64 h. ago UK sales of new Tesla cars slump by more than a third amid Musk backlash

Electric carmaker sold 36% fewer cars year on year in May as it loses ground to China’s BYD and other rivalsBusiness live – latest updatesSales of new Tesla cars slumped by more than a third in the UK last month as the electric carmaker lost ground to China’s BYD and other rivals, amid a political backlash against Tesla’s billionaire boss, Elon Musk.Tesla sold 2,016 vehicles in the UK in May, down from 3,125 in May 2024 – a 36% drop, according to the monthly snapshot from the Society of Motor Manufacturers and Traders (SMMT). Continue reading...

Politics

64 h. ago Tesla drivers are ditching their cars and buying Polestars in record numbers

Polestar boss says his dealers are converting Tesla owners ‘at a fairly high rate’

Transport

65 h. ago ECB cuts interest rates to 2% in effort to bolster flagging eurozone growth

European Central Bank makes eighth quarter-point cut in a year as bloc reels from impact of Trump’s trade warsBusiness live – latest updatesThe European Central Bank has cut interest rates to 2% in an effort to boost flagging economic growth across the eurozone.The ECB, making its eighth quarter-point cut in a year, said the 20-member currency bloc needed a reduction in the cost of borrowing as it reeled from the damage caused by Donald Trump’s trade wars. Continue reading...

Politics

67 h. ago Eurozone interest rate cut expected; Tesla’s UK sales fall by a third – business live

Rolling coverage of the latest economic and financial newsStock exchange dealt another blow as £12bn fintech ditches main London listingUK trade secretary Jonathan Reynolds has also called for reforms of the WTO, including changes to the much criticised dispute resolutions system which can also take years to settle disputes between trading nations.Reynolds told the European Policy Centre security conference in Brussels:“We do recognise that reforming and repositioning the WTO so that it can respond more effectively to the challenges of today is the only way to safeguard long term stability and growth tomorrow.“Our eyes are fixed on greater flexibility in decision making, greater openness in the east of plurilaterals and building a fully functioning dispute settlement system,”“the trees that survive the storms aren’t the tallest. They’re the ones whose roots are intertwined with their lives.“Just in the past two days, during the OECD trade ministerial [summit] the message was clear a...

Economics

67 h. ago Tesla sales slump sees China's BYD overtake Elon Musk's electric car firm in Britain

Tesla registrations in the UK dropped 36% to 2,016 in May, compared to 3,152 a year ago, according to new figures

Economics

69 h. ago Eurozone interest rate cut expected; Tesla’s UK sales drop by a third – business live

Rolling coverage of the latest economic and financial newsThe UK car market has returned to growth, new data shows, but sales of Teslas have fallen by a third.Overall car registrations rose by 1.6% in May, to 150,070 units, according to the Society of Motor Manufacturers and Traders (SMMT). That’s the strongest May for new car sales since 2021, but 18% below pre-Covid levels. Continue reading...

Economics

2 d. ago Eurozone interest rate cut expected; fintech Wise delivers blow to London stock market – business live

Rolling coverage of the latest economic and financial newsMay was the busiest month for UK house sales since March 2022, new data from Rightmove this morning shows.Across Great Britain, the number of sales agreed is now 6% ahead of the same period last year, Rightmove reports. But London is lagging, with sales just 1% higher than a year ago. Continue reading...

Economics

1 week ago Michelle Mone's spectacular fall from celebrated bra baroness to most hated businesswoman

Baroness Mone of Mayfair has an inspiring rags to riches story, but the self-made millionaire was also the architect of her own demise which left her reputation in tatters and her empire in ruins

Politics

1 week ago Tesla sales plummet in Europe as Elon Musk backlash continues

Sales across Europe plunged by half last month even as growth in the electric car market increased

Politics

1 week ago IMF lifts UK growth forecast for 2025; markets welcome US delay to EU 50% tariffs – as it happened

Rolling coverage of the latest economic and financial news, as IMF releases latest healthcheck on UK economyRachel Reeves should ease fiscal rules to prevent emergency spending cuts, IMF saysEU hopes for quick deal to resolve US trade war after Trump delays 50% tariffsToyota to move some GR Corolla production to UK from JapanOuch! Germany’s economy is on track for its worst performance in post-war history, a new report shows.The German Chamber of Commerce and Industry (DIHK) predicted this morning that Europe’s largest economy will contract by 0.3% this year, Reuters reports. That would be the third annual contraction in a row, although not as bad as the 0.5% fall in GDP which the DIHK predicted back in February.“A mood of cautious relief is spreading after the long weekend, amid hopes for more fruitful trade negotiations between the United States and its global partners. There are no post bank holiday blues for the London market, with the Footsie in striking distance of the record ...

Economics

1 week ago IMF lifts UK growth forecast for 2025; markets welcome US delay to EU 50% tariffs – business live

Rolling coverage of the latest economic and financial news, as IMF releases latest healthcheck on UK economyRachel Reeves should ease fiscal rules to prevent emergency spending cuts, IMF saysEU hopes for quick deal to resolve US trade war after Trump delays 50% tariffsToyota to move some GR Corolla production to UK from JapanOuch! Germany’s economy is on track for its worst performance in post-war history, a new report shows.The German Chamber of Commerce and Industry (DIHK) predicted this morning that Europe’s largest economy will contract by 0.3% this year, Reuters reports. That would be the third annual contraction in a row, although not as bad as the 0.5% fall in GDP which the DIHK predicted back in February.“A mood of cautious relief is spreading after the long weekend, amid hopes for more fruitful trade negotiations between the United States and its global partners. There are no post bank holiday blues for the London market, with the Footsie in striking distance of the record ...

Economics

1 week ago UK retail confidence plummets as sales fall; markets welcome US delay to EU 50% tariffs – business live

Rolling coverage of the latest economic and financial newsEU hopes for quick deal to resolve US trade war after Trump delays 50% tariffsToyota to move some GR Corolla production to UK from JapanOuch! Germany’s economy is on track for its worst performance in post-war history, a new report shows.The German Chamber of Commerce and Industry (DIHK) predicted this morning that Europe’s largest economy will contract by 0.3% this year, Reuters reports. That would be the third annual contraction in a row, although not as bad as the 0.5% fall in GDP which the DIHK predicted back in February.“A mood of cautious relief is spreading after the long weekend, amid hopes for more fruitful trade negotiations between the United States and its global partners. There are no post bank holiday blues for the London market, with the Footsie in striking distance of the record high reached in February. More positive vibes are pulsing about the outlook for the global economy, with hopes that more scores can b...

Economics

1 week ago Tesla sales halve in Europe; markets welcome US delay to EU 50% tariffs – business live

Rolling coverage of the latest economic and financial newsEU hopes for quick deal to resolve US trade war after Trump delays 50% tariffsStocks have jumped in London as trading resumes after the Bank Holiday weekend.City investors are relieved that Donald Trump has delayed his threatened hike on EU tariffs to 50% until July, cooling trade war fears. Continue reading...

Economics

2 w. ago Trump reportedly to make drastic cuts to US National Security Council

Staff to be cut to dozens, with more authority expected to be handed to state and defense departmentsA large restructuring of the US National Security Council got under way on Friday as Donald Trump moved to reduce the size and scope of the once-powerful agency, five sources briefed on the matter said.Staff dealing with a variety of major geopolitical issues were sent termination notices on Friday, said the sources, who requested anonymity as they were not permitted to speak to the media. Continue reading...

Politics

2 w. ago Energy price cap: Here's how much household energy bills are set to fall from July

News of a fall in energy costs will come as a relief for households

Economics

2 w. ago Ofgem to confirm new energy price cap for UK households with bills falling 7 per cent

The energy price cap is expected to be cut by around £129 when the new limit comes into force in July

Economics

2 w. ago Voices: It’s all over for interest rate cuts – get your new mortgage deal now

The markets now expect only one more cut over the next year – and lenders are likely to react by raising their prices, writes James Moore

Economics

2 w. ago UK petrol prices poised to fall further as oil prices tumble

Global prices drop after reports that Opec+ is ready to raise output despite weaker demand for fossil fuelsGlobal oil prices have tumbled by more than $1 a barrel in a sign that pressure on households at the petrol pumps could ease further.The price of Brent crude fell to $63.86 a barrel on Thursday following reports that the Opec oil cartel and its allies may increase their production for July, despite weaker global demand for fossil fuels. Continue reading...

Politics

2 w. ago UK petrol prices poised to fall further as oil production may be ramped up

Global oil prices tumble after reports that Opec+ may increase output despite weaker demand for fossil fuelsGlobal oil prices have tumbled by more than $1 a barrel in a sign that pressure on hard-pressed households at the petrol pumps could ease further.The price of Brent crude fell to $63.86 a barrel on Thursday after reports that the Opec oil cartel and its allies may increase their production for July despite weaker global demand for fossil fuels. Continue reading...

Politics

2 w. ago UK petrol prices poised to fall further as oil production may be stepped up

Global oil prices tumble after reports that Opec+ is ready to raise output despite weaker demand for fossil fuelsGlobal oil prices have tumbled by more than $1 a barrel in a sign that pressure on households at the petrol pumps could ease further.The price of Brent crude fell to $63.86 a barrel on Thursday following reports that the Opec oil cartel and its allies may increase their production for July, despite weaker global demand for fossil fuels. Continue reading...

Politics