UK economy strengthens as service sector returns to growth and car sales jump – business live

Technology stocks booming again while Brent crude rises back above $80 a barrel after Houthis say they attacked Saudi tankerIt’s a double dose of good news, as industry data showed new car sales in Britain rose nearly 12% in July, driven by strong demand for electric vehicles.Britain’s new car market grew 11.7% year on year with 156,571 vehicles registered, according to the Society of Motor Manufacturers and Traders (SMMT).July’s record EV performance is a great achievement, reflecting industry’s huge investment in zero emission mobility. But that progress cannot be sustained if manufacturers continue haemorrhaging billions in EV discounts, distorting demand to avoid even steeper penalties. TThe sector’s commitment to decarbonisation is not in doubt but its ability to remain viable – and attract investment for an EV future – is under intense pressure. A sustainable transition will not happen merely by compelling supply when underlying demand is not keeping pace despite year-on-year growth. We need urgent reform of the regulation, else Britain risks undermining its competitiveness and the jobs and livelihoods that depend on this industry. Continue reading...