Business

Rachel Reeves is unlikely to raise the basic rates of income tax and national insurance in order to avoid breaking a promise to protect “working people” in the budget. It comes as Sky News has obtained an internal definition of “working people” used by the Treasury. Officials have been tasked with protecting the income of…

KitKats, Gaviscon, toothpaste, and even Freddo have all fallen victim to shrinkflation, consumer group Which? has found. As families struggle with the cost of a trip to the supermarket, a survey of shoppers revealed how many products are getting smaller – while others are being downgraded with cheaper ingredients. Among the examples are: • Aquafresh…

Airline Eastern Airways has suspended operations, according to the Civil Aviation Authority (CAA). The regional airline, which operated flights from six UK airports, has cancelled all its flights, and passengers who had booked with Eastern have been told not to travel to airports. A CAA statement read: “Eastern Airways, which operated regional services from airports…

The American investment giant KKR has made a surprise move to buy Costa Coffee, one of Britain’s biggest high street hospitality groups. Sky News has learnt that KKR is among a small number of parties in talks with The Coca-Cola Company and its advisers at Lazard, the investment bank, about a deal. KKR’s involvement in…

UK car production fell by more than a quarter (27.1%) last month as a cyber attack at Jaguar Land Rover halted manufacturing at the plant, industry figures show. The total number of vehicles coming off assembly lines – including cars and vans – fell an even sharper 35.9%, according to September data from the Society…

A lobbying group representing UK start-ups will this week warn Rachel Reeves against a tax raid on limited liability partnerships (LLPs), arguing that it would hit the backers of Britain’s most innovative companies. Sky News has seen a letter to be sent to the chancellor on Monday, in which the Startup Coalition will argue that…

The UK’s largest supermarkets are calling on the chancellor to exclude stores from a new business rates surtax, warning that shoppers will bear the brunt of higher prices. Tesco, Sainsbury’s, Marks & Spencer, Waitrose, Morrisons, Asda, Aldi and Lidl are among the stores that have signed a letter addressed to Rachel Reeves, arguing that easing…

The UK’s most popular supermarket is rolling out body cameras to thousands of its delivery drivers who feel at increased risk of attack due to the expansion of age verification checks. Tesco has said 5,000 of its workers who deliver shopping to customers’ homes will be provided with body-worn cameras by the end of the…

Administrators are on standby this weekend to handle the collapse of Petrofac, the oil and energy services group – an insolvency which could threaten the future of more than 2,000 jobs in Scotland. Sky News has learnt that directors of Petrofac have lined up Teneo for an administration process which could be confirmed as early…

Cutting the annual allowance for cash ISAs could backfire in multiple ways, an influential group of MPs has warned the government. For months, speculation has been growing that the chancellor may slash the yearly limit for tax-free savings – potentially from £20,000 to £10,000. The government is hoping to encourage savers to invest in stocks…