UK 'Halves' EU Surcharge, Osborne Says

Britain will pay the European Union £850m of the £1.7bn surcharge it had demanded, Chancellor George Osborne has said. After meeting European finance ministers in Brussels he said the deal - which means the bill will be paid in two interest-free instalments...

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Royal Mail In Stand-Off Over MPs' Inquiry

By Mark Kleinman, City Editor Royal Mail has been secretly resisting pressure from MPs for it to appear alongside rival postal operators as part of a new probe into competition in the industry. Sky News has learnt that Royal Mail made representations...

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Petrol Price Cuts Demanded By Treasury

A failure by petrol firms and supermarkets to pass on the full benefit of falling oil prices to customers filling up at the pumps would be an "outrage", a Cabinet Minister has warned. Treasury Chief Secretary Danny Alexander has demanded guarantees...

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Banks' Fury Over FCA Foreign Exchange Fines

By Mark Kleinman, City Editor Some of the world's biggest banks are resisting details of plans being drawn up by the City regulator to fine them for failings in their foreign currency operations. Sky News has learned that a number of the six banks...

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Cable Concerns Over Tesco 'Supplier Squeeze'

By Mark Kleinman, City Editor Vince Cable has raised concerns about Tesco's treatment of its supplier base, intensifying the pressure on Britain's biggest retailer as it battles to contain the fallout from its £263m accounting scandal. Sky News has...

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Petrol Price Guarantees Demanded By Treasury

A failure by petrol firms and supermarkets to pass on the full benefit of falling oil prices to customers filling up at the pumps would be an "outrage", a Cabinet Minister will warn. Treasury Chief Secretary Danny Alexander is to demand guarantees...

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Banks Call Off Effort To Stall Industry Probe

By Mark Kleinman, City Editor Britain's biggest banks have abandoned efforts to head off a full-blown competition inquiry following a lukewarm response from regulators. Sky News understands that the Competition and Markets Authority (CMA) will announce...

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Holiday Pay Should Include Overtime

Overtime should be taken into account when holiday pay is calculated, the Employment Appeal Tribunal has ruled. The tribunal ruled on two cases against Hertel UK and BEAR Scotland, which related to the UK's interpretation of the Working Time Directive....

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Virgin Money Revives IPO After Carney Boost

By Mark Kleinman, City Editor Sir Richard Branson's banking arm is to revive plans to list on the stock market just days after receiving a boost from new Bank of England rules dictating the amount of capital that lenders must hold to protect them against...

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HSBC Prepares For UK Forex Fines Of £236m

Banking giant HSBC has set aside almost £250m as it prepares itself to be hit with fines over alleged foreign exchange manipulation. It said it has made a $378m (£236m) provision for potential penalties following an investigation by Britain's Financial...

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BBA: New Oversight Will Hurt Smaller Banks

By Mark Kleinman, City Editor Smaller lenders would be hit by new rules heralding the world's toughest oversight regime for senior bankers, according to the industry's main City-based lobbying groups. The warning is contained in a confidential paper...

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New Law Plan To Tackle Mobile Phone Blackspots

Mobile telephone users could soon be able to talk to their friends even when they enter a signal blackspot, if proposed new legislation goes ahead. Culture Secretary Sajid Javid wants to change the law to force networks to allow customers to switch...

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Energy Bills: UK Gas Prices Hit Record Low

UK wholesale gas prices have hit a record low, piling more pressure on energy firms to explain why household bills have not been slashed. The latest fall in raw costs - for November and December delivery - has resulted in a 23% fall over the year...

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BBA: New Oversight Will Hurt Smaller Banks

By Mark Kleinman, City Editor Smaller lenders would be hit by new rules heralding the world's toughest oversight regime for senior bankers, according to the industry's main City-based lobbying groups. The warning is contained in a confidential paper...

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