Renault UK boss: ‘Seismic shift’ in electrical automotive curiosity
Renault’s UK boss has mentioned the Iran warfare oil worth surge has began a “seismic shift upwards” in curiosity in electrical autos.
Adam Wooden, managing director for the French carmaker within the UK, mentioned that consumers have been realising that it was less expensive to cost electrical vehicles than to replenish with petrol.
A Renault 5 electrical automotive parked by the ocean. {Photograph}: Renault
Oil costs remained above $111 per barrel on Friday, with little signal that the US and Iran would attain an settlement to reopen the strait of Hormuz, a key export route for a fifth of the world’s oil.
Renault mentioned the impact of the oil worth surge was translating to gross sales. It mentioned enquiries about electrical autos have been up 42% on its web site, and that electrical autos accounted for nearly 50% of gross sales in April. The Renault 5 was the bestselling electrical automotive in Britain throughout the month.
Wooden mentioned:
double citation markInterest in electrical autos has undergone a seismic shift upwards following the spike in oil costs on the finish of February.
In turbulent instances, an increasing number of persons are realising the advantages of switching to electrical. With a wider selection of extra environment friendly, extra fascinating and extra reasonably priced electrical vehicles than ever earlier than, there’s by no means been a greater time to make the swap.
Automotive shopping for web sites throughout Europe have additionally reported an “E-Auto-Growth” because of the oil worth enhance – that means that Donald Trump could, by way of the US-Israeli assaults on Iran, have boosted demand for electrical autos regardless of his private antipathy in direction of them.
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Up to date at 07.31 EDT
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Some proof of upper margins from petrol sellers, says UK’s CMA
A buyer fills her tank at a petroleum station in London on 22 April 2026. {Photograph}: Andy Rain/EPA
Petrol costs are making drivers baulk – and contemplate shifting to electrical vehicles, in accordance with Renault. The UK authorities is making an attempt to place stress on gas sellers to make sure they don’t scalp their prospects.
The federal government’s Competitors and Markets Authority mentioned on Friday that it had discovered that “a minority of shops” had elevated their revenue margins because the begin of the Iran warfare.
Nonetheless, it mentioned that on common revenue margins have been “broadly unchanged between February and March, and have been much like the typical margins all through 2025”. It mentioned that elevated oil costs have been the primary driver for greater pump costs.
Sarah Cardell, chief government on the CMA, mentioned:
double citation markOn common, retailer gas margins didn’t enhance. We’ll stay vigilant to make sure any fall in prices is handed on rapidly to motorists.
In the present day’s report additionally reveals the worth of procuring round, with drivers capable of save as much as £9 per tank by doing so.
To attempt to forestall scalping, the federal government has launched a “Gasoline Finder” scheme for individuals to verify pump costs, with enforcement as a result of begin as we speak by the CMA. The AA is worked up by the adjustments. Edmund King, the AA’s president, mentioned:
double citation markThis is a momentous day for pushing the gas commerce to cost petrol and diesel on the pump pretty, transparently and competitively. Up till now, most motorists travelling unfamiliar roads would solely learn the way low-cost or costly gas on the subsequent forecourt is after they drive previous.
AA evaluation of motorway service space petrol costs this week reveals that 31 out of fifty sampled have been charging no less than 184.9p a litre – in opposition to a nationwide common of 157.7p. Most motorists would solely discover this out as they drove off the motorway and pulled onto the forecourts.
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UK’s FCA faces authorized challenges to £9.1bn compensation scheme
Mark Sweney
The UK monetary watchdog is going through 4 authorized challenges in opposition to its £9.1bn compensation scheme for victims of the motor finance scandal.
The Monetary Conduct Authority (FCA) mentioned that it’ll defend the scheme “robustly” because the “quickest, easiest route for shoppers and probably the most environment friendly method for companies to place issues proper”.
The FCA confimed the Guardian’s report of a authorized problem from client group Shopper Voice, which claims that the scheme massively shortchanges victims, which is represented by Courmacs Authorized.
It is usually going through challenges from lenders Volkswagen Monetary Providers, Mercedes Benz Monetary Providers and Crédit Agricole Auto Finance.
The FCA famous that not one of the claims acquired are expressly within the title of any particular person shoppers.
“We’ll defend the scheme robustly as lawful and one of the best ways to resolve such a widespread, lengthy working and sophisticated subject,” the FCA mentioned. “These authorized challenges create recent uncertainty for thousands and thousands of shoppers and for the second largest client credit score market.”
ShareVessels carrying provides for an offshore oil platform operated by ExxonMobil are seen in Guyana on the Demerara River. {Photograph}: Luc Cohen/Reuters
Oil costs have soared, which normally means one factor: big oil firm income.
America’s ExxonMobil reported adjusted earnings per share of $1.16, beating the $1 consensus expectation. Manufacturing in its latest oil fields in Guyana rose to a file, with consumers all over the world determined for brand new sources of crude oil to exchange these trapped within the Gulf by the Iran warfare.
Nonetheless, Exxon’s statutory income got here in at $4.2bn for the primary quarter. That was nominally the bottom in 5 years, and down from $7.7bn final 12 months, however that was primarily due to one-off accounting impacts from monetary derivatives.
It has not all be plain crusing for the oil firm: it additionally had a $700m monetary hit from cargoes that might not be delivered by the strait of Hormuz.
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UK manufacturing enterprise prices surge due to Iran warfare
Tom Knowles
Producers within the UK have recorded one of many sharpest rises in enterprise prices in additional than thirty years, because of the financial fallout of the Iran warfare, a closely-watched survey has revealed.
The S&P International buying managers’ index (PMI) mentioned producers’ enter costs – akin to uncooked supplies, vitality and labour – rose at one of many quickest charges since its survey started in 1992, outdoors of the post-pandemic inflationary surge in 2022.
Rob Dobson, the director at S&P International Market Intelligence, mentioned:
double citation markRestrictions on transit by the strait of Hormuz are inflicting substantial disruptions to enter deliveries, with provider lead instances lengthening to the best extent in nearly 4 years. The ensuing materials shortages are exerting steep stress on buying prices.
Enterprise optimism within the sector additionally fell to its lowest stage in a 12 months throughout April, as producers remained involved concerning the influence of the warfare within the Center East and what it can do to world financial development and geopolitical instability.
Producers additionally reported points with provide chains because of the problems attributable to the Center East warfare and restrictions on transit by the strait of Hormuz.
Nonetheless, regardless of the rise in prices, producers in any other case had a significantly better April than anticipated, with the PMI displaying a close to four-year excessive in exercise.
The PMI studying for April rose to a 47-month excessive of 53.7, its finest stage since Might 2022 and up from a studying of 51 in March. Any studying above 50 indicators enlargement within the sector, whereas something beneath represents a contraction. The manufacturing PMI has posted above 50.0 for six successive months.
Manufacturing manufacturing and new orders each rose, as a result of an uptick in new work from present prospects and new enterprise from home and abroad shoppers. Nonetheless, the survey mentioned a part of the rise mirrored shoppers trying to convey ahead their orders within the perception that there shall be worth will increase and provide chain delays on account of battle within the Center East.
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There could also be clouds over the worldwide financial system, however up to now British shoppers seem like persevering with as common, in accordance with new Financial institution of England figures.
Web borrowing of client credit score by people barely decreased to £1.9bn in March from £2.0bn in February, in accordance with the Financial institution’s information, revealed on Friday. That was nonetheless barely above the earlier six-month common of £1.8bn, and better than the £1.8bn anticipated by economists.
The variety of mortgage approvals for home purchases throughout March additionally got here in greater than anticipated – presumably serving to to clarify the shocking resilience in home costs reported earlier by Nationwide. There have been 63,530 mortgages authorised, up from 62,700 and above the 60,000 anticipated by economists.
Web borrowing of mortgage debt by people elevated to £6.2bn, from £5.2bn in February.
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Renault UK boss: ‘Seismic shift’ in electrical automotive curiosity
Renault’s UK boss has mentioned the Iran warfare oil worth surge has began a “seismic shift upwards” in curiosity in electrical autos.
Adam Wooden, managing director for the French carmaker within the UK, mentioned that consumers have been realising that it was less expensive to cost electrical vehicles than to replenish with petrol.
A Renault 5 electrical automotive parked by the ocean. {Photograph}: Renault
Oil costs remained above $111 per barrel on Friday, with little signal that the US and Iran would attain an settlement to reopen the strait of Hormuz, a key export route for a fifth of the world’s oil.
Renault mentioned the impact of the oil worth surge was translating to gross sales. It mentioned enquiries about electrical autos have been up 42% on its web site, and that electrical autos accounted for nearly 50% of gross sales in April. The Renault 5 was the bestselling electrical automotive in Britain throughout the month.
Wooden mentioned:
double citation markInterest in electrical autos has undergone a seismic shift upwards following the spike in oil costs on the finish of February.
In turbulent instances, an increasing number of persons are realising the advantages of switching to electrical. With a wider selection of extra environment friendly, extra fascinating and extra reasonably priced electrical vehicles than ever earlier than, there’s by no means been a greater time to make the swap.
Automotive shopping for web sites throughout Europe have additionally reported an “E-Auto-Growth” because of the oil worth enhance – that means that Donald Trump could, by way of the US-Israeli assaults on Iran, have boosted demand for electrical autos regardless of his private antipathy in direction of them.
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Up to date at 07.31 EDT
Mark Sweney
Right here’s extra on NatWest’s financial modelling in response to the Iran warfare: the financial institution mentioned the financial fallout from the battle within the Center East might value it £140m amid slowing development and rising inflation even because it reported income forward of expectations.
Total, the FTSE 100 lender booked a £283m impairment cost and mentioned that just about half of that was due to a reassessment of its financial forecast to “replicate elevated geopolitical threat and weaker fairness markets”.
The financial institution mentioned it expects its base case for UK gross home product development to be solely 0.4% this 12 months, half that forecast by the Worldwide Financial Fund earlier this month.
You may learn extra right here:
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Oil costs up with no finish of Iran blockade in sight
US President Donald Trump, accompanied by Republican members of Congress, speaks to reporters after signing government orders within the Oval Workplace of the White Home on 30 April. {Photograph}: Andrew Harnik/Getty Photos
Donald Trump has mentioned he’ll follow the US’s “unbelievable” blockade of the strait of Hormuz, with little signal that talks over reopening it are probably. But oil costs seem like they’re off their two-year peak of greater than $126 per barrel of Brent crude on Thursday.
Brent crude futures are buying and selling at $110 as we speak, however that doesn’t really imply costs have dropped. Futures costs confer with a particular month of supply, and the contract watched by monetary markets adjustments on the finish of every month. The worth of crude for the brand new entrance month, July, is up by about 1% on Friday.
The US-Israeli warfare on Iran has triggered a worldwide vitality disaster, as Iran responded by closing the strait and strangling a couple of fifth of world oil provides. But regardless of the electoral dangers to Trump from surging gasoline costs (to not point out a possible world meals disaster), there seems to be little signal of motion to reopen the strait.
“Their financial system is crashing, the blockade is unbelievable, the ability of the blockade is unbelievable,” Trump informed reporters on the White Home on Thursday. “Their financial system is a catastrophe. So we’ll see how lengthy they maintain out.”
Jim Reid, an analyst at Deutsche Financial institution, wrote in a notice to shoppers:
double citation markOil costs have continued to creep greater in a single day, with no signal that the US and Iran are shifting nearer to a deal. Given the month-end, there’s been a contract roll, but when we follow the July 2026 contract for consistency, Brent crude is up +1.07% this morning to $111.58/bbl. Furthermore, Trump confirmed no signal of backing down […]
In the meantime, there’s been no signal of comprise from the Iranian aspect, with new Supreme Chief Mojtaba Khamenei issuing a press release that Iran would keep its missile and nuclear capabilities and suggesting that Iran would implement “new authorized frameworks” over the Strait of Hormuz.
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Up to date at 04.00 EDT
NatWest is now the most important faller on the FTSE 100, down 3.7% after analysts prompt that its underlying income have been barely weaker than anticipated.
Gary Greenwood, banks analyst at Shore Capital, mentioned that income earlier than tax benefited from “stronger-than-expected notable gadgets in earnings and barely decrease prices”, however as soon as these have been stripped out “underlying efficiency was a contact weaker than anticipated”. In a notice to shoppers, Greenwood wrote:
double citation markWhile administration has upgraded [2026] earnings steerage to the highest finish of the £17.2bn to £17.6bn vary, this stays beneath present consensus of £18.0bn and should due to this fact disappoint, particularly given the primary quarter miss on this metric.
Richard Hunter, head of markets at interactive investor, an funding platform, mentioned:
double citation markWith excessive efficiency comes excessive expectations, and NatWest has slipped as we speak when it comes to outlook slightly than supply. The marginally bearish response to the numbers displays the frustration, though in context it does little to derail the group’s onward march. The shares have risen by 22% over the past 12 months, as has the broader FTSE100, and by 90% over the past two years.
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On the different finish of the FTSE 100, AstraZeneca is among the many greatest fallers after US regulators voted in opposition to recommending its new breast most cancers drug. Its shares have been down 1.9% in early buying and selling.
A US Meals and Drug Administration committee voted in opposition to recommending the pharmaceutical firm’s camizestrant by six votes to 3.
Susan Galbraith, government vice chairman of oncology haematology R&D at AstraZeneca, mentioned:
double citation markWe are upset with the combined consequence of as we speak’s [committee] assembly. We strongly imagine within the outcomes of the SERENA-6 trial, and are inspired that the committee noticed camizestrant as a protected and efficient potential new drugs. We stay assured within the medical profit the mix can convey to sufferers by altering therapeutic technique on the earliest alternative, and are dedicated to difficult the established order within the pursuit of innovation that optimises outcomes for sufferers.
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Diageo shares rise after Trump removes whisky tariffs
A bartender takes a bottle of Johnnie Walker whisky at a bar in Almaty, Kazakhstan. {Photograph}: Shamil Zhumatov/Reuters
And we’re off, in London no less than. Prime of the FTSE 100 this morning is Diageo, the drinks maker. It makes manufacturers together with Guinness but in addition, extra pertinently this morning, a bevy of Scotch bevvies.
Diageo executives shall be elevating a glass to King Charles, after Donald Trump final night time introduced that the US would drop all tariffs on Scotch whisky within the royal household’s honour.
Trump mentioned in a publish on social media:
double citation markIn Honor of the King and Queen of the UK, who’ve simply left the White Home, quickly headed again to their fantastic Nation, I shall be eradicating the Tariffs and Restrictions on Whiskey having to do with Scotland’s skill to work with the Commonwealth of Kentucky on Whiskey and Bourbon.
The King and Queen acquired me to do one thing no person else was capable of do, with out hardly even asking!
Shares in Diageo rose by 2% in early buying and selling above £15. Its whisky manufacturers embrace Johnnie Walker, Lagavulin, Talisker, the Singleton and Mortlach. Whisky and most different UK exports had been topic to 10% tariffs.
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Up to date at 03.12 EDT
It’s more likely to be a quiet morning on fairness markets, as many of the main indices round Europe are closed – and on that notice, completely satisfied Might Day!
However London continues to be open for buying and selling (and closed on Monday). Futures costs recommend the FTSE 100 is because of dip by 0.3%.
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UK home costs up shock 0.4% in April; NatWest income up
British homebuyers defied a bleak financial temper and the Iran warfare to push home costs up by 0.4% in April, shocking economists who had on common anticipated a decline.
Annual home worth development picked as much as 3.0% in April, from 2.2% in March, in accordance with information revealed on Friday by Nationwide, the UK’s largest constructing society. That put the typical worth at £278,880.
Nationwide mentioned the rise in costs mirrored resilience within the housing market, regardless of measures of financial sentiment declining, and the backdrop of the US-Israeli warfare in Iran threatening inflation due to greater oil costs.
Robert Gardner, Nationwide’s chief economist, mentioned:
double citation markDespite the uncertainty attributable to developments within the Center East and the following rise in vitality costs, the UK housing market has continued to regain momentum following the slowdown recorded across the flip of the 12 months.
That is considerably shocking on condition that indicators of client confidence have weakened noticeably. GfK’s headline index has fallen to its lowest stage since late‑2023, reflecting households’ extra pessimistic views of the financial outlook and their very own monetary place over the 12 months forward.
Ashley Webb, senior UK economist at Capital Economics, a consultancy, mentioned:
double citation markThe surprisingly robust rise within the Nationwide measure of home costs in April reveals that home costs have continued to realize momentum regardless of the falls in client confidence and the rise in mortgage charges because the begin of the Iran warfare. However the rising upside dangers to our mortgage fee forecast from the newest rise in oil costs suggests this energy is unlikely to final.
NatWest Group stories greater income regardless of financial gloom
NatWest reported greater income of £1.4bn within the first quarter of the 12 months, regardless of the UK banking group setting apart an additional £140m in case of the financial system worsening.
The financial institution, previously often called Royal Financial institution of Scotland, mentioned that it expects earnings for the 12 months to succeed in the highest finish of its anticipated vary of between £17.2bn and £17.6bn.
Paul Thwaite, NatWest’s chief government, mentioned it was a “robust efficiency within the first quarter of 2026”.
double citation markWe have began the 12 months with optimistic momentum, underpinned by wholesome buyer exercise – rising all of our three companies, increasing our capabilities to satisfy extra of our prospects’ wants and additional enhancing productiveness as we use AI at scale throughout the financial institution.
The agenda
9:30am BST: Financial institution of England client credit score (March; earlier: £1.9bn; consensus: £1.8bn)
9:30am BST: Financial institution of England mortgage approvals (March; earlier: 62,580; consensus: 60,000)
1:15pm BST: Financial institution of England – speech by Huw Capsule, chief economist
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