Three former Monzo employees have raised £2.8 million in a seed round led by LocalGlobe for Gradient Labs, an AI customer service startup and client of that supports companies in “complex and high-risk environments ”. 

Decision not to hike rates will give small firms a breathing space, as small firms look to Autumn Statement for measures to help.

In order to prevent fears of thousands of small businesses going under, the government caps electricity bills at 21.1p per KWh and gas bills at 7.5p per KWh - less than half the expected cost this winter.