RAF & CaterhamRAF & Caterham

News Round-Up

Jul 6: One-off RAF Caterham; Shell faces £1.6bn hit; House prices set to rise; Fate of Thames Water

  • Here are the headlines for Saturday, July 6

Time 6:33 am, July 6, 2024

Caterham and RAF create unique Seven 360R

Caterham and the RAF have teamed up to create a one-off Seven 360R using parts of a Puma HC2 helicopter.

The special-edition car will raise money for the charity Mission Motorsport as well as the RAF Benevolent Fund, both of which help service personnel, and will be on display for the first time at this weekend’s Formula One British Grand Prix at Silverstone.

It’s hoped it’ll raise more than £100,000 when it’s auctioned by Collecting Cars.

Shell to take up to £1.6bn hit

Shell expects to take a hit of up to two billion US dollars (£1.6 billion) after it suspended construction work on one of Europe’s largest planned biofuels plants and sold a refinery in Singapore.

The oil and gas giant said it expects the decision to stop building work on the biofuels plant in the Netherlands, which it announced earlier this week, to cost up to one billion US dollars (£784 million).

Shell started work on its plant in Rotterdam in September 2021 and it was meant to begin producing sustainable aviation fuel and renewable diesel by 2025.

The site was due to produce 820,000 tonnes of biofuels per year when complete.

UK house prices likely to rise modestly this year

The average UK house price remained relatively flat in June, but property values are likely to rise modestly through this year and into 2025, according to an index.

House prices fell by 0.2% month-on-month or just under £500 in cash terms in June, Halifax said.

The annual rate of house price growth stood at 1.6%, and on an annual basis house prices have increased for seven months in a row.

Halifax said the UK house price in June was £288,455, edging down from £288,931 in May.

Fate of Thames Water in Labour’s in-tray

Labour inherits a host of environmental issues that will need to be dealt with by a department which is unprotected and could face a further financial squeeze.

The new government is already being urged to ‘hit the ground running’ and ‘crack on’ with nature recovery and investment to support the countryside, where it has won many rural seats as the old ‘Tory Shire’ stereotype fades away.

While it has pledged to rein in the water companies, one of the first challenges Labour will face is the looming crisis over funding at Thames Water, with Ofwat set to publish draft rulings next week on water companies’ business plans for the next five years, a potential crunch point for the debt-laden utility.

A worst-case scenario could see the new government forced into enacting some form of temporary nationalisation of Thames Water.

Friday’s Car Dealer stories you might have missed

Covid cases on the rise and more patients in hospital

Coronavirus cases are on the rise with more than 440 acute hospital admissions due to Covid-19 in the last week of June, figures show.

A total of 1,153 people tested positive for the virus in the week to June 30, according to the latest weekly figures from Public Health Scotland (PHS).

That was an increase of 34 cases, from 1,119, in the week to June 23.

PHS said last month that the virus had been increasingly found in wastewater over the last several weeks, accompanied by a rise in laboratory-confirmed PCR and self-reported cases.

Final seat set for further recount this morning

A recount in the last remaining undeclared seat in the 2024 General Election will begin on Saturday morning, amidst reports the SNP candidate has already conceded defeat.

Despite an initial count on Thursday night and a recount on Friday, the result of the contest in Inverness, Skye and West Ross-shire remains undecided.

A further recount is due to commence at 10.30am, with the SNP’s Drew Hendry locked in a close battle with Liberal Democrat candidate Angus MacDonald.

Pound holds steady amid ‘relaxed mood’

The pound stood firm while London’s blue-chip share index struggled to hold onto gains as economic data overseas somewhat superseded Labour’s well-anticipated victory in the General Election.

With a significant Labour majority already having been priced into financial markets, there was a muted reaction to the election result as investors looked to the new political era as promising stability and calm, according to experts.

Sterling lifted 0.3% to 1.28 US dollars on Friday afternoon – the highest level since mid-June – and was up 0.2% at 1.182 euros.

While the FTSE 100 closed 0.45% lower, reversing gains from earlier in the day when the Labour landslide spurred a rally for housebuilders, amid hopes of a boost to housing development across the country.

Weather outlook

This morning the heavy rain in east of England and northeast Scotland is expected to clear, according to the Met Office.

This will turn showery with sunny spells over the course of the date with some heavier showers at times and the risk of hail and thunder.

Tonight, the daytime showers will become confined to the north and west. By the morning this will be heavier in the southwest but clearer elsewhere.

Rebecca Chaplin's avatar

Rebecca has been a motoring and business journalist since 2014, previously writing and presenting for titles such as the Press Association, Auto Express and Car Buyer. She has worked in many roles for Car Dealer Magazine’s publisher Blackball Media including head of editorial.

More stories...

MFL Advert
Server 108