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UBS warns of economic slump risk over Scotland vote

Banking giant UBS has warned that anything other than a decisive No vote at the Scottish referendum risks an economic slump in the country.

A narrow victory for the No campaign and a retention of the Union could still lead to an economic downturn, as uncertain investors may be spooked by the possibility of another referendum in the near future, the bank said.

Savers with Scottish banks could 'scramble' to take their money out of the country. Credit: Tim Goode/EMPICS Entertainment

UBS economist Paul Donovan said the so-called "Quebec scenario", named after the economic dip the province suffered after narrowly rejecting independence from Canada in 1995, could threaten jobs and investment.

In the event of a Yes vote, Mr Donovan suggested that the UK monetary union may not last the transitional phase as savers with Scottish banks "scramble" to take their money out of the country.


Phones 4u founder hits out at 'ruthless' networks

The founder of mobile phone company Phones 4u has hit out at network operators for what he described as "ruthless behaviour".

John Caudwell, who sold the business in 2006, believes the company was driven into administration after networks began concentrating on selling directly to customers.

ITV News correspondent Lewis Vaughan Jones reports:


Phones 4u founder condemns 'collusion' by mobile networks

Phones 4u founder John Cauldwell Credit: Ian West/PA Wire

The founder of Phones 4u has claimed that Britain's big three mobile network operators made what appeared to be a "co-ordinated attempt to kill off" the retailer.

John Caudwell condemned the decision of O2, Vodafone and EE to cut ties with Phones 4u within the space of six months.

"What I find appalling is the way this has been done - the way the networks seemed to have worked in collusion," he told Sky News. "I'd love to be able to prove that point because if there was obvious proof of collusion, then that'd be extremely worrying."

Mr Caudwell added: "This network decision is extremely callous ... these things do happen but I've never seen such a ruthless, hard-hearted attempt to kill a company in my history in business."

He sold the retailer in 2006 to concentrate on philanthropic activities.

5,600 staff fear for jobs as Phones 4u closes doors

Thousands of Phones 4u workers fear they will lose their jobs after the retailer went into administration today.

The decision to appoint PwC to explore options for the business follows the decision by network operator EE - Phones 4u's last remaining partner - to hang up on its agreement.

ITV News' Lewis Vaughan Jones reports:

Doors to stay open at 44 Rileys Sports Bars venues

Darts is one of the sports played at Rileys venues Credit: Andrew Matthews/PA Archive

The majority of outlets owned by Rileys Sports Bars will continue trading despite the company going into administration today.

The doors at 44 venues will stay open, but those in Belle Vue, Cardiff, Coatbridge, Derby, Edinburgh, Exeter, Guildford, Hull, Luton, Plymouth, Rugby, Scunthorpe, Wigan and two in Peterborough have been closed.

Deloitte partner Rob Harding said: "The remaining sites continue to trade as normal and we appreciate the co-operation and support of the company's employees, landlords, customers and other key stakeholders."

Rileys has more than 500,000 members and a customer base of about three million people annually.

Phones 4u staff may get unpaid wages

Phones 4u went into administration today, putting 5,600 jobs in doubt. Credit: Philip Toscano/PA Wire

The administrators of Phones 4u said that they hoped to pay the outstanding wages of its retailer's 5,600 employees, but could only do so if they were able to access the necessary funds.

PwC partner Rob Hunt said that its 700 outlets would remain closed while talks were held with possible buyers of some or all of the business. "We will also be talking to network operators and suppliers, and trying to access funds to pay for the costs of the business, including wages," he said.

Phones 4u staff were told to go to work today for briefings with management but the stores did not open.

The collapse of the retailer followed EE's decision to join Vodafone in cutting ties with the retailer, which sells contracts on behalf of the network operators.

All mobile contracts bought through Phones 4u will not be affected and the networks will continue to provide mobile services to customers.

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