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Evening Standard
Silicon Valley Bank creates UK subsidiary in boost for London’s tech sector
London’s status as Europe’s pre-eminent tech hub was given a boost today after one of the world’s biggest commercial banks for tech announced it was turning its UK operations into a full-scale subsidiary.California-based Silicon Valley Bank, which has over £180 billion in assets under management, said the move reflects the strong growth of the UK’s …
Business
Sky News
Fracking for shale gas ban lifted by government
The government has lifted a ban on fracking for shale gas in England, imposed in 2019 after a series of tremors, even though a review concluded that forecasting related earthquakes “remains a scientific challenge”.Business and energy secretary Jacob Rees-Mogg said strengthening the UK’s energy security is “an absolute priority” in light of “Putin’s illegal invasion …
Business
Sky News
Interest rate raised by half a point to 2.25%, the highest level since 2008
The interest rate has been raised to 2.25% – the highest level since the 2008 financial crisis. The Bank of England’s half a point hike followed a three-way split in the voting. Financial markets had widely expected the Bank to follow the US Federal Reserve last night with a 0.75 percentage points rise but economists …
Business
Sky News
Real living wage increased early so workers don’t have to choose between ‘heating or eating’
The voluntary real living wage has been raised earlier than usual to provide more financial support to hundreds of thousands of workers during the cost of living crisis.The Living Wage Foundation, which sets the hourly rates that employers can opt in to, said that they would go up by £1 to £10.90 across the UK …
Business
Sky News
US interest rates hiked again to tackle soaring inflation
The US central bank has imposed its fourth major interest rate rise in a row.The Federal Reserve, the central bank known as the Fed, has once again hiked rates by 0.75 percentage points in an effort to curb soaring inflation. The widely-expected rise will mean more expensive borrowing for the likes of mortgage holders and …
Business
Business Live
Holiday home demand and high oil prices see Rix revenues rise 42 per cent
Growing demand for holiday homes combined with the high oil price saw Hull family-owned business JR Rix & Sons Ltd increase turnover by 42 per cent last year. Group revenues increased by £129 million, to reach £525.4 million. Operating profit was also up, from £7 million to £11.2 million. Victory Leisure Homes, Rix’s holiday home …
Business
Business Live
Cornwall firm raises £1m for washing machine tech to combat ocean plastic
A Cornish business has raised almost £1m to develop a washing machine filter which could help tackle harmful levels of microplastic pollution in the world’s oceans. The Cleaner Seas Group (CSG) said it had designed a self-generated device, which can be fitted or built into every type of washing machine, and can stop up to …
Business
Evening Standard
Businesses welcome ‘short-term fix’ as Government slashes energy bills in half
Thousands of companies might avoid collapse this winter after the Government announced a new package of energy bill support, but business groups warned it is just a “short-term fix”.Ministers said the new scheme could roughly halve the price paid for wholesale gas and electricity by non-domestic customers, which include schools and charities.The Government will foot …
Business
Evening Standard
Link faces additional £50m fine from FCA over Woodford probe
Neil Woodford’s fund administrator is facing a potential £50 million additional fine, the UK financial regulator has confirmed.The Financial Conduct Authority (FCA) said on Wednesday that Australia’s Link Administration could face the penalty in addition to £306.1 million in redress payments over its management of a now shut-down fund.Link’s UK-based operation Link Fund Solutions (LFS) …
Business
Business Live
Former Anglesey Aluminium site sold to Stena Line
Port and ferry operator Stena Line UK has bought the former Anglesey Aluminium site as part of plans to expand the Port of Holyhead. A former “eco park”, Anglesey Aluminium was taken over in 2016 by Orthios after smelting came to an end in 2009. However, it collapsed in March this year with loss of …
Business
Evening Standard
JD Sports to pay ousted chairman £7m as it praises “incredible” success story
JD Sports today agreed a near £7 million pay-off deal with ousted executive chairman Peter Cowgill, who turned the sports shoe business from an also-ran into a FTSE 100 giant.He will get £3.5 million over two years for a non-compete clause that prevents him from working for JD’s competitors or poaching its staff.There is also …
Business
Business Live
Mark Stott-owned Stockport County eye Championship return with stadium expansion plans
Stockport County Football Club have unveiled plans to expand their historic Edgeley Park stadium as part of a bid to return to the Championship. The League Two club, who are owned by local businessman Mark Stott, are aiming to increase capacity to around 20,000 seats by constructing a new East (Railway) Stand and South (Together) …

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