UK car output slows

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We’re making fewer cars

UK production lines slowed in 2019, with the lowest output in almost a decade. Factories produced 1.3 million cars last year, marking the third consecutive year of decline. With 4 in 5 cars built for export, the vast majority of which are sent to the EU, trade bosses are calling the numbers “a grave concern” and stressing the importance of barrier-free trade with the continent after Brexit.

Electric van switch-on

Delivery company UPS has made a huge order of electric vans (paywall) from London and Banbury-based startup Arrival. The order for 20,000 zero-emission vans is worth $800 million and offers a ray of light for the motor industry. With a value of $3.3 billion, Arrival is the UK’s first automotive unicorn (a tech business worth over $1 billion).

Wonga compensation washout

People who were mis-sold loans by the maligned payday lender Wonga will get only 4.3% of the compensation they’re owed. 380,000 people made eligible claims against the business, worth a total of £460 million, but the loans weren’t covered by the Financial Services Compensation Scheme. However, all refunded loans will be wiped from borrowers’ credit records.

BBC cuts back

The BBC is on an £80 million saving spree to try and secure its future. Its news operation will let 450 people go and shift focus to its online output over television and radio news. The possible decriminalisation of skipping the licence fee adds even greater uncertainty to the broadcaster’s financial security.