The England and Wales Cricket Board (ECB) has received a £400m private equity approach that would see it relinquish majority ownership of The Hundred while raising funds to inject into the sport’s cash-strapped counties. Sky News has learnt that the governing body has in recent weeks been handed an offer from Bridgepoint Group, the London-listed
An extra £118m, at least, will be spent this year on temporary accommodation, such as hotels and B&Bs, by councils, a Sky News investigation has found. If trends continue, local authorities in England will spend nearly a quarter more (24%) this financial year than pre-COVID-19. Outside London, expenditure is on track to increase by 55%.
The gas and electricity watchdog has announced a series of new rules for energy companies, including requiring firms to hold more capital, similar to the regulations placed on the banks in the wake of the financial crisis. Ofgem has proposed the regulations to protect customers and make firms more resilient after a number of electricity
UK car production has returned to growth, although it is still well below pre-pandemic levels, the Society of Motor Manufacturers and Traders says. Some 69,524 cars were built in October, up 7.4% on the same month a year ago. September had seen a fall in numbers, after four consecutive months of growth, illustrating how supply
A pound could buy $1.21 on Thursday morning, the highest amount since mid-August, making imports cheaper for UK companies and consumers. The 20 cents rise in sterling buying power from an all-time low in the days following the September mini-budget and the associated market upset, is due to dollar weakness rather than pound strength. The
The amount energy companies can charge for electricity and gas will rise from January but households will be protected from the increase. Ofgem, the energy regulator which limits the amount suppliers can charge for each unit of electricity and gas, increased its cap for the first three months of next year to 67 pence per
Pay growth has only kept up with inflation in one industry, official figures show. According to data from the Office of National Statistics (ONS), regular wages – wages excluding bonuses – have only risen as fast as prices in the professional and scientific industry. Jobs in the sector include legal services, management, engineering and scientific
Manchester United’s American owners have confirmed they could sell the club as they explore “strategic alternatives” to boost its sporting and commercial success. It comes after Sky’s City editor Mark Kleinman exclusively revealed the Glazer family were preparing to announce the news and were already being advised by bankers. Fans of Manchester United have long
A fresh round of rail strikes in the run-up to Christmas and in the New Year have been announced. Workers are to stage a series of 48-hour strikes in December and January in the long-running dispute over pay, jobs and conditions, the Rail, Maritime and Transport Workers (RMT) union said. Over 40,000 members across Network
Shell will review £25bn of investments in British projects after the chancellor extended the windfall tax on energy companies, its UK chairman has told Sky News. David Bunch said the oil giant would re-examine each of its projects on a “case-by-case basis” after Jeremy Hunt increased the levy on “excess” oil and gas profits from
Supermarkets are “taking advantage” of drivers with rip-off fuel prices, according to a motoring group, which is demanding a 5p a litre cut for both petrol and diesel. The RAC said prices were “far higher” than they should be and fail to reflect a plunge in wholesale costs. It issued the accusation as hopes for
Immigration should be used to solve worker shortages in the UK and the government must be “practical” on the issue, the head of the CBI is expected to say. Tony Danker, director general of the Confederation of British Industry, will urge politicians to allow migrant workers to take up hard-to-fill jobs. Speaking later at the
A venture capital fund backed by the advertising mogul Sir Martin Sorrell will this week unveil its first public investment in a US digital asset management platform. Sky News understands that S4S Ventures, which was set up this year by Sir Martin and Stanhope Capital Group, are jointly leading a $10m Series B fundraising by
Climate change activists have occupied Gordon Ramsay’s three-star Michelin restaurant in London. Members of Animal Rebellion entered Restaurant Gordon Ramsay on Hospital Road, Chelsea, at around 6pm on Saturday. Wearing smart casual clothing, they sat at tables reserved for guests of the high-end restaurant. They held mock menus outlining the environmental costs of items served
A multimillion-pound payout to Jacob Rees-Mogg, the former business secretary, is in jeopardy amid faltering talks about a sale of the asset management business he cofounded. Sky News has learnt that negotiations between Somerset Capital Management, in which Mr Rees-Mogg is a substantial shareholder, and prospective buyer Emso Asset Management have stalled in recent weeks.
Elon Musk has posted a poll on Twitter asking users to vote on whether former US President Donald Trump, who was banned from the social media site by its previous owners, should be reinstated. The Twitter boss accompanied it with the words: “Vox Populi, Vox Dei” – a Latin phrase meaning “the voice of the
Brexit, slashing investment and Liz Truss’s mini-budget are among the “own goals” that have led to the UK’s dire financial straits, according to a top economist. Paul Johnson, the director of the Institute for Fiscal Studies (IFS), has been speaking about what left the UK in a position where yesterday’s autumn statement – that will
Twitter employees have been told that all office buildings have been temporarily closed – with more staff thought to be leaving the social media firm. The managing editor of the tech site Platformer, Zoe Schiffer, tweeted that employees were not given details as to why the offices had been temporarily closed until Monday 21 November.
Why energy shares didn’t suffer in response to windfall tax expansion Ian King Business presenter @iankingsky During recent days there have been suggestions in the stock market that investors were being too pessimistic about the windfall taxes likely to be lumped on electricity generators. Happily, for shareholders of those companies, that has proved to be
A Chinese-owned tech company has been told to sell the majority of its stake in a UK silicon chip factory due to security concerns. The government has said Nexperia must reduce its stake in Newport Wafer Fab by 86%, back to its previous holding of just 14% when it took over the firm in 2021,