6:50 am, June 29, 2026
Volkswagen drawing up plans to cut 100,000 jobs globally, reports say
Germany’s Volkswagen is drawing up proposals for a major overhaul that will see 100,000 jobs cut in the next few years, double that of previously unveiled plans, reports say.
Top bosses are considering restructuring and dramatically cutting down the size of the workforce in a bid to make cost savings worth €11bn (£9.55bn) by 2030, according to local media.
The proposals will involve putting four car plants in Germany under review before ending production, Manager Magazin reported.
Heathrow forecasts 1.1% fall in passenger numbers this year because of Iran war
Heathrow Airport expects its passenger numbers to decline by 1.1% this year because of the Iran-US conflict.
The war is putting ‘notable downward pressure on traffic’ with Middle East routes down 25%, the west London airport said in an investor report.
It is forecasting between 80.1 million and 84.5 million passengers will pass through its four terminals this year, with a ‘base case’ of 83.6 million.
McMurtry to reveal production-ready ‘Spéirling Pure’ electric hypercar
McMurtry is set to unveil the production-ready variant of its record-breaking electric hypercar next week with the Spéirling Pure.
McMurtry is a British electric hypercar manufacturer that was founded by engineer Sir David McMurtry. Its first creation – the Spéirling Prototype – has gone on to break several lap records including the Goodwood Festival of Speed Hill Climb and around the famous Top Gear Test Track.
It has now been revealed that a production model is set to be revealed, which the manufacturer says ‘comprises 95% new components compared to the prototype models’.
The markets
The FTSE 100 ended lower on Friday while technology stocks fell as the New York Times reported OpenAI may delay its initial public offer.
The British stock index closed down 21.87 points, or 0.2%, at 10,508.02. For the week, the FTSE 100 rose 1.4%.
In European equity markets on Friday, the CAC 40 in Paris ended down 0.6%, while the DAX 40 in Frankfurt fell 1.3%.
Friday on Car Dealer
Used car market exceeds expectations in June as trade values hold firm despite challenges
Used car prices continued to outperform seasonal expectations in June despite economic headwinds, with trade values dipping just 0.6%. Solera Cap HPI said rising EV demand, stable retail activity and stronger-than-average market resilience helped support values.
What can car dealers expect from changes to Autotrader’s Buying Signals?
Weekly Briefing: Is the Consumer Rights Act too harsh on car dealers?
Our editor in chief has the latest motor trade news all summarised in one place
New convertible choices fall to record low with just 11 now on sale
New convertible choice has fallen to its lowest level in 20 years, with just 11 models now on sale. However, rising used prices suggest demand remains strong despite manufacturers shifting focus toward SUVs and electric vehicles.
Industry minister opens Lotus’ new Hethel Performance Hub – and test drives an Evija
Lotus has officially opened its new Hethel Performance Hub, bringing engineering, manufacturing and testing together at its Norfolk headquarters. The facility aims to boost automotive innovation, attract partner companies and support skilled jobs and vehicle production.
Burnham to pledge ‘circuit-breaker’ for Britain in devolution and economy speech
Andy Burnham will pledge to give Britain the “circuit-breaker it needs” in a major speech unveiling his plans for devolution and the economy with ambitions for a decade of Labour government.
The Makerfield MP will confirm a flagship proposal to create a “No 10” in the North and ambitions for “good growth in every postcode” with what allies say is the biggest transfer of power out of Whitehall in modern times.
In a sign he hopes to fight and win at least two general elections, the Labour leadership frontrunner will set out a “10-year mission” to raise living standards through reindustrialisation, housing, infrastructure and reform of essential utilities.
Plans to replace destroyers scrapped to make way for drone hubs in ‘hybrid Navy’
Plans for a new destroyer to replace Britain’s ageing warships have been scrapped as part of changes to the long-awaited defence investment plan aimed at prioritising drones and modernising the military.
The Royal Navy will instead procure at least six so-called ‘common combat vessels'(CCVs), which will act as command hubs for uncrewed systems, with delivery expected in the 2030s, officials said.
Sir Keir Starmer is expected to unveil the blueprint for future-proofing the UK’s armed forces in the coming days as he tries to shore up his legacy before leaving No 10 as soon as July 20.
Weather outlook
Northern England will see sunny spells mixed with scattered showers and a fresh breeze.
Southern England should stay largely dry with brighter conditions after early cloud clears.
Scotland will be cooler, with occasional rain and brisk winds, although some brighter intervals are expected later.
