Ralph & Russo, the British couture fashion brand which has secured the backing of some of Britain’s wealthiest investors, has deferred salary payments to employees, raising doubts about the state of its finances. Sky News understands that Ralph & Russo informed some staff last month that it could not pay them after seeing sales slump
Business
The founder of Cazoo, the fledgling online car retailer, is weighing a merger with a ‘blank cheque’ company involving some of the best-known names in American finance and technology that could value it at as much as $8bn (£6bn). Sky News has learnt that Alex Chesterman, who set up Cazoo just two years ago, has
COVID test kits will be made available free of charge to small firms as well as larger companies, in a move aimed at giving employers and staff peace of mind. All businesses in England, including those with fewer than 50 employees, will be able to sign up to the government’s free COVID-19 workplace testing programme.
Mike Ashley’s Frasers Group has branded the chancellor’s new business rates holiday “near worthless” for larger firms and is an obstacle to it taking on old Debenhams shops. The Sports Direct and House of Fraser owner said the £2m limit on the amount of relief a company can claim means it will have to review
Boohoo is facing renewed pressure from MPs on workers’ rights – days after Sky News revealed the online fashion retailer was facing the possibility of a US import ban over the issue. The Environmental Audit Committee (EAC) has written to the group’s chairman Mahmud Kamani to request that a long-term bonus scheme announced last year,
The Scotch whisky industry has welcomed a deal between the UK and US governments that has seen damaging tariffs, imposed by the Trump administration in 2019, suspended for four months. The 25% tariff fell under a range of European products targeted as part of a historical row over government subsidies given to European aerospace firm
The chancellor has vowed to build a “fairer” country in the memory of those who have died during the coronavirus pandemic after he outlined his budget. In an unprecedented Downing Street news conference following his announcement in the Commons, Rishi Sunak acknowledged the victims and said financial support will continue long after COVID restrictions end.
Chancellor Rishi Sunak has set out an extra £65bn in COVID support for employees and businesses – but announced a freeze on income tax thresholds and a rise in corporation tax to help pay back the UK’s rising debts. In his budget speech, Mr Sunak set out a three-part plan to “protect jobs and livelihoods
Furlough will be extended until the end of September, the chancellor will announce, as he unveils more support for workers and the self-employed. Ahead of the budget, Rishi Sunak has revealed that millions of workers will continue to have 80% of their wages paid until the end of September. More than 600,000 additional people, including
What’s going to be in the budget? A lot of the big announcements have already been revealed, leaked, or guessed at. Here’s what to expect: HOUSINGA mortgage guarantee scheme will help home buyers purchase properties worth up to £600,000 with a deposit of just 5% with the government underwriting the other 95%.Rishi Sunak could also
The chancellor is expected to give £408m to help museums, theatres and galleries to reopen in England as coronavirus restrictions ease. Rishi Sunak will announce the support for the badly-hit culture sector in his Budget on Wednesday, as many theatres mark a year of forced closure this month. The Budget will also include a “significant
High street footfall picked up sharply last week, apparently spurred by the announcement of the roadmap out of lockdown as well as sunny weather. Figures from data company Springboard showed visits to retail destinations rose by 11% compared to the week before in what was described as “ever clearer evidence of lockdown fatigue“. Live COVID
The London-based private equity firm which owns NSO Group, a controversial spyware provider, has been hit by an internal bust-up between its partners that has cast doubt among investors about its future leadership. Sky News has learnt that Novalpina Capital, which was set up just four years ago, is embroiled in a dispute that will
Rail fares in England and Wales are going to rise above inflation for the first time in seven years – with the government accused of “pricing the railways out of existence”. Increases had been based on the Retail Price Index since January 2014, but this policy has been axed because of the “unprecedented taxpayer support”
A £5bn grant scheme to help pubs, restaurants and retailers hit hardest by lockdown restrictions is set to be unveiled by the chancellor in Wednesday’s budget. Rishi Sunak is also planning to support first-time buyers by incentivising lenders to accept deposits of just 5% for properties up to £600,000. The chancellor has warned hard decisions
Britain’s second-richest family is exploring plans to join a wave of “blank cheque” mergers in a move that could see another major UK electric vehicle manufacturer going public in the US. Sky News has learnt that Ashok Leyland, the Indian-listed group controlled by the Hindujas, is working with bankers on a potential merger of Switch