No name has been decided for the new UK firm.

Several other UK firms have also admitted security failings.

Yesterday a UK firm launched a bank account that works via text message.

We started thinking about setting up a partnership with a UK firm about five years ago.

Russia is changing and growing and UK firms are keen to help.

But UK firms will have to be quick off the mark to benefit.

We must make it illegal to switch production of UK firms overseas.

In the mid-1990s however, both UK firms changed their names to match those of their respective international organizations.

And it took the UK firm 18 months to extricate itself from the contract.

The UK firm reported a 17% increase in revenue from £309m to £362m.