6:46 am, February 26, 2026
John Lewis pulls plug on affordable homes venture after costs soar
The John Lewis Partnership (JLP) has abandoned plans to build around 10,000 rental properties, blaming higher costs and caution in the property market.
The retail firm launched its build-to-rent ambitions under previous chairwoman Dame Sharon White in 2020. JLP said at the time that it intended to build 10,000 rental homes, including around 7,000 on sites within its existing property portfolio.
However, on Wednesday, the employee-owned business said it would now withdraw from the venture.
Driverless car firm Wayve bags £1.1bn investment to help launch on UK roads
Wayve, the self-driving car firm set to launch robotaxis on UK roads, has raised 1.5 billion US dollars (£1.1bn) from investors including Uber, Microsoft and chip giant Nvidia.
It has secured 1.2 billion dollars (£890m) through a funding round backed by the major tech firms, institutional investors and car makers, with Uber investing extra funds to help deliver its driverless taxi plans. The Series D funding round, which is one of the largest ever for a British start-up, values the London-based business at around 8.6 billion dollars (£6.4bn).
Wayve said it will launch the commercial robotaxi trials in the city in 2026 with ambitions to deploy its ‘supervised autonomy software’ in consumer vehicles from 2027.
Volvo’s EX30 gains new entry-level setup
Volvo has expanded its electric EX30 line-up with a new entry-level motor setup.
Though as-yet unnamed, the new setup will use a single electric motor with 148bhp, which is linked to a 51kWh battery for a claimed range of up to 211 miles. Volvo says that buyers will also be able to upgrade to a larger 69kWh battery version, which will unlock a longer range of 296 miles.
The new EX30 setup will also benefit from a revised infotainment system, V2L will be included, and two new interior colours. No prices have been revealed for the new single-motor EX30 model, but it’s expected to lower the car’s current entry-level price tag of £33,060.
The markets
The FTSE 100 reached fresh heights on Wednesday, with well-received results from HSBC, and gains in mining stocks, paving the way for another record-breaking day.
The FTSE 100 index ended up 125.82 points, 1.2%, at 10,806.41, a record close and its best level for the day. The FTSE 250 ended up 135.85 points, 0.6%, at 23,636.89, and the AIM All-Share closed up 1.26 points, 0.2%, at 816.79.
The pound was little changed at 1.3537 dollars on Wednesday afternoon, from 1.3536 dollars at the equities close on Tuesday. The euro stood higher at 1.1804 dollars, from 1.1787 dollars. Against the yen, the dollar was trading higher at 156.39 yen, compared with 155.71 yen.
Gorton and Denton to vote in by-election that could determine Starmer’s future
Voters in Gorton and Denton will go to the polls on Thursday in a by-election set to provide a major test of Sir Keir Starmer’s leadership.
Labour won the seat in 2024 with more than half the vote but polling suggests the party’s candidate Angeliki Stogia faces a tight three-way contest with Reform UK’s Matt Goodwin and the Greens’ Hannah Spencer.
Victory would buy Sir Keir some breathing space after a period in which his leadership of Labour has been questioned.
Speaker says he gave information to police about Lord Mandelson ahead of arrest
Commons Speaker Sir Lindsay Hoyle has said he passed information to the Metropolitan Police about Lord Peter Mandelson, after the peer claimed a ‘baseless suggestion’ he was a flight risk had led to his arrest this week.
The former ambassador to Washington was arrested on Monday on suspicion of misconduct in public office and later released on bail.
A Metropolitan Police spokesperson said later on Wednesday: ‘The Met has apologised to the Speaker of the House of Commons this afternoon for inadvertently revealing information during an investigation into allegations of misconduct in public office.’
Wednesday on Car Dealer
‘Let’s get this b*****d’: Whistleblower lifts the lid on RCI’s ‘grossly unjust’ treatment of Kevin Mackie
A former insider at RCI Financial Services (RCIFS) has said the lender’s controversial decision to cut off family-run car dealer Mackie Motors was ‘grossly unjust’.
Government to roll out expanded grant to help EV drivers install home chargers
The government has announced an expansion to its EV charge point grant as ministers look to make electric vehicles more accessible.
Aston Martin announces plans to axe 600 jobs in move that could slash workforce by a fifth
Aston Martin has announced plans to axe up to 20% of its global workforce as the carmaker continues to battle deepening losses.
Cazana is back in the motor trade as Percayso Vehicle Intelligence announces rebrand
Percayso Vehicle Intelligence is to rebrand under a new name – and it is one that will be very familiar to the motor trade.
Weather
Bright at first in the south-east before cloud spreads in, reports BBC Weather. Rain moves into northern and western areas, turning heavy and persistent across Wales and western England later.
It will be mild and windy.
Tonight stays cloudy and breezy with showers or longer rain spells, heaviest in the west, easing by dawn.
