UK's EV sales grow again in June – but 28% target still not hit
Last month, 47,354 EVs left forecourts, 24.8% of all new car sales in June and a year-on-year rise of 39.1%. The increase boosted year-to-date EV sales to 224,841, according to figures released on Friday by the Society of Motor Manufacturers and Traders (SMMT).
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The Independent
14 minutes ago
- The Independent
Stocks fade as tariff deadline looms large
London's FTSE 100 ended flat as tariff worries kept enthusiasm to a minimum on Friday, while the pound edged slightly lower after a dramatic week in Westminster. The FTSE 100 index lost just 0.29 points at 8,822.91. The FTSE 250 ended down 145.24 points, 0.7%, at 21,557.34, and the AIM All-Share closed down 2.76 points, 0.4%, at 773.49. For the week, the FTSE 100 added 0.3%, though the FTSE 250 shed 0.7%. The AIM All-Share added 0.5%. In European equities on Friday, the CAC 40 in Paris ended down 0.8%, while the DAX 40 in Frankfurt fell 0.6%. US financial markets are closed on Friday for Independence Day. US President Donald Trump said he plans to start sending letters informing trading partners of their tariff rates as soon as Friday, as negotiations to avoid higher US levies enter the final stretch. 'My inclination is to send a letter out and say what tariff they're going to be paying,' he told reporters on Thursday. 'It's just much easier.' He added: 'We're going to be sending some letters out, starting probably (Friday).' IG analyst Chris Beauchamp commented: 'Without interest from US traders European markets have found it hard to sustain the positive momentum seen yesterday. The optimism seen in the wake of payrolls and the passage of Trump's tax bill dissipated as tariff worries resurfaced ahead of next week's deadline, leaving the Dax and others in the red. 'The UK's separation from the EU meant that it was spared any downside today, the index holding on flat for the day. As one of the few countries to have successfully negotiated a 'trade deal' with the US this means UK investors don't have to worry about this problem. Unfortunately, the slow-burn crisis in UK government spending means they will have their hands full anyway.' The pound was down at 1.3640 dollars on Friday in London, from 1.3654 dollars at the equities close on Thursday. The euro stood higher at 1.1780 dollars, against 1.1762 dollars. Against the yen, the dollar was trading higher at 144.53 yen compared to 144.87 yen. Sterling had fallen below the 1.36 dollar mark earlier this week. Sir Keir Starmer said he has a good relationship with Mr Trump because they both 'care about family'. The Prime Minister told the BBC Radio 4 podcast Political Thinking With Nick Robinson it was 'in the national interest' for the two men to connect. He said: 'We are different people and we've got different political backgrounds and leanings, but we do have a good relationship and that comes from a number of places. Sir Keir also backed Rachel Reeves and said she would be chancellor 'for a very long time to come', after the politician was visibly tearful in the House of Commons on Wednesday following a U-turn to welfare reform plans that put an almost £5 billion black hole in her plans. AJ Bell analyst Dan Coatsworth commented: 'After the drama around Rachel Reeves's position as chancellor and a temporary wobble on bond and currency markets earlier this week, there was a welcome period of calm. The 10-year gilt rate is nearly back to the 4.5% level at which it started the week.' Despite the calmer day on bond markets, the interest rate-sensitive housebuilding sector struggled in London. Barratt Redrow fell 2.6%, while Berkeley Group shed 2.4%. A profit warning from MJ Gleeson hurt shares in housebuilders. It warned pre-tax profit in financial 2026 will be at the lower end of current market expectations, its second disappointing trading update in a month. MJ Gleeson said the UK housing market 'lacks confidence and remains subdued and the board does not see a short-term catalyst for any substantial improvement'. Continuing capacity issues in the UK planning system have delayed site openings and Gleeson Homes will operate from fewer sites than anticipated in the current year, the firm said. Overall, the company expects pre-tax profit before exceptional items for the financial year to June 2026 to be at or around £24.5 million, the lower end of current market expectations, and below Bloomberg consensus of £26.2 million. MJ Gleeson shares fell 6.7%. Helping support the FTSE 100 were stocks in more defensive sectors. Drugmaker AstraZeneca added 1.3%, while utility British Gas owner Centrica added 0.9%. Elsewhere in London, Moonpig lost 8.7%. Deutsche Bank cut the online greeting card and gifting company to 'hold' from 'buy'. The biggest risers on the FTSE 100 were Vodafone, up 2.4p at 81.6p, Fresnillo, up 35p at 1,495p, Coca-Cola Europacific Partners PLC, up 140p at 7,130p, Coca-Cola HBC, up 68p at 4,032p, and AstraZeneca, up 132p at 10,336p. The biggest fallers on the FTSE 100 were Barratt Redrow, down 11.1p at 422.7p, Berkeley Group, down 88p at 3,586p, Mondi, down 28.5p at 1,199p, Schroders, down 8p at 363p, and Airtel Africa, down 3.9p at 178.2p. Brent oil was quoted lower at 68.19 dollars a barrel late on Friday afternoon in London from 68.67 dollars late Thursday. Gold rose to 3,332.52 dollars an ounce against 3,330.30 dollars. Monday's economic calendar has a eurozone retail sales reading at 1000 BST. In the corporate diary, Ferrexpo, which produces iron ore pellets in Ukraine, releases a production report.
The Independent
14 minutes ago
- The Independent
Lando Norris sets pace in practice for British Grand Prix as he eyes home win
Lando Norris set the pace in practice for the British Grand Prix as the title contender laid down a marker in pursuit of his first home victory. Norris trails McLaren team-mate Oscar Piastri by 15 points in the championship standings following his victory in Austria last weekend and is bidding to secure back-to-back Formula One wins for the first time. The 25-year-old has his own grandstand at Silverstone, hosting 10,000 of his fans, and he delighted those supporters by setting a searing pace to end the day 0.222 seconds clear of Ferrari's Charles Leclerc. Crucially for Norris, who admitted on Thursday that he would swap his other race wins for success at Silverstone, he was over four tenths clear of Australian Piastri in fourth. Lewis Hamilton raised hopes of more Silverstone success by enjoying a positive day in his Ferrari. The seven-time world champion has a remarkable record at his home race, winning a record nine times at Silverstone including victory in the rain last year – with wet weather again forecast to affect the action across the weekend. The 40-year-old has also finished in the top three in all of his last 11 appearances here but is yet to stand on the podium in Ferrari colours. The Scuderia delivered an improved performance in Austria, with Leclerc third ahead of Hamilton in fourth. Hamilton, whose streak of 11 races without a podium finish is the longest of his career, showed signs of ending his podium drought at his home race as he topped the charts in first practice before finishing the day third after the second running. Max Verstappen endured another difficult day for Red Bull, complaining of handling issues and saying that his tyres would not respond in the high-speed corners. The four-time world champion, who is 61 points adrift of Piastri in the title standings following his first-lap elimination in Austria, ended the day fifth fastest. Mercedes pair Kimi Antonelli and George Russell were sixth and eighth respectively. Briton Arvid Lindblad drove for Red Bull during first practice – becoming only the second driver under 18 to take part in a Grand Prix weekend, after Verstappen. The 17-year-old delivered a respectable lap time to finish 13th.
Telegraph
15 minutes ago
- Telegraph
Khan ‘dodges questions' about London because he was cooking lunch
Sir Sadiq Khan has been accused of dodging questions about London to attend a lunch promoting his tour of Africa. The London Mayor missed a meeting about his attempt to pedestrianise Oxford Street, choosing instead to visit a Nigerian restaurant. As the London Assembly voted not to block his proposals, Sir Sadiq was helping to cook traditional dishes at The Flygerians in Peckham, south London. It comes ahead of his five-day tour of Ghana, Nigeria and South Africa later this month. But during the London Assembly debate, Susan Hall, the leader of the City Hall Conservatives, criticised Sir Sadiq's no-show. Ms Hall said: 'Apparently, the Mayor is at a Nigerian restaurant. I hope is enjoying his Jollof pot. He is far more interested in Lagos than he is in John Lewis.' When asked why he would not be able to answer questions earlier on Thursday, Sir Sadiq replied: 'I suspect I'm busy with other things.' Sir Sadiq will become the first Mayor of London to lead a trade delegation to Africa after details of his wish to visit emerged last year. Speaking after the launch event, he vowed to 'bang the drum for further investment' and 'strengthen the cultural ties' with the three nations. 'Londoners of African heritage have played, and continue to play, a huge role in making London the greatest city in the world,' he said. 'It was great to be at The Flygerians today speaking with business owners and seeing first-hand the impact they make here in the capital, building a better London for everyone.' Sir Sadiq wants to ban vehicles from a stretch of road between Oxford Circus and Marble Arch. He previously attempted to pedestrianise the same part of Oxford Street, the UK's most famous high street, in 2018. However, he was blocked from doing so by Westminster city council when it was under Tory control. Whether his newest proposals succeed will depend on whether Angela Rayner, the Deputy Prime Minister, allows him to establish a new mayoral development corporation. The body would have extensive planning powers of its own and could be created as soon as early 2026. Accused of 'arrogance' Sir Sadiq has insisted part-pedestrianisation is what the majority of Londoners would want, pointing to a YouGov survey last year showing almost two in three (63 per cent) were in favour. But he has been accused of 'arrogance' by Tory councillors over the scheme. Many local residents and businesses are also opposed on the grounds that it would only create gridlock elsewhere in central London. Westminster city council said it was working with Sir Sadiq on his newest pedestrianisation drive to 'ensure that the voices of residents and businesses are heard'. In the London Assembly this week, there was a cross-party call to build 'world-class' public toilets on Oxford Street as part of the mooted scheme.
