponds to the increase in regulated rail fares for major rail lines in England. From March 2, Transport for London’s (TfL) daily caps will increase by 40 pence to 70 pence, depending on the areas traveled. … Read more
The economy remained in reverse gear in October, according to official figures covering the month before the government’s first budget. The Office for National Statistics (ONS) said output fell 0.1% following the 0.1% fall recorded the previous month. It was the first time since the COVID pandemic that the economy contracted for two consecutive months. … Read more
NatWest Group is to give its CEO a potential multi-million pound raise as it becomes fully privately owned again after almost 17 years in state hands. Sky News has learned that the chair of the bank’s remuneration committee, Lena Wilson, is consulting with major institutional shareholders over an overhaul of its board remuneration policy. Details … Read more
Royal Mail has been fined £10.5 million for missing postal delivery targets. Regulator Ofcom said 74.7% of first class mail and 92.7% of second class mail were delivered on time in 2023/24. The targets were 93% and 98.5%. It is the second time Ofcom has fined Royal Mail since the pandemic and it “needs to … Read more
The Prime Minister and Chancellor were in sync as they reacted to the GDP figures released on Friday morning. “Disappointing,” said the Prime Minister’s spokesperson, echoing Rachel Reeves» the words two hours earlier. THE The British economy has contracted for one second monthcontracting by 0.1% in October. Money Blog: Latest Updates Please use Chrome browser … Read more
Another leading technology company is being swallowed up in a transatlantic takeover that will underline the scale of the raid on some of Britain’s most promising companies. Sky News has learned that Demica, one of the UK’s largest supply chain finance providers, has agreed a deal with FIS, the New York-listed tech giant, valued at … Read more