Car production surges by a third on EV demand as sixth month of growth signals recovery August 31, 2023 Car production in the UK surged in July, rising by nearly a third to mark its sixth consecutive month of growth and driven by a flood of electric vehicles (EV) entering the market. The latest figures from the Society of Motor Manufacturers and Traders (SMMT) showed 76,451 vehicles rolled off factory lines in the UK, [...]
New borrowing slows as Bank of England’s rate hikes take effect August 30, 2023 Consumer borrowing increased at a slower rate than expected last month as the Bank of England’s interest rate hikes hit demand for new loans. Bank of England figures out this morning showed that the monthly increase in consumer credit was £1.2bn, £400m less than the £1.6bn increase seen in June. Although borrowing on credit cards [...]
No Degree? The Good News Is Skills-Based Hiring Is On The Rise August 17, 2023 While you might think education or experience are what hiring managers focus on when recruiting new candidates, skills and ability are more important. That’s according to a recent global study which found that 76% of employers are now using skills-based hiring to pinpoint talent. The reason for this is manifold: 91.2% of employers saw an [...]
Tevva Motors is latest to ditch UK: Royal Mail EV lorry supplier moves to US August 16, 2023 Royal Mail’s electric lorry supplier Tevva Motors will move its headquarters to the US after announcing a merger with a New York-listed electric carmaker. Tevva Motors, whose headquarters are in Tillbury, Essex, said it would merge with Canada-based ElectraMeccanica and relocate to Delaware. The start-up firm – who manufacture a range of medium and heavy [...]
Secure Trust Bank: New loans surge as lender eyes expansion August 9, 2023 Secure Trust Bank recorded a significant increase in lending in the first half of the year as it sets its sights on continued expansion over the next few years. The specialist bank reported lending growth of 8.2 per cent in the first half of the year, bringing its lending balances to £3.2bn. Three of the [...]
Santander, Lloyds face £1bn car finance claim for pushing customers into pricey deals August 6, 2023 Santander and Lloyds face a new UK lawsuit over alleged “anti-competitive agreements” they had with car dealerships that pushed customers towards more expensive finance options when they were buying second-hand cars. The claim, filed at the Competition Appeal Tribunal last month, targets three of the largest motor finance providers: Santander UK, Black Horse, which is [...]
UK rejects AMTE Power’s urgent plea for funds as it works to avoid administration July 23, 2023 AMTE Power faces an increasingly uncertain future, with its urgent pleas for financial support from the government have fallen on deaf ears.
Confirmed: Jaguar owner Tata to build £4bn battery factory in the UK July 19, 2023 Jaguar Land Rover’s owner has confirmed it will invest £4 billion to build a gigafactory in the UK, in a major boost for the British automotive sector and following months of speculation. Tata Group – the Indian conglomerate who have owned JLR since 2008 – said that its investment in the new 40GWh battery plant [...]
New car market ‘growing back and growing green’ with EV surge – but rate hikes peak concern July 5, 2023 Britain’s new car market recorded its 11th consecutive month of growth in June with registrations rising 25.8 per cent – but it might not be smooth driving in the near future. Just under one million new cars were registered in the first half of 2023, up 18.4 per cent on the previous 2022, according to [...]
UK factories slip further into recession on cooling overseas spending July 3, 2023 Britain’s factories have plunged further into recession territory, driven by domestic and foreign buyers reining in spending amid intense economic uncertainty, a closely watched survey out today shows. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) purchasing managers’ index (PMI) for the UK’s manufacturing industry slipped to 46.5 in June from 47.1 [...]