Business

The collapse of the UK branch of Silicon Valley Bank (SVB) is being mitigated by the Treasury and Bank of England, according to the Treasury. US regulators shut down the country’s 16th largest bank, in the biggest collapse of a financial institution since the 2008 financial crisis. SVB had failed after depositors – mostly technology

Thames Water is facing crunch talks over its finances amid mounting concerns about its ability to service a debt mountain which stands at more than £14bn. Sky News has learnt that Thames Water, which is privately owned and employs about 7,000 people, has in the last few weeks hired Rothschild, the investment bank, and the

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

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 government has announced the construction of sections of HS2 will be delayed by two years to save money. The high-speed railway was initially set to link London and the West Midlands with a further phase extending to cities in the North. However, Transport Secretary Mark Harper said on Thursday: “We have seen significant inflationary

The biggest producer of oil and gas in the North Sea has reported that the government’s energy profits levy (EPL) has “all but wiped out our profit for the year”. Harbour Energy said it had “reduced our UK investment and staffing levels” and bolstered its aim to expand elsewhere as a result of the hit

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

BMW, the German car manufacturer, is applying the finishing touches to plans to invest hundreds of millions of pounds into its Oxford plant, securing future production of the iconic Mini in Britain. Sky News has learnt that BMW hopes to announce its decision later in the spring, with one industry insider saying on Wednesday that

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

The head of the manufacturing sector’s lobby group has demanded a “reset” in the UK’s relationship with the European Union, claiming international suppliers have increasingly turned their backs on the country. Stephen Phipson, chief executive of Make UK, told the organisation’s annual conference that political turmoil in the UK had exacerbated supply chain strains caused

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. They came to light after a previous allegation

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

Manchester United bidders are due to meet with the club in the next two weeks and gain access to accounts – enabling offers to end the ownership of the Glazers. Sky News understands the two declared bids are now progressing two weeks after the deadline to declare interest – from Qatari hopeful Sheikh Jassim bin

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

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

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

More than three in four mothers (76%) who pay for childcare say it no longer makes financial sense for them to work, a survey of thousands of parents has found. A new report by the charity Pregnant Then Screwed warns the ever-increasing costs of childcare are driving families into debt – or preventing them from

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