UK to bring forward review of EV sales targets from 2027 to next year

The UK is to bring forward its review of electric vehicle sales targets from 2027 to next year, as the government said it would listen to the concerns of the car industry.The news came as ministers said they would not weaken plans to ban the sale of new petrol or diesel cars from 2035, after the EU announced plans to water down the timing of the phaseout of new combustion engine vehicles.The government had said in April it would weaken its zero-emission vehicle (ZEV) mandate – which was brought in to force carmakers to sell more electric cars every year, or face the prospect of steep fines – after lobbying from the car industry.Carmakers had argued the rules were economically unsustainable, leading the UK to introduce “flexibilities”, which allowed them to earn “credits” by selling hybrid cars, which combine a smaller battery with a petrol engine. The loopholes allow carmakers to sell more hybrids, which are more profitable for them, amid fierce competition from rivals, including from China

Inflation drop makes Bank of England early Christmas present to Reeves almost a certainty

The sharper-than-expected drop in UK inflation to 3.2% last month has eliminated any lingering doubt about whether the Bank of England will deliver an early Christmas present by cutting the nation’s borrowing costs.Bank policymakers announce their December decision at noon on Thursday, and after last month’s five-four split vote were already widely expected to cut the base rate by 0.25 percentage points from its current level of 4%.However, they are likely to be reassured by the significant slowdown in the annual inflation rate, from 3

UK inflation falls sharply to 3.2% amid slowdown in food price rises

UK inflation fell by more than expected in November to the lowest level in eight months amid a slowdown in food prices, clearing the way for the Bank of England to cut interest rates on Thursday.In a crunch week for the economy, the Office for National Statistics said the rate as measured by the consumer prices index eased to 3.2% last month from a reading of 3.6% in October. City economists had forecast a modest drop to 3

Christmas dinner and festive treats up to 70% more expensive, reports Which?

Shoppers are paying up to 70% more for Christmas chocolate treats compared with last year, while the price of a turkey has jumped by as much as £15, according to the consumer champion Which?The group analysed a range of ingredients for a typical Christmas dinner, as well as other typical festive treats including mince pies, sparkling wine and chocolates.Festive chocolate had the steepest mark-up this year. Among the biggest risers was a Lindt Lindor milk chocolate truffles treat box at Asda up 72% to £1.98 compared with £1.15 last year

Rate hikes, rising inflation and difficult decisions: key takeaways from Jim Chalmers’ budget update

Jim Chalmers has claimed “the most responsible mid-year update on record”, unveiling a multibillion-dollar improvement in the budget bottom line alongside extra money for mental health, CSIRO, and training for tradies.Here are the three key takeaways from the mid-year economic and fiscal outlook.As expected, this is a mid-year budget that’s all about the savings. Chalmers warned of “difficult decisions” ahead of today, but there’s no big shock.Instead, the treasurer is making a virtue of small improvements in the bottom line, made harder by some cost blow-outs in areas like disaster relief, which will cost $6

EU plans to water down ban on new petrol and diesel cars

The EU has confirmed it wants to water down its 2035 ban on the sale of new petrol or diesel cars, yielding to heavy pressure from the car industry and leaders from several EU member states including Germany and Italy.Wopke Hoekstra, a European climate commissioner, described the proposals as a “win-win” situation for consumers and industry, keeping Europe on the electrification course with a series of carrot and stick measures.Under current legislation, manufacturers were obliged to ensure that 100% of production of cars and vans had zero emissions from 2035.The European Commission has now proposed reducing this to 90%, enabling the continued manufacture of a portion of plug-in hybrid electric cars, or even combustion engines beyond 2035.In a carrot-and-stick approach, the remaining 10% of assembly line output that is not carbon neutral will need to be compensated by other green measures on the factory floor, including the use of green steel made in Europe or use of biofuels in non-electric vehicles