Britain’s business leaders are pressing Chancellor of the Exchequer Rishi Sunak for emergency support in this month’s mini-budget to cope with a historic surge in energy prices following Russia’s invasion of Ukraine, Bloomberg News reported. Industry groups are calling for targeted help through a six-month extension of the state-backed recovery loan program or a business version of the energy relief granted to households last month.

Banks may continue to drift away from London if the European Central Bank intensifies its scrutiny of their presence in the bloc, the Bank of England’s deputy governor said, Bloomberg News reported. Jon Cunliffe said the ECB may require some business to move back to the European Union following its ongoing review of banks’ booking models and trading desks. He added that firms may respond by moving to the U.S. instead or elsewhere in the coming years.

High energy prices are forcing some manufacturers to halt production in a foretaste of what may become a more widespread shutdown that if the war in Ukraine leads to acute shortages of natural gas, Bloomberg News reported. A survey by Make UK, the manufacturing industry group, found that 17% of companies have had to “temporarily halt production of products that are energy intensive to fabricate” this year. Gas prices have risen 59-fold since May 2020, and oil prices are at a seven year high, making it increasingly costly for factories to maintain output.

Russia demanded the U.K. sell its stake in satellite startup OneWeb Ltd. and threatened to cancel a launch planned for Saturday if it didn’t, retaliating against Western sanctions following the invasion of Ukraine, Bloomberg News reported. Kremlin space agency Roscosmos made the ultimatum in a statement on its official Twitter page on Wednesday and blamed “the U.K.’s hostile stance toward Russia.” It also demanded guarantees that OneWeb’s satellites wouldn’t be used for military purposes and gave a deadline of 9:30 p.m. Moscow time March 4 for answers.

Britain's finance ministry set out plans on Tuesday to make the country's capital market more competitive by exploiting Brexit "freedoms" to cut unnecessary red tape in trading, Reuters reported. Britain left the European Union's orbit at the end of 2020, leaving the financial sector largely cut off from the bloc and swathes of euro stock and derivatives trading shifted from London to Amsterdam. The ministry said it would remove restrictions on how banks and brokers execute transactions to ensure that market participants can get the best outcomes for investors.

British retailers reported slower sales growth in February but said demand was better than normal for the time of year as the Omicron wave of coronavirus cases eased, according to a Confederation of British Industry survey published on Thursday, Reuters reported. The CBI's monthly retail sales balance halved to +14 in February from +28 in January, a bigger fall than economists' forecasts in a Reuters poll for a small decline to +25. However sales for the time of year improved sharply in February from January, with the balance rising to +16 from -23.

London Heathrow airport’s losses from two years of coronavirus disruption swelled to 3.8 billion pounds ($5.2 billion), leaving its finances hanging on a summer travel rebound and the go-ahead from regulators to raise prices, Bloomberg News reported. The U.K. hub had a loss of 1.8 billion pounds last year -- narrowing slightly from 2020 -- after passenger numbers slumped to the lowest since 1972, Heathrow said in an earnings statement on Wednesday.

The International Monetary Fund told the Bank of England on Wednesday to be clear about its plans to withdraw stimulus for Britain's economy, following criticism of the central bank's communications in recent months, Reuters reported. In an annual review, the IMF said high inflation and Brexit could hurt growth in Britain in the years ahead. While IMF directors backed the BoE's decision to raise interest rates in December and February and start winding down its 895 billion pounds ($1.22 trillion) quantitative easing programme, they had some communications advice for the BoE.

London’s transport authority could declare bankruptcy in a matter of days if the government fails to provide continued financial support, The Guardian reported. Transport for London (TfL) saw its income severely reduced during the Covid-19 pandemic because of the sudden lack of passengers traveling on the network. The government bolstered the public body, which relies on fare revenue to fund its operations, with a series of short-term funding deals. However, the latest ran out at midnight on Friday, and an extension is yet to be agreed.

High numbers of bosses are “cashing out” of their businesses by liquidating companies when they are still solvent, business recovery experts have said, the Daily Echo reported. Portland Leonard Curtis paid out more than £26million in 2021 through members’ voluntary liquidations (MVL) of 76 businesses, including local firms and national brands.