Business

A business lender founded by a prominent former Conservative Party donor is in talks to buy the British operations of Silicon Valley Bank, the US lender which collapsed last week. Sky News can exclusively reveal that Oaknorth Bank, which was valued at nearly $3bn in a funding round in 2021, is in detailed talks with

Dozens of early-stage tech companies in the UK have warned the chancellor of “an existential threat” to the sector following the failure of Silicon Valley Bank in the US. The Bank of England has said it is seeking a court order to place SVB UK into an insolvency procedure, after US regulators took over its

A new clearing bank which launched just two years ago is among the suitors this weekend weighing bids to salvage the British arm of Silicon Valley Bank (SVB). Sky News has learnt that The Bank of London (TBOL), which recently raised funds at a valuation of over $1bn, is considering making an offer for SVB

The UK arm of Grant Thornton, the accountancy and professional services provider, is drawing up plans to invest millions of pounds in its Indian sister firm. Sky News understands that the top ten auditor has asked its more than 200 UK partners to vote on the proposal later this month. One source said the deal

Hundreds of thousands of mortgage holders could face payment difficulties by the end of June next year, according to analysis by the Financial Conduct Authority. The regulator has said that, in addition to the households already behind on payments, 356,000 mortgage borrowers could face payment difficulties by the end of June 2024. People in this

Households are missing out on £23bn a year because banks are not passing higher interest rates to savers, a Sky News analysis shows. Although mortgage holders have been hit with higher borrowing costs, banks have been slower to pass on rate rises to savers. Politicians accused retail banks of taking advantage of rising interest rates

The economy rebounded to grow by 0.3% in January, according to official figures which reaffirmed that the UK avoided recession at the end of last year. The Office for National Statistics (ONS) reported a recovery for output last month after the bigger than expected contraction of 0.5% witnessed in December, which went unrevised in the

The Rail, Maritime and Transport Workers’ union (RMT) has said planned strike dates on 14 train operators will go ahead, but they insist they are open to discussions with bosses. The union said the Rail Delivery Group (RDG), representing 14 train operators, invited them to discussions to settle its ongoing dispute, but on the condition

The Rail, Maritime and Transport Workers’ union (RMT) is putting a “new and improved” pay offer from Network Rail to its members for a vote. Following the new offer, the union announced on Tuesday evening it was suspending strikes that were due to take place from 2am on 16 March until 1.59am on 17 March.

The Rail, Maritime and Transport Workers’ union has suspended all industrial action against Network Rail following a new pay offer. Strike action was due to take place from 2am on 16 March until 01.59am on 17 March. A ban on accepting overtime – which can be disruptive for maintenance works – had been due to

Britain’s power system operator has, for the first time ever, ordered two of five emergency coal-fired generators to produce electricity to help prevent the lights going out. National Grid ESO made the announcement hours after it activated contingency plans as a precaution over fears supplies may struggle to keep up with demand during the current

The director general of the Confederation of British Industry (CBI) Tony Danker has stepped aside from the role while the business lobby group investigates allegations relating to his workplace conduct. The body said he had requested to leave the role while a number of allegations were examined. Mr Danker responded to the claims in a

Grant Shapps is facing fresh calls to overhaul the energy regulator’s powers amid growing fears for hospitality businesses’ ability to withstand soaring power costs. Sky News has seen a letter from Kate Nicholls, chief executive of UK Hospitality, to the energy secretary in which she demands that Ofgem be allowed to tackle suppliers’ handling of

Hundreds of thousands of the UK’s smallest businesses risk going under this year as costs keep rising, a report has revealed. The owners of nearly one in eight microbusinesses, defined as employing fewer than 10 people, fear they will have to fold, equating to 630,000 businesses. Catherine Sweet sells art for a living – both

Gousto, the food delivery service backed by Joe Wicks, the celebrity fitness instructor, has become embroiled in a bitter corporate governance row after excluding long-standing investors from a deeply discounted share sale. Sky News can exclusively reveal that Gousto slashed its valuation from $1.7bn (£1.4bn) just over a year ago to less than $300m (£250m)

An arm of the Wall Street behemoth Goldman Sachs is among the suitors hoping to take a mouthful of Subway, the global sandwich chain which has been put up for sale with an estimated $10bn price tag. Sky News has learnt that Goldman Sachs Asset Management (GSAM) is one of at least a handful of

A London-listed company with a valuation of close to £1bn is preparing to list its shares in the US amid an intensifying debate about the waning attractiveness of the City to public companies. Sky News has learnt that WANdisco, a ‘big data’ business, has hired bankers from Evercore Partners to prepare for a listing in

Support for energy bills from the government is expected to continue for three months from April, protecting consumers from an average increase of £500. Sky News understands the chancellor will cancel a reduction in support that would have seen typical annual bills rise from £2,500 to £3,000. In recent days, the government has asked energy

A major Cambridge-based microchip designer has decided not to list on the London Stock Exchange, despite lobbying from three UK prime ministers. Arm, the Japanese-owned and Cambridge-headquartered company, announced on Thursday night it would list on the New York Stock Exchange, snubbing the City of London. Its owner, the giant Japanese technology investor SoftBank, spent

FTSE 100 building materials firm CRH has recommended moving its primary stock market listing to New York, exacerbating worries about the London market’s standing as a global financial centre. The Ireland-based company confirmed its plans to investors on Thursday morning as it revealed full-year results that showed a 12% rise in sales to $32.7bn (£27.4bn).

WH Smith has said it has been the target of a cyber attack that has seen hackers access company data. The high street retailer added hackers have also been able to access current and former employee information. It said the hack has not impacted its trading activities and stressed its website, customer accounts and customer

Interest rates may rise less than previously thought with the governor of the Bank of England signalling there is no urgent need for hikes. The central bank has been consistently raising interest rates – making borrowing more expensive – in an effort to bring double-digit inflation down to the Bank’s 2% target. Further increases had

Brexit and bad planning – along with weather – are to blame for the fruit and vegetable shortage affecting the UK’s supermarkets, Spain’s agriculture minister has said. Major chains Tesco, Aldi, Lidl, Morrisons and Asda have imposed limits on the number of certain items customers can buy. Fruits and vegetables increasingly sourced from Morocco and

A further 2,000 pubs are at risk of closure, threatening 25,000 jobs, unless the chancellor comes to the sector’s aid in this month’s budget, according to an industry body. The British Beer and Pub Association (BBPA) cited research by Oxford Economics which forecast 288 million fewer pints would be sold in the next financial year

UK grocery inflation continued to climb during February to reach a new record high of 17.1%, according to closely-watched industry data. Kantar Worldpanel reported that the increase over the past 12 months meant that families faced a potential £811 annual rise in the cost of their regular shopping basket. It had been hoped that a

The government is set for a fiscal windfall of tens of billions of pounds thanks to stronger growth and lower energy prices, making the argument not to contribute to higher public sector pay all the more difficult to maintain, according to the Institute for Fiscal Studies (IFS). In an analysis released ahead of the 15

The energy regulator has reduced the cap on the amount energy companies can charge customers but bills are still expected to increase. Ofgem has today announced the cap on the amount typical households pay on electricity and gas bills will drop to £3,280 from 1 April. It’s a decrease from the previous cap of £4,279

The electric vehicles arm of Octopus Energy’s parent company is seeking a £100m funding boost to accelerate its growth amid soaring production of greener cars. Sky News has learnt that Octopus Electric Vehicles (OEV) is working with bankers on plans to raise new funding from external investors during the coming months. OEV is part of

Citymapper, the urban transport app which ranks among Britain’s most prominent consumer technology companies, is in talks to be bought by a multibillion dollar New York-based rival. Sky News has learnt that Citymapper, which launched in 2010, is in advanced discussions about a takeover by Via Transportation. City sources said a deal could be struck

Members of the Transport Salaried Staffs Association (TSSA) have voted to accept offers by train companies in the long-running dispute over pay, job security and conditions, the union has announced. “Given this result, TSSA will notify employers that the ballot for Industrial Action has also been withdrawn,” the union said in a statement. “Accepting the

As Ukrainians mark a year since Russia’s invasion, Ian is joined by Ukraine’s deputy economy minister, and the chief executive of the Ukrainian steelmaker Metinvest – owners of the Azovstal steel mill in Mariupol, which was besieged by Russian soldiers last May. He also speaks to the chief executive at Allbright and the chair of

A financial services giant backed by an Abu Dhabi state investment fund is the latest suitor to emerge as a contender to swoop on parts of the stricken London-listed company MJ Hudson. Sky News has learnt that Apex Group, which is based in Bermuda and has around 12,000 employees, plans to table an offer next

The UK’s biggest retailers will next week warn Rishi Sunak that the government’s waste strategy risks forcing prices up for consumers even as continued inflationary pressures exacerbate the cost-of-living crisis. Sky News has obtained the draft of a letter from the British Retail Consortium (BRC) – expected to be sent to the prime minister next