6:54 am, May 11, 2024
UK economy exits recession after 0.6% growth in latest quarter
The UK economy rebounded out of recession with faster-than-expected growth over the first quarter of 2024, according to official figures.
The Office for National Statistics said gross domestic product (GDP) is estimated to have risen by 0.6% between January and March.
It comes after two quarters of decline – which represents a technical recession – in the back half of 2023.
Jaguar Land Rover achieves record-breaking sales as luxury car demand booms
Jaguar Land Rover has achieved its highest ever yearly sales and its biggest profit in nearly a decade, as the luxury carmaker shrugs off any signs that budget-squeezed consumers have been reining in spending.
The company said it made £29bn in revenues over the year to the end of March, more than a quarter higher than the previous year.
This was driven by record sales of its Range Rover vehicles, where its more expensive models start at around £100,000.
Firms must do more to combat threat of cyber attacks, data regulator warns
Organisations need to do more to boost their cybersecurity and protect the personal information they hold in the face of the growing threat of cyber attacks, the data protection regulator has said.
The Information Commissioner’s Office (ICO) said its own data shows more firms than ever are experiencing cybersecurity breaches and it has published advice around common security mistakes.
The ICO said more than 3,000 cyber breaches were reported to it in 2023, with the finance, retail and education sectors recording the most incidents.
Friday’s Car Dealer headlines you might have missed
- Exclusive: Peugeot joins band of carmakers calling on government to help customers make switch to new EVs
- FCA could bring in formal redress scheme over commission scandal
- One week and counting… Time’s running out to vote in Car Dealer Power 2024
- Ford managers threaten to walk out on strike as ballot opens over potential industrial action
- Cazoo left things far too late to save itself from disaster, says top accountant
- Parts adviser Peter to retire from Ford dealership after almost 50 years with company
- Classic car industry asked how to ‘future-proof’ iconic models as part of government study
- Land Rover was most profitable brand for used car dealers in April with Discovery Sport topping list
Japanese carmaker Honda reports booming profit
Honda’s profit for the fiscal year through to March jumped 70% as vehicle sales grew and a weak yen buoyed overseas earnings, the Japanese automaker reported on Friday.
Annual profit at Tokyo-based Honda Motor Co totalled 1.1 trillion yen (£5.6bn) as sales surged nearly 21% to 20.4 billion yen (£104.5m).
Weaker sales in China were offset by strong demand in the US market.
FTSE 100 closes on record high after UK economic growth better than expected
The FTSE 100 continued its weeks-long rally on Friday, closing at an all-time high amid better than expected gross domestic product (GDP) figures for the UK.
London’s blue-chip index closed 52.41 points higher, or 0.63%, at 8,433.76, with finance and industrial stocks among the biggest risers of the day.
Other top European stock markets also had a strong end to the week. Germany’s Dax rose 0.38%% while France’s Cac 40 closed up 0.33%%.
Weather outlook…
Today. much of the UK will see plenty of warm sunshine and mostly dry conditions. Scotland will see isolated afternoon showers, however, these locally heavy and thundery, the BBC reports.
Tonight will see largely dry conditions with a mix of patchy cloud and clear spells. The odd shower will be possible across the north-west.
Tomorrow will continue seeing warm conditions. It will be mainly dry in the east but the west will see showers, some heavy and thundery in the southwest.
