Business

A top executive at Morrisons is in talks to leave, days after it emerged that the Bradford-based grocer had been displaced as Britain’s fourth-biggest supermarket chain. Sky News has learnt that Trevor Strain, Morrisons’ chief operating officer and previously its finance chief, is close to finalising his departure. Mr Strain, who has frequently been touted

The voluntary real living wage has been raised earlier than usual to provide more financial support to hundreds of thousands of workers during the cost of living crisis. The Living Wage Foundation, which sets the hourly rates that employers can opt in to, said that they would go up by £1 to £10.90 across the

Andy Byford, the Transport for London (TfL) chief who helped steer the capital’s bus and Tube networks through the most financially precarious periods in their history, has resigned weeks after securing a new long-term funding deal. Sky News can reveal that Mr Byford’s departure as TfL commissioner will be announced on Thursday morning. His exit

Liz Truss has picked a former EDF Energy executive to spearhead Downing Street’s business engagement strategy as she seeks to position her administration on a pro-enterprise footing. Sky News has learnt that Michael Stott, who has also worked as a Conservative Party press officer, has been recruited by the new prime minister as the head

J Sainsbury, the supermarket chain, is in advanced talks to offload a portfolio of prime retail sites to a London-listed real estate investor for about £500m. Sky News has learnt that LXi REIT, which has a market value of about £2.5bn, is close to agreeing a deal to acquire the freeholds to nearly 20 Sainsbury’s

Around six million people on disability benefits will receive £150 from today to help them cope with rising living costs, but some say the money is not enough. Katy Styles is a full-time carer for her husband Mark, who suffers from a rare form of motor neurone disease and will be eligible for the one-off

Many supermarkets, cinemas and schools will be closed on Monday as a mark of respect on the day of the Queen’s funeral. It has been declared a bank holiday – meaning many businesses will shut their doors and many GP appointments have been postponed. A number of pub groups have said they will keep venues

The executive who has built Future into one of Britain’s biggest listed digital media companies is preparing to step down next year after nearly a decade in charge. Sky News has learnt that Zillah Byng-Thorne, Future’s chief executive since April 2014, has informed the company’s chairman that she plans to retire from the publisher of

Atom Bank’s finance chief since its launch nearly a decade ago is stepping down just months before a possible flotation of the digital-only lender. Sky News understands that David McCarthy is to leave the Durham-based bank after eight years as part of its leadership team. Shareholders in Atom Bank were notified about his departure in

The disappointing retail sales figures for August, published on Friday, have sent the pound spiralling to a fresh 37-year low. At one point, sterling was trading at $1.1348, a level not seen since March 1985. The pound has fallen by almost 16% against the US dollar during the last year. Against the euro meanwhile, the

Retail sales fell by much more than expected in August as the cost of living crisis dragged on demand for both essential and non-essential goods, prompting further pain for the pound. Figures from the Office for National Statistics (ONS) showed retail sales volumes shifting from shaky growth the previous month to a decline, of 1.6%,

When the Queen died, fortunes passed down the line of succession along with titles. Her death made her eldest son a hugely rich man as well as King, while his heir secured a guaranteed income of more than £20m a year along with the title Prince of Wales. The Royal Family is funded by a

The John Lewis Partnership says it is “forgoing profit” to help customers, partners and suppliers navigate the challenges of the cost of living crisis. The employee-owned company, comprising the eponymous department store chain and Waitrose supermarkets, reported a loss of £99m for the half-year to 30 July compared to a red figure of £29m a

Chancellor Kwasi Kwarteng is considering a plan to scrap caps on bankers’ bonuses as part of a post-Brexit bid to boost the City’s competitiveness and the UK economy, Sky News understands. He argues the cap, which was introduced under EU rules in 2014 following the 2008 financial crisis and subsequent eurozone debt crisis, would make

It may still be as near as you can get to double figures. It may yet be heading higher still. It may be squeezing households across the country, but squint a little bit and there’s some good news in Wednesday’s inflation data. For the first time in a long time, not only did the rate

The rate of inflation eased slightly to 9.9% in the 12 months to August, aided by a fall in fuel costs. The Office for National Statistics said that the fall in fuel prices was the main factor in the fall from the 10.1% CPI seen in July. The rise in food prices has been the

UK price rises slowed in August compared to July, but are still at the highest rates in more than 40 years. However, they are slow in comparison to some other parts of Europe. In the UK there are several inflationary issues to contend with – a weak pound, low unemployment, an increasingly cashless society and

Hundreds of businesses are urging the chancellor to offer details about the support they’ll receive with their energy bills. The letter to Kwasi Kwarteng was signed by 300 companies and written by Kate Nicholls, the CEO of UK Hospitality. She welcomed the support that would be given to households as part of Liz Truss’ policies

Unemployment has fallen to its lowest level since 1974, standing at 3.6% in the three months to July. The Office for National Statistics said the number of people in employment grew by just 40,000 in the May-July period, but this has not necessarily translated into higher wages. Regular pay, excluding bonuses grew by 5.2% over

Since the end of the pandemic and the reopening of economies around the world, labour markets have become tighter, in the jargon. In short, in developed economies such as Europe and the United States, there are fewer workers available. Much of this was put down to the so-called great resignation as workers decided, after the