6:37 am, June 10, 2025
Consumer spending slows to lowest growth of the year amid falling confidence
Consumers slowed their spending to the lowest growth of the year in May amid falling confidence, figures show.
Sales of fashion and full-price big ticket items were held back by faltering consumer confidence, although gaming bucked the trend due to popular new releases, according to the British Retail Consortium (BRC)-KPMG Retail Sales Monitor.
Total retail sales across the UK were up by 1% year-on-year in May, against growth of 0.7% a year ago, driven by food sales increasing by 3.6% on the back of football tournaments and two bank holidays, prompting spending on BBQs and picnics. Non-food sales were down 1.1% year-on-year in May.
Creditors table £17bn plan for Thames Water but call for regulatory leniency
A group of Thames Water lenders have put forward plans for a multibillion-pound rescue deal of the troubled supplier that would see them pump in new cash but ask for leniency in how it is regulated.
Creditors including US and UK investment firms – such as Aberdeen, Elliott Management and BlackRock – have submitted a plan to regulator Ofwat to overhaul £17bn of Thames Water’s debts, including investing another £3bn in new equity and a further £2bn of funding.
It would also involve writing off ‘several billion’ pounds’ worth of debt and a ‘complete loss for existing shareholders’ in what they claim would be the ‘largest financial loss suffered by investors on an infrastructure asset in British history’.
Aston Martin’s Valkyrie LM is a Le Mans-inspired track day special
Aston Martin has created a limited run of new Valkyrie models based on the firm’s Le Mans racer.
Whereas the existing Valkyrie AMR Pro is a track-only version of the standard Valkyrie supercar, the LM draws many of its features from the race car that will be entering this week’s 24 Hours of Le Mans.
Limited to just 10 examples, the Valkyrie LM gets a 6.5-litre naturally-aspirated V12 engine – the same as the one in Aston’s race car – along with a race-specification interior, with a six-point FIA-approved safety harness and full fire suppression system equipped. The steering wheel, meanwhile, has an integrated display and shift lights.
The markets
Stocks in London closed mixed on Monday amid a fresh burst of mid-and-small cap M&A (mergers and acquisitions) activity, while the wider market watched as US-China trade talks resumed.
The FTSE 100 index fell 5.63 points, 0.1%, at 8,832.28. The FTSE 250 ended up 128.63 points, 0.6%, at 21,285.91, and the AIM All-Share climbed 7.01 points, 0.9%, at 763.89. In Paris, the Cac 40 fell 0.2%, while Frankfurt’s Dax 40 ended 0.5% lower.
The pound was quoted at 1.36 dollars late on Monday afternoon in London, higher compared to 1.35 at the close on Friday. The euro stood at 1.142 dollars, higher against 1.139 on Friday.
Reeves signs off on £14bn to build new nuclear plant Sizewell C
Rachel Reeves has signed off on £14.2bn of investment to build the new Sizewell C nuclear plant as part of the spending review.
The chancellor is set to confirm the funding at the GMB Congress on Tuesday.
Energy secretary Ed Miliband said new nuclear power capacity was needed to deliver a ‘golden age of clean energy abundance’. Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships.
California governor to sue Trump over deployment of National Guard to protests
California governor Gavin Newsom said he plans to sue US President Donald Trump in response to the administration’s extraordinary deployment of the National Guard to confront immigration protesters who took to the streets in Los Angeles.
‘Commandeering a state’s National Guard without consulting the governor of that state is illegal and immoral,’ Newsom, a Democrat, told MSNBC on Sunday.
Newsom called on Trump to rescind the Guard deployment in a letter, calling it a ‘serious breach of state sovereignty’.
Monday on Car Dealer
Car Dealer Power 2025: We reveal who has made the shortlist for this year’s awards
Companies in the running for the 2025 Car Dealer Power awards are named, ahead of the winners being announced on June 25 at 2pm.
Ministers to choose which US car exports are taxed at lower 10% rate
UK ministers may need to select which car makers benefit from a 10% US tariff cap on 100,000 vehicles. With rising exports, especially from Jaguar Land Rover, other British brands risk facing a 25% tariff under the still-unfinalised UK-US deal.
Wessex Garages boss Chris Wiseman steps down from his role after 25 years
Chris Wiseman has stepped down as managing director of Wessex Garages after 25 years with the company. He reflected proudly on his tenure and hinted at future roles in the automotive sector. New directors have been appointed amid financial losses
Holden Group introduces same-day handover service for used cars
Holden Group now offers same-day handovers for used cars, reflecting 2025 consumer expectations for speed and convenience. Cars are fully prepared in advance, allowing customers to drive away immediately. The initiative aims to provide flexibility, confidence, and a seamless buying experience.
Pinewood.AI snaps up Lithia’s stake in Northern American JV to further US software roll-out
Pinewood.AI will acquire Lithia UK’s 51% stake in their North American joint venture for $76.5m (£56.4m) in shares. A five-year deal will see Pinewood’s software deployed across Lithia sites, aiming to generate $40m in annual recurring revenue by 2028.
Weather
Today will see sunny spells with a few showers in the north and patchy light rain in the south, reports BBC Weather. Sunshine will become more widespread later, with warmer temperatures.
Tonight, it will be dry and mostly clear, except for cloud and patchy rain in western and northern Scotland.
