6:50 am, July 10, 2025
UK workforce exposed if global trade war intensifies, Bank warns
Trade tariffs could increase the risk of some businesses falling behind on loans, while a high proportion of the UK workforce is in sectors more exposed to global shocks, the Bank of England has warned.
Households and businesses nonetheless remain resilient, and the UK banking system is equipped to support them even if conditions significantly worsen, the Bank’s Financial Policy Committee (FPC) said in its latest report.
The FPC said there was a high degree of unpredictability about how global trade will evolve, with US President Donald Trump hiking tariff rates in April but negotiations with other countries over possible trade deals ongoing.
Yaccarino quits as chief executive of Musk’s social media platform X
Linda Yaccarino has said she is stepping down after two years running Elon Musk’s social media platform X.
Ms Yaccarino posted a positive message on Wednesday about her tenure at the company, formerly known as Twitter, and said ‘the best is yet to come as X enters a new chapter with’ Mr Musk’s artificial intelligence company xAI, maker of the chatbot Grok.
‘Thank you for your contributions,’ Mr Musk wrote on X in response to Ms Yaccarino’s announcement.
Aston Martin reveals more powerful Vantage S
Aston Martin has revealed a more powerful version of the Vantage with the ‘S’.
Under the bonnet, there is the same 4.0-litre twin-turbocharged V8 found in the standard car, but power has been increased to 671bhp from 656bhp, while the 800Nm of torque remains the same.
In terms of performance, the car can do 0-60mph in 3.3 seconds and will reach a top speed of 202mph – the same as in the standard car.
Stocks mixed as Trump tariff tensions continue
Stock prices in London closed mostly lower, after Wednesday saw investors taking stock of US President Donald Trump’s latest tariff-related moves.
The FTSE 100 index closed up 12.84 points, 0.2%, at 8,867.02. The FTSE 250 ended down 13.82 points, 0.1%, at 21,567.86, and the AIM All-Share closed down 5.07 points, 0.6%, at 770.43.
In European equities on Wednesday, the CAC 40 in Paris closed up 1.4%, while the DAX 40 in Frankfurt ended up 1.3%.
Wednesday on Car Dealer
Bosses praise ‘resilience and adaptability’ as dealer group Cars2 announces small dip in profit
Cars2 reported a slight dip in pre-tax profit to £4.03m for 2023, despite revenue rising to a record £207.59m. Directors praised the firm’s resilience amid economic uncertainty and EV policy shifts, citing strong new and used car sales.
Drivers impacted by Citroen and DS airbag recall could be owed compensation – lawyers
Group litigation specialists Bond Turner say Citroën and DS drivers affected by the airbag recall may be entitled to compensation and hire cars. With 120,000 owners impacted, legal experts accuse Stellantis of poor planning and warn more recalls may follow.
The future of car dealer advertising is here as new self-service ad platform launches
MotorSales.AI has partnered with DSG Finance to launch an advanced dealer advertising product.
Government sees off backbench rebellion as welfare reforms clear Commons
A proposed benefit cut for future out-of-work claimants has cleared the Commons after Labour ministers saw off a backbench rebellion.
The Universal Credit Bill cleared the Commons at third reading, after it received MPs’ backing by 336 votes to 242, majority 94.
‘If you can work, you should,’ social security minister Sir Stephen Timms told MPs before they voted on the welfare reforms.
Starmer declines to rule out wealth tax
Sir Keir Starmer has declined to rule out a wealth tax, after Kemi Badenoch accused the Prime Minister of ‘flirting’ with the idea.
The Prime Minister was also branded as ‘weak’ by the Conservative leader, as she claimed he had been ‘forced into a series of chaotic U-turns’ and failed to prevent doctors strikes.
Sir Keir defended his record in Government saying he is ‘proud’ of the NHS 10-year health plan, free school meals and the roll out of family hubs.
Weather outlook…
The UK will today enjoy a warm, mostly sunny day with occasional clouds.
Daytime temperatures will peak around 18 °C (64 °F), gradually cooling to about 12 °C (54 °F) overnight.
Overall, expect a pleasant summer day with mild weather and minimal cloud cove.
