The Bank of England, absent any meaningful further information, intends to apply to the Court to place Silicon Valley Bank UK Limited (‘SVBUK') into a Bank Insolvency Procedure. A Bank Insolvency Procedure would mean that eligible depositors are paid out by the FSCS as quickly as possible up to the protected limit of £85,000 or up to £170,000 for joint accounts.
London bus drivers working for transport company Abellio recently negotiated an 18% pay rise following industrial action organised by the trade union Unite. Such success shows the impact that collective bargaining can have on the pay negotiation process.
The Bank of England announced on Friday that Silicon Valley Bank UK is set to enter insolvency, following action taken by its parent company in the United States. The Bank of England confirmed in its announcement that Silicon Valley Bank has a limited presence in the UK and does not perform functions critical to the financial system.
The figures were revealed as the government plans new rules for the sector, allowing it to deliver more products including car finance. Figures from the Bank of England show that credit unions are lending record sums to UK customers, as the cost of borrowing continues to rise.
A joint Motion on the A9 was agreed by Members at The Highland Council meeting of 9 March. The amended joint motion (proposed by Cllr Lobban and seconded by Cllr Aitken) is as follows: The horrendous spate of accidents and resultant fatalities on the single carriageway sections of the A9 has brought misery to families from across the country and beyond our Council area.
Richard Murphy's blog makes important point about Mortgages. According to the FCA - the UK's Financial Conduct Authority - mortgage stress in the UK is growing.
Maps of the Council's gritting routes by priority and policy are available online at www.highland.gov.uk/gritting The information provided is a summary of reports from operational staff and is intended to give a general indication of typical conditions in each area at a point in time. It is not intended to imply that any individual route is entirely snow and ice free and drivers must be aware that conditions can change rapidly and make their own assessment of conditions for travelling.
Highland Council members welcomed an update on the successful Green Freeport bid by the Opportunity Cromarty Firth (OCF) consortium of which The Highland Council is a partner. The Inverness and Cromarty Firth Green Freeport, jointly announced by the Scottish Government and UK Prime Minister Rishi Sunak in January, will make a significant contribution towards meeting the local and national transition to net zero, create high quality, long-lasting employment in a green economy, regenerate and strengthen communities across the region and reverse demographic challenges.
Following the special budget meeting of The Highland Council - which took place last week, Thursday, 2 March – the Council has now written to a number of third-sector and charitable Early Years groups and organisations affected by the savings proposals agreed by members. The six groups and organisations impacted by the removal of grants have been provided with a six-month notice period (from 1 April 2023), meaning that funding will come to an end in September 2023.
The National Health Service (Charges for Drugs and Appliances) (Amendment) Regulations 2023 (‘the Amendment Regulations') have today been laid before Parliament to increase certain National Health Service charges in England from 1 April 2023. We have applied an inflation rate of 3.21%.
Partnership between UKAEA and the University of Sheffield is set to drive the development of fusion technology and the UK's future fusion industry. Research collaboration will tackle the fundamental engineering challenges around future fusion powerplants Collaboration will appoint two UK Chairs in fusion technology and materials at Sheffield and build on UKAEA's existing facilities to make the region a centre of excellence in fusion R&D Partnership will help make fusion energy commercially viable and develop a pipeline of talent for the UK’s fusion industry The United Kingdom Atomic Energy Authority (UKAEA) and the University of Sheffield have entered a partnership that is set to drive the development of fusion technology and the UK’s future fusion industry.
The Prime Minister will host a UK-African Investment Summit in London on 23 to 24 April 2024. Prime Minister will host African leaders in London for the second UK-African Investment Summit on 23-24 April 2024.
Explains that the light dues rate is increasing by 4 pence to 45 pence per net tonne for 2023 to 2024. My noble friend, the Parliamentary Under Secretary of State for Transport (Baroness Vere of Norbiton) has made the following ministerial statement.
The Youth Mobility and Working Holiday schemes have been expanded so more young people will be eligible to live and work in both countries for longer. Young Brits and New Zealanders will benefit from life-changing opportunities on the other side of the world thanks to the expansion of our shared visa schemes.
Crown Estate Scotland and The Crown Estate have begun the first round of formal engagement with developers on Carbon Capture Utilisation and Storage (CCUS). The two organisations have issued a joint survey to industry stakeholders to explore and understand market requirements for future seabed and subsurface carbon store development.
The United Kingdom and its allies have re-affirmed their joint commitment to enforce sanctions on Russia. Since Putin's invasion of Ukraine, the Russian Elites, Proxies and Oligarchs Taskforce (REPO) has worked across the globe to block or freeze more than £48 billion in Russian assets.
Reuters Europe's banks sucked into global rout as high rates reality hits home European bank shares tumbled on Friday in the wake of a dramatic sell-off in U.S. lenders as concern spread that the sector will be vulnerable to the rising cost of money.
Monthly real gross domestic product (GDP) is estimated to have grown by 0.3% in January 2023, after falling by 0.5% in December 2022. Looking at the broader picture, GDP was flat in the three months to January 2023.
Members of the EIS have voted overwhelmingly to accept the current pay offer proposed by local authority employers and the Scottish Government. In an online ballot that closed today, 90% of those voting opted to accept the pay offer.
Monthly construction output is estimated to have decreased 1.7% in volume terms in January 2023; this is the weakest monthly growth since June 2022 (negative 2.0%) and the lowest monthly value in level terms (£14,841 million) since February 2022 (£14,719 million). Anecdotal evidence continued the narrative around economic uncertainty leading to delays, cancellations, and less work being requested by customers; this has particularly contributed to an ongoing slowdown of work in the housing sector.
