6:30 am, May 19, 2023
Semiconductor industry given £1bn boost in plan to reduce reliance on China
The UK’s semiconductor industry will receive £1bn in investment over the next decade as ministers look to ensure the country isn’t reliant on China for technology advancements.
Rishi Sunak said the funding, forming part of the national semiconductor strategy, would help ‘build our competitive edge on the global stage’.
The announcement came after the PM used a G7-related trip to Japan to agree a partnership on semiconductors with Tokyo as part of efforts to reduce the reliance on Beijing for the supply of the essential microchips.
Government set to miss target for electric vehicle chargers
The government is set to miss its target for the installation of high-powered electric vehicle chargers at motorway services in England, according to new analysis.
In March last year, the Department for Transport pledged to ‘ensure that every motorway service area has at least six rapid chargers by the end of 2023’.
But RAC research shows only 27 out of 119 motorway services in England currently meet that target.
‘Guardrails’ will be put in place to regulate growth of AI, vows Sunak
Rishi Sunak has insisted that ‘guardrails’ will be put in place so the benefits of artificial intelligence (AI) can be reaped while minimising the risks to society.
The PM said the UK’s regulation must evolve alongside the rapid advance of AI, with threats including to jobs and disinformation.
His comments came as BT Group said it will cut up to 55,000 jobs by the end of the decade amid plans to shift to AI and automated services.
Consumer confidence continues to recover despite living cost pressures – survey
Consumer confidence in the year ahead is continuing to recover despite persistent cost-of-living pressures, a long-running survey suggests.
GfK’s Consumer Confidence Index rose by three points in May to minus 27 – the fourth monthly increase in a row from January’s minus 45.
Confidence in personal finances over the coming 12 months saw a ‘robust’ five-point jump to minus 8, which was 17 points higher than this time last year.
Scottish government facing court over fishing practices
Environmental campaigners are taking the Scottish government to court over its authorisation of fishing practices they insist are ‘trashing’ the seabed.
Open Seas, which works to protect the marine environment, claims the licensing of scallop dredging by the Scottish government is causing significant harm – with the charity accusing ministers of ‘regulatory negligence’ by allowing it.
It is mounting a legal challenge to the government on the issue, with a petition for a judicial review to be heard at the Court of Session in Edinburgh on Monday.
Railway workers at 14 train firms to stage fresh strike action
Railway workers at 14 train companies are to stage a fresh strike next month in a long-running dispute over pay, jobs and conditions.
Members of the Rail, Maritime and Transport union will walk out on June 2 and will see 20,000 railway workers in catering, train managers and stations take action.
The union said an offer from the Rail Delivery Group was unacceptable, adding that no new proposals had been made since the last strike on May 13.
One-fifth of shareholders vote to remove Next chairman
Shareholders dealt a series of blows against Next and its board yesterday as large numbers voted to kick out its chairman and against the company’s pay plans.
The business said chairman Michael Roney received fewer than four in five (79.2 per cent) of the votes cast at its annual shareholder meeting.
Meanwhile, around one in six votes (16 per cent) were cast against the company’s remuneration policy, which can hand Next’s top bosses a pay package worth five times more than their salary. Next said it had noted the vote against Roney and would engage with shareholders who were against his re-election.
Volkswagen commemorates Polo GTI anniversary with limited-edition model
Volkswagen has created a new special-edition version of its Polo GTI to celebrate 25 years of the compact hot hatch.
The Edition 25 is restricted to 2,500 examples, with all versions powered by a 2.0-litre turbocharged petrol engine that brings 204bhp and 320Nm of torque, enabling a 0-60mph time of 6.3 seconds.
Inside, there are standard-fit sport seats finished in perforated black-red leather, while a number of GTI logos are applied throughout the cabin, too. It will be available to order in Germany from June 1, with prices starting from €35,205 (circa £30,560). Pricing and spec for UK models have yet to be confirmed.
Yesterday’s headlines on Car Dealer you might have missed
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- Work gets under way on Dick Lovett’s new £16m flagship Porsche dealership in Newport
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- Kidnappings, missiles and attempted murders – read the latest car dealer headlines from around the world
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Market movements
The FTSE 100 closed 19.07 points up yesterday to end on 7,742.30. The Cac 40 was up 47.45 points at 7,446.89, the Dax was up 212.06 points at 16,163.36 and the Dow Jones was up 115.14 points at 33,535.91.
Weather outlook
Today will see extensive cloud in central and eastern England, says BBC Weather, with some patchy rain in the morning. Elsewhere will have sunny spells and areas of cloud, with some sharp showers in the south-west in the afternoon.
On Saturday, extensive cloud and patches of rain will linger over Northern Ireland and Scotland, while England and Wales will have a mainly sunny day with some patchy cloud developing in the afternoon.
