Car industry stalls

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Flat tyre for car industry

The UK is on track to build just 880,000 cars this year. That’s a third less than last year, and our lowest output since 1957. Production lines have stalled due to coronavirus, and over 11,000 people all along the car supply chain have lost their jobs since the start of the crisis.

Lloyds goes overdrawn

Lloyds Banking Group has reported losing money in the first half of the year, after upping its estimates for customers defaulting on loans. The bank had expected to put aside £1.5 billion in the second quarter to cover bad loans, but has ended up ring-fencing a massive £2.4 billion. Lloyds, which is often seen as a bellweather for the wider economy, says the financial impact of coronavirus on its customers is larger than it thought it would be.

Public sector hiring spree

Thousands of jobs and new nursing training spots will be created in a new public sector jobs boost. There are 3,000 extra nursing places available, and the Ministry of Justice is hiring 1,000 new probation officers by the end of the year. Last year, Boris Johnson also pledged to recruit 20,000 new police officers to try and bolster the shrinking force. A report on his progress will be published later today.