6:24 am, June 25, 2026
New prime minister must ease burden on firms to drive growth, says BCC
The next prime minister and chancellor must ease burdens on business in order for the UK economy to prosper, the boss of the British Chamber of Commerce will warn.
Shevaun Haviland, director general of the BCC, is set to tell the business group’s global annual conference on Thursday that successive governments have ‘hobbled’ business prospects over recent years.
Current chancellor Rachel Reeves, who is widely predicted to be replaced if Andy Burnham becomes prime minister, is also due to speak at the conference. Haviland called on the next prime minister to resist further cost increases for firms.
Elon Musk’s trillionaire status slips as SpaceX shares swing
Elon Musk has lost his trillionaire status less than a fortnight since reaching the milestone, as swings in the share prices of SpaceX and Tesla drag on the tech mogul’s own fortune.
Shares in the business soared after debuting on Wall Street, peaking at around 200 dollars per share, which boosted Mr Musk’s personal wealth due to his 38% stake in the business. However, the share price has slumped by about 30% since the peak and is now roughly on par with the opening price on the first day of trading.
He is now worth an estimated 962 billion dollars (£731.4bn), as of the end of the day on Tuesday, Forbes said.
Land Rover Classic expands Defender range with new 110 Pick-up
Land Rover Classic has introduced another model to its range with a 110 Double Cab Pick-up.
The latest addition to this series is the 110 Double Cab Pick-up. Using donor cars sourced from between 2012 and 2016, these new cars are completely renewed from the ground up and get all relevant rust treatments. Key to the transformation is the fitment of a 5.0-litre V8, which produces just shy of 400bhp and uses an eight-speed automatic transmission.
Land Rover Classic has showcased a vivid Spectral Green exterior shade, matched to 18-inch alloy wheels. The brand says that each car spends close to 400 hours in its in-house paint facility to achieve the right finish. Inside, these versions get Bridge of Weir leather seats with wool carpets embossed with the Defender script.
The markets
The FTSE 100 closed higher on Wednesday as gains in property stocks and housebuilders offset a slump in mining stocks as metals prices fell.
The FTSE 100 closed up 32.78 points, 0.3%, at 10,461.63. The FTSE 250 ended up 175.05 points, 0.8%, at 23,101.52, but the AIM All-Share fell 5.22 points, 0.7%, to 777.37.
The pound traded at 1.3167 dollars on Wednesday afternoon, lower from 1.3198 dollars on Tuesday. Against the euro, sterling eased to 1.1591 euros from 1.1595 euros on Tuesday.
Great British Summer Savings scheme comes into effect for families
A temporary VAT cut to reduce prices at family attractions such as zoos and theme parks as well as the cost of children’s cinema tickets and restaurant meals has come into effect.
Chancellor Rachel Reeves announced the ‘Great British Summer Savings’ measure – which begins on Thursday – as part of a package aimed at easing the impact on the cost of living from the Iran war.
For example, Merlin Entertainments, which owns 20 venues including Alton Towers and Legoland, has updated ticket prices to show ‘summer VAT savings applied’. Advance tickets for both parks now start at £29.75, down from £34.
Donald Trump on Andy Burnham: ‘I hear he’s extremely liberal, extremely’
Andy Burnham is ‘extremely liberal’, Donald Trump has said in his first public comments about the former Greater Manchester mayor since he emerged as the frontrunner to replace Sir Keir Starmer.
The US president told reporters Burnham ‘probably won’t open up the North Sea’ for oil exploration, and that ‘the UK is dying’, signalling that the Labour MP could be facing a rocky relationship with Trump.
The Makerfield MP has been critical of Mr Trump in the past, describing American politics as ‘polarised’ and ‘poisonous’ while on the campaign trail in June.
Wednesday on Car Dealer
Autotrader raises questions over Andy Burnham’s EV strategy as ZEV mandate changes loom
Autotrader expects the government to press on with proposed changes to the ZEV mandate but says questions remain about Andy Burnham’s electric vehicle strategy.
Vertu expects profits to exceed market expectations as listed car dealer holds AGM
Vertu Motors is expecting its profits to exceed market expectations this year, as the listed group ‘continues to trade positively’.
Podcast: Dealer marks 30 years in business despite ditching auctions and selling half as many cars
A used car dealer celebrating 30 years in business says he now sells half as many cars as he did before Covid while making broadly the same amount of money.
Luxury car dealer Clive Sutton awarded Corvette franchise for London
Luxury car dealer Clive Sutton has been awarded the Corvette franchise for London.
Brindley Group ploughs ‘major investment’ into second Omoda & Jaecoo site
The Brindley Group is to open its second Omoda and Jaecoo franchise as it looks to ‘invest in the future’.
Mazda extends dealer network with Worthing site ahead of model offensive
Mazda has extended its UK dealer network with the opening of a new site on the South Coast.
Weather
Much of the UK will enjoy hot, sunny weather today, though patchy cloud will affect northern areas, with rain and a risk of thunderstorms in the far north-west, reports BBC Weather.
Tonight, heavy rain will spread across Scotland, bringing torrential downpours and lightning, while thundery showers develop in the south-west and move inland.
