Business

Rishi Sunak has said Jeremy Hunt will still be chancellor at the next election after criticism his number two did not have enough economic vision. The prime minister, for the first time, confirmed to Sky News that Mr Hunt will remain chancellor when the next general election comes around in January 2025. “Of course,” Mr

HSBC has bought the embattled UK arm of Silicon Valley Bank (SVB UK), securing the deposits of more than 3,000 customers worth £6.7bn. Confirming a story broken on Monday by Sky’s City editor Mark Kleinman, the Bank of England, which had been preparing to bring the bank into an insolvency process, said all depositors’ money

HSBC Holdings has emerged as a potential ‘white knight’ bidder for Silicon Valley Bank (SVB) UK as the government and regulators seek to avert the lender’s insolvency. Sky News has learnt that HSBC was on Sunday night exploring a bid for the British arm of the stricken technology-focused lender, joining a slew of smaller rivals

British tech firms face a “serious risk” over the collapse of the UK arm of Silicon Valley Bank, the chancellor has warned, but said the government was “working at pace” to limit the damage. Speaking to Sky News’ Sophy Ridge On Sunday programme, Jeremy Hunt said the government and the Bank of England were “absolutely

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

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

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 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

The Rail, Maritime and Transport Workers’ union (RMT) is putting a “new and improved” pay offer from Network Rail to a members 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. Union members

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. 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