Jaguar Land Rover dual brand image from JLR newsroomJaguar Land Rover dual brand image from JLR newsroom

News Round-Up

May 11: UK exits recession; Strong results for JLR & Honda; Cyber attack warning

  • Here are headlines on Saturday, May 11

Time 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

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.

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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