Long-running talks between Royal Mail and the Communication Workers Union are on the brink of collapse, with the company’s board thought to have threatened to put the loss-making postal service – the regulated UK entity that delivers to every address in the country – into a form of administration if a deal cannot be agreed. […]
Retailers are becoming more optimistic about their near-term trading outlook after a “challenging winter”. For the first time since last September, a majority expect their sales to rise over the next month, according to the latest distributive trends survey from the CBI. Of the 135 companies polled by the business organisation, a net balance of […]
HSBC has become the first bank to agree to delay the closure of a last branch in town until alternative banking arrangements are in place. The bank’s move means a number of communities will now not spend months bankless while a new banking hub is opened – or a cash deposit service introduced. Last year, […]
The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector turmoil. It comes as markets brace for another week of volatility following panic over the health of Deutsche Bank. IMF managing director Kristalina Georgieva said uncertainty in the global economy remained […]
Energy giant Ovo has launched its first deal for customers cheaper than the government’s cap on household bills. The firm will offer a fixed 12-month tariff of £2,275 for existing customers, at a time when the government is limiting typical household bills to £2,500. It comes as falling wholesale gas prices start feeding through to […]
The Chief Executive of UK Export Finance (UKEF), Tim Reid, meets with the Albanian Prime Minster, Edi Rama and Finance Minister, Delina Ibrahimaj, to cement their £4bn ambition for a closer UK-Albania export relationship. This £4bn marks a doubling of the previously published market risk appetite for UKEF support for Albania and signals the huge […]
Ten construction firms have been fined a combined £60m by the competition regulator for “illegally colluding” to rig bids for lucrative contracts for projects including Bow Street magistrates court and Selfridges department store. The Competition and Markets Authority (CMA) found that the companies had acted as a cartel over 19 private and public sector contracts […]
Just 1% of the estimated £1.1bn lost from the government’s Covid business support programme in England as a result of fraud and error has been recovered so far, the public spending watchdog has said in a report urging ministers to learn lessons from the scheme. The “overwhelming majority” of fraud and error occurred during the […]
Accenture has announced plans to cut 19,000 jobs, about 2.5 per cent of its workforce, as corporate clients grow increasingly cautious about the strength of the global economy. The business, one of the world’s biggest consultancy groups, follows others in the sector in implementing sweeping layoffs after lowering its annual forecast of sales and profits. […]
Consumer confidence continued to rise this month despite growing concern about personal finances, a closely watched survey shows. It rose by two points to minus 36 on the monthly index by GfK, the market intelligence company. The biggest factor was a rise in the likelihood that people would buy big-ticket items such as furniture and […]