THE DAILY BRIEFING

■ TECH DEALS The amount of cash invested by Silicon Valley in British tech companies has more than doubled in a year.

Research by London & Partners found US venture capital funds based in California had ploughed £ 884.8m into UK start-ups so far this year, up from £342m in 2016.

■ BANK FAILURE Andrew Bailey, chief executive of the Financial Conduct Authority, is to face a grilling by MPs over its investigation into how Royal Bank of Scotland’s restructuring unit – GRG – treated small business customers.

■ MORE POWER Consumer champion Martin Lewis has warned that Britain’s ombudsman services are outdated and lack the powers they need to be effective. The founder of Money Saving Expert has conducted an all-party review which is due to be presented to Parliament this week.

■ SPAIN PAIN The constitutional crisis in Spain has caused almost 1,700 businesses to relocate out of crisis-hit Catalonia since the beginning of october, according to official figures.

■ BRANCHING OUT Young people are abandoning bank branches and using phones to manage their finances instead, according to Visa.

■ SALES DOWN Fashion chain Next is forecast to reveal a 5.3pc fall in third-quarter sales at its shops when it announces its results on wednesday. However, overall performance is expected to be cushioned by online arm Next Directory, where sales are predicted to have grown 10pc.