Industrial firms to face £685m property tax hit after energy support pledge
Industrial firms are to be hit with nearly £700m in new property taxes, offsetting some of the government’s move to slash their energy bills to boost competitiveness, experts have warned.
Just a week after the government’s industrial strategy revealed electricity costs for about 7,000 energy-intensive businesses would be cut by scrapping green levies, estimates suggest many of the larger firms are set to see their business rates bill soar.
Around 4,300 large-scale industrial properties in England – across manufacturing sectors such as automotive, aerospace and chemicals – will face a new business rates levy costing them around £685m a year, according to tax and software firm Ryan.
JD Sports, M&S and Sainsbury’s to face shareholder pressure over low pay
Major high street retailers are set to face pressure from shareholders over low pay in their workforce, including third-party contractors.
ShareAction, which campaigns for responsible investment, has put forward resolutions on the issue, which will be voted on by shareholders at M&S and JD Sports’ annual general meetings (AGMs) on Tuesday and Wednesday respectively.
The companies are facing questions over wages that do not meet the ‘real living wage’ of £12.60 per hour nationally and £13.85 per hour in London for those aged 21 and over.
British sports car maker Marcos set to return
British sports car maker Marcos is set to return after the firm announced it’s currently working on three new projects.
Marcos dates back to 1959 and began producing sports cars such as the Xylon, which was designed to go racing with future F1 world champion Jackie Stewart and multiple Le Mans winner, Derek Bell behind the wheel.
The manufacturer says that all the new projects are currently being ‘evaluated’ with the first being a ‘faithful reimaging of a much-loved Marcos model’. The second is an all-new model, while the third project is to focus on keeping its historic cars on the road.
European blue-chips ended solidly higher on Friday, shaking off robust US data which may have cemented another Federal Reserve hold next month, with tariff optimism lifting morale.
The FTSE 100 index closed up 63.31 points, 0.7%, at 8,798.91. The FTSE 250 was up 241.30 points, 1.1%, at 21,715.96, and the AIM All-Share added 2.29 points, 0.3%, at 769.33. For the week, the FTSE 100 added 0.3%, the FTSE 250 surged 2.7% and the AIM All-Share gained 1.3%.
The pound was quoted lower at 1.3713 dollars at the time of the London equities close, compared to 1.3733 dollars on Thursday. The euro stood at 1.1717 dollars, higher against 1.1698 dollars. Against the yen, the dollar was trading higher at 144.75 yen compared with 144.48 yen.
BBC under pressure amid criticism of ‘death to the IDF’ chants at Glastonbury
Sir Keir Starmer has led criticism across the political spectrum of chants at Glastonbury for ‘death’ to the Israeli military as the BBC faced pressure to explain why it kept broadcasting.
Rapper Bobby Vylan, of rap punk duo Bob Vylan, on Saturday led crowds on the festival’s West Holts Stage in chants of ‘Free, free Palestine’ and ‘Death, death to the IDF (Israel Defence Forces)’. A member of Belfast rap trio Kneecap suggested fans ‘start a riot’ at his bandmate’s forthcoming court appearance related to a terrorism charge.
Responding to the chants from Bob Vylan, the prime minister said: ‘There is no excuse for this kind of appalling hate speech. I said that Kneecap should not be given a platform and that goes for any other performers making threats or inciting violence. The BBC needs to explain how these scenes came to be broadcast.’
Welfare concessions to be set out ahead of crunch vote
The government is to set out the concessions it has made to its welfare reforms in the hope that the climbdown on cuts will be enough to shore up support in a crunch vote.
Work and pensions secretary Liz Kendall said the Bill aims to deliver a ‘fairer, more compassionate system’ ahead of the legislation’s second reading on Tuesday.
The government will amend the Bill at the Commons committee stage to put the changes in place.
TV star Kelsey Grammer, known for Cheers and Frasier, visited Acklam Cars in Middlesbrough while supercar shopping. The dealership shared the moment online, sparking excitement among fans.
US giant Lithia is close to acquiring Hatfields, strengthening its position to rival the UK’s largest dealer groups. Experts say the UK’s value, premium brands, and digital potential make it attractive for international investors, with OEMs watching closely.
Heycar’s online used car platform remains fully operational despite its parent company’s liquidation. Majority shareholder Volkswagen Financial Services has acquired Heycar’s key assets, integrating its technology and staff to strengthen VWFS’s automotive e-commerce capabilities and ensure the platform’s continued service.
From April 2027, small and micro car dealers must file tax returns using commercial software and publish profit and loss accounts. This raises concerns about costs, privacy, and competitive exposure, though the changes aim to reduce fraud and economic crime.
Auto Trader’s fastest-selling used car in June is the MG HS, averaging just 15 days to sell. SUVs dominate the top ten, while luxury brands like Land Rover and Jaguar sell more slowly. Petrol and plug-in hybrids remain the quickest-selling fuel types.
Cupra has launched its first UK ‘City Garage’ in Manchester’s St Ann’s Square, joining global sites like Sydney and Madrid. The space combines car retail with music, art, and culture, aiming to become a dynamic community hub and brand experience centre.
UK vehicle production fell for the fifth consecutive month in May, down 32.8% to its lowest May output since 1949. SMMT cites model changes, restructuring, and US tariffs as key factors. Exports to major markets, including the US and EU, also declined.
Today, rain will spread across Northern Ireland and Scotland, while most other areas remain dry, warm, and sunny, with possible showers in eastern England and hot weather in the south east. BBC Weather said temperatures could top 33 degrees in London.
Tonight, showers will clear, leaving mostly dry conditions with cloud moving into Wales and northern England.