The European Central Bank (ECB) has maintained its fight against inflation and imposed a large set of interest rate hikes despite financial market turmoil. Bank balance sheets have suffered because of the effect of interest rate increases, which have contributed to recent crises at Silicon Valley Bank and Credit Suisse. But the central bank –
Business
Job losses are on the horizon at the John Lewis Partnership, which includes Waitrose and John Lewis shops, as the company posted an annual loss of £234m. No detail was given on the location or number of job cuts that will be made. “As we need to become more efficient and productive, that will have
The FTSE 100 and other major European stock markets have taken a beating as concern over the health of US banks crosses the Atlantic. London’s blue chip index lost £75bn in combined market value by the close after suffering its deepest fall, on a points basis, since the early days of the COVID crisis. Sentiment
The government has announced it will keep its cap on energy prices for a further three months as part of Jeremy Hunt’s first full budget. The Energy Price Guarantee (EPG) – which limits the unit cost of gas and electricity that people pay – had been expected to rise to £3,000 next month, meaning another
Tempting as it is to believe that the chaos with Silicon Valley Bank and its British arm are of interest only to members of the tech community and financial nerds, it has already had a very real bearing on all our lives. For evidence, look no further than the money markets, where investors bet on
A total of 220,000 working days were lost to strike action in January, figures from the Office for National Statistics (ONS) show. In the first month of this year, strike action was taken by teachers, rail workers, driving examiners, bus drivers and NHS staff. The number is down on the 822,000 days lost to strikes
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
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 future of a respected US lender has taken centre stage as banking and other financial stocks globally take a beating over concerns about their ability to handle the rising cost of money. Share trading in SVB Financial Group, parent of major startup-lender Silicon Valley Bank, was halted on Friday after a second consecutive day
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 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
Heathrow Airport says it is “considering its next steps” after the industry regulator ruled it must cut per passenger fees it charges airlines from next year. The Civil Aviation Authority (CAA) said Britain’s hub airport could charge an average maximum price per passenger of £27.49 over the 2022-2026 period. It marked a significant victory for
The Rail, Maritime and Transport Workers’ union has suspended all industrial action on 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 overtime – which can be disruptive for maintenance works – had been due to follow.
When Amish Patel followed his father into the pharmacy business, he hoped it would be a job for life. But with the cost of everything from medicines to energy rising, it has become increasingly difficult to pay the bills. “In 2020 my pharmacy made the first ever loss in its business profits, which for a
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