Rolling coverage of the latest economic and financial news, as TSB is penalised for operational failings over botched move to new IT platform in 2018TSB has confirmed it has reached agreement with the FCA and the PRS over its 2018 Migration Programme, and apologised to customers who were caught up in the mess.TSB’s chief executive officer, Robin Bulloch, says the bank has made changes since:“We’d like to apologise again to TSB customers who were impacted by issues following the technology migration in 2018. We worked hard to put things right for customers then and have since transformed...

The UK tech sector will end the year as Europe’s leading ecosystem, retaining its position as the main challenger to the US and ChinaRead more: UK tech sector retains third in the world as sector resilience brings continued growth 

Octopus Energy completes acquisition of collapsed supplier Bulb, but legal challenges remain.

Elon Musk is to resign as Twitter’s chief executive after the platform’s users voted for him to step down.Read more: Elon Musk announces he will step down as Twitter chief executive when replacement found

Government borrowing hit the highest level for a November since records began in 1993.

People who quit the capital during Covid in favour of a quieter life in the country are searching for houses in London at the highest rate since the pandemic began.Read more: Buyers look to return to London as Rightmove crown capital most searched for 2022 location

There are serious questions over the future viability of Making Tax Digital (‘MTD’) following yesterday’s announcement that it is to be delayed by two years to April 2026. Read more: Will HMRC ever be able to deliver Making Tax Digital plans

London Heathrow is expecting business travel to account for a higher share of its traffic in 2023, as the corporate market has been “showing signs of recovery” in recent months.Read more: Heathrow continues to see ‘signs of recovery’ for business travel

London City airport has submitted an application to be allowed to increase its passenger cap from the current 6.5 million to 9 million per year by 2031.Read more: London City submits application to raise passenger cap

Train drivers at 15 UK rail companies are set to hold another one-day strike in early January in their ongoing dispute over pay.Read more: UK train drivers set to hold another strike in January

The first week of the new year will be marked by rail strikes as drivers take action over pay.

AIB has invested €8.5 million in BNRG, an Irish-based developer and operator of solar energy projects globally.Read more: AIB invests €8.5 million in solar developer and operator BNRG

Planned hikes in alcohol duty have been put off until August, afterJeremy Hunt decided to extend the current freeze a further six months.Read more: Jeremy Hunt extends alcohol duty freeze until August

High street lender TSB has been slapped with a £48.65m by City watchdogs today for “widespread” failings during a 2018 IT update programme, which left millions of customers without access to banking services.Read more: TSB hit with £48.7m fine by watchdogs over 2018 IT fiasco

The government is extending the mortgage guarantee scheme, which helps buyers with small deposits get on the property ladder as higher borrowing costs threaten to put the brakes on the UK housing market in 2023.Read more: Government extends ‘generation buy’ mortgage guarantee

An exodus of more than half a million people from the British workforce since the Covid pandemic is putting the economy at risk of weaker growth and persistently higher inflation, a Lords report has warned.Read more: Exodus of more than half a million from workforce ‘puts UK economy at risk’

Designs for bank notes featuring an image of King Charles III have been revealed by the Bank of England, with plans to enter circulation by mid-2024.Read more: King Charles III bank note designs revealed by Bank of England

Manufacturing output is falling at its fastest pace since the start of the pandemic, a new survey of businesses has found.Read more: Manufacturing fall is fastest since pandemic, CBI survey shows

The bank is penalised for an IT meltdown in 2018 that left customers unable to access online accounts.

Business groups angry after a decision on extending energy support is put off until the new year.

Prices will be held at 180 euros per megawatt hour if they breach that level three days in a row.

The government has issued civil legal proceedings against a firm at the centre of a row over the supply of personal protective equipment (PPE) during the pandemic.Read more: Government starts legal proceedings against firm linked to Baroness Mone in PPE supply row

The £600 is intended to help with energy bills but people can use the cash payment as they see fit.

Around 1,200 members of the military and 1,000 civil servants are being sent in by the government to cover striking ambulance drivers and Border Force staff.Read more: Government sends in 1,200 troops to replace workers

Border Force strikes threaten misery for millions of passengers arriving at UK airports during the first restriction-free Christmas in three years.Read more: Airport strikes to wreak havoc