6:16 am, May 8, 2025
British Steel begins recruitment drive for first time since government rescue
British Steel is starting to recruit workers for the first time since the government stepped in to rescue the business.
The company announced it is hiring more than 180 new employees as it prepares to ramp up production. A statement said it has secured the raw materials to maintain a two-blast furnace operation at its site in Scunthorpe and will significantly increase iron and steel production in the coming months.
The company is advertising for a variety of professional, skilled, and non-skilled roles in Scunthorpe, Teesside and Skinningrove.
Bank of England poised to cut interest rates as tariffs to weigh on growth
The Bank of England is poised to cut interest rates as the threat of an escalating global trade war looms and the economic growth outlook worsens.
Most economists think UK interest rates will be reduced to 4.25% from their current level of 4.5% on Thursday.
The decision, along with quarterly economic forecasts, will be delayed by two minutes to honour the silence to mark the 80th anniversary of VE Day – meaning it will be published at 12.02pm, rather than noon.
Volvo revives XC70 name for new plug-in hybrid model
Volvo is bringing back its XC70 name for a new plug-in hybrid SUV.
Originally applied to a go-anywhere version of the firm’s V70 estate car – and short for Cross Country – the new XC70 will use a plug-in hybrid setup capable of powering the car for up to 124 miles on battery power alone.
While Volvo says that the new XC70 is only made for China, it has also stated that it is ‘exploring potential additional markets at a later stage’, which means it could be heading to UK shores soon.
The markets
The UK’s FTSE 100 has ended its record run of gains, sinking lower on Wednesday ahead of key interest rate decisions at home and across the pond.
The index had been on a winning streak for more than two weeks – having seen its longest ever run of consecutive gains on Friday. But it sunk on Wednesday with it losing 38.09 points, or 0.44%, to close at 8,559.33.
In Frankfurt, the Dax closed 0.64% lower, and in Paris, the Cac 40 fell 0.91%; the pound was down about 0.15% against the US dollar, at 1.335, and the pound was more or less flat against the euro, at 1.176.
Migrants expected to face tougher English standards and longer residency waits
Migrants may have to learn a higher standard of English to work in the UK and wait for longer before they can settle permanently, reports have suggested.
An immigration White Paper due to be published next week is expected to set out the reforms, as Sir Keir Starmer gets tougher on migration in the wake of Labour’s local election losses to Reform UK.
Among the strict new measures under consideration is raising English language proficiency required by migrants applying for a UK work visa, according to The Times. They would in future be required to have the equivalent of a foreign language A-level standard of English, rather than the GCSE standard currently required.
Black smoke confirms no pope elected in first conclave voting round
The wait for a new pope goes on after black smoke rose from the Sistine Chapel following the first secret vote as the conclave began.
A group of 133 cardinal electors began their behind-closed-doors meeting on Wednesday afternoon.
It is expected voting will resume on Thursday, and up to four rounds of voting can take place each day, two in the morning and two in the afternoon.
Wednesday on Car Dealer
Used dealer CarSupermarket.com sees profits cut in half but bosses ‘pleased’ with performance
CarSupermarket.com reported a 54% drop in pre-tax profit to £1.1m, but turnover rose 14% to £387.7m. Despite early-year challenges and closing its Hull branch, strong Q4 growth and increased vehicle sales signal optimism for 2025, say directors.
JLR resumes exports to US despite no change to 25% tariff slapped on UK-built cars
JLR has resumed exports to the US after a month-long pause due to 25% tariffs on UK-made cars. While reasons for resuming are unclear, the move affects models like the Defender and Range Rover Sport, which may face significant price hikes.
SMMT welcomes ‘historic first step’ as tariffs slashed on cars exported to India
The UK has signed a landmark free trade deal with India, slashing car export tariffs from over 100% to 10%. The agreement is expected to boost UK automotive trade, benefit consumers, and add £25.5bn annually to bilateral trade by 2040.
Award-winning Warrantywise celebrates 25 years of offering market-leading products
Warrantywise is celebrating 25 years of offering market-leading extended car warranties to savvy consumers.
Weather
Today will be dry and settled across the UK, with sunny starts in the north turning variably cloudy later, followed by evening sunshine, reports BBC Weather. Temperatures could top 19 degrees in Scotland and 18 in England.
Tonight will remain mostly dry and clear, though low cloud may develop in central England and eastern Scotland, without bringing any rain.
