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Evening Standard
‘We can’t make payroll’: scores of London tech firms in cash crisis amid Silicon Valley Bank collapse
The UK startup ecosystem is under immense strain today after the collapse of Silicon Valley Bank has prevented scores of startups from accessing the cash to pay staff.The Bank of England today announced the UK arm of Silicon Valley Bank was set to enter insolvency after the demise of its US parent yesterday afternoon.The Bank …
Business
Evening Standard
PM and Chancellor to meet BoE chief over Silicon Valley Bank UK collapse
Prime Minister Rishi Sunak and Chancellor Jeremy Hunt are due to hold talks with the Governor of the Bank of England in response to the collapse of Silicon Valley Bank UK.In a statement issued on Sunday morning, the Treasury said it is treating the issue “as a high priority”.“The Government is working at pace on …
Business
Evening Standard
John Lewis Partnership to unveil results with staff bonus at risk
John Lewis Partnership could slide to a loss for the past year in the face of rocketing costs at its Waitrose supermarket arm, according to industry analysts.It would mean staff at the high street stalwart would miss out on an annual bonus payout.The retail giant behind the department store chain and Waitrose is set to …
Business
Sky News
‘Serious risk’ to tech sectors from Silicon Valley Bank UK collapse, chancellor warns
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 determined” …
Business
Business Live
Renewable energy firm Engenera launched recruitment drive in North East and beyond
A Newcastle firm specialising in renewable energy systems has launched a recruitment drive to support demand. Engenera, which operates from Newburn Riverside, is hiring a number of executive and management roles and promises the creation of 20 jobs with the recent opening of a Glasgow office. The firm provides a range of renewables technologies including …
Business
Sky News
Households on prepayment meters will not pay more than those on direct debits, chancellor to promise
Households on prepayment meters will no longer pay more for their energy than those on direct debits, the chancellor is expected to announce this week.The “prepayment meter penalty” will end in July, saving more than four million households around £45 a year at a cost of £200m. It will be managed through changes to the …
Business
Sky News
Bank of London weighs rescue bid for UK arm of Silicon Valley Bank
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 UK. …
Business
Sky News
Thames Water braced for crunch talks over £14bn debt-pile
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 law …
Business
Evening Standard
Silicon Valley Bank UK says it will be put into insolvency this weekend
Silicon Valley Bank UK has said it will be put into insolvency from Sunday evening.The announcement came after Silicon Valley Bank (SVP) was put under US government control on Friday afternoon, the biggest failure of a US bank since the 2008 financial crisis.The Bank of England said it would apply to place SVPUK into a …
Business
Evening Standard
Silicon Valley Bank: Bank of England set to place UK arm into insolvency
The Bank of England aims to place Silicon Valley Bank UK into insolvency, hours after the bank’s US arm collapsed.The US arm of the bank collapsed on Friday, having been shut down by California regulators.However, the bank aimed to reassure UK customers that their funds were safe, noting that Silicon Valley Bank UK was a …
Business
Evening Standard
PM signals no tax cuts in Budget amid focus on ‘critical’ plan to cut inflation
Rishi Sunak has signalled that tax cuts will not be announced in the Budget as his administration focuses on cutting the “regressive tax” of inflation.The Prime Minister said the Government’s priority was reducing the rate of inflation and easing the cost-of-living crisis gripping Britain.Senior Conservatives have been pushing Chancellor Jeremy Hunt to use his Budget …
Business
Business Live
Carbon capture Budget pledge could put the fizz in Humber Net Zero industrial ambitions
A big boost to the Humber’s ambitions to lead the world in cleaning up heavy industry could emerge from Wednesday’s Budget. Carbon capture and storage is to net an “unprecedented investment” with a figure of £20 billion over 20 years touted. The Energy Estuary is home to two huge projects that could meet government targets …

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