May 6: Nissan cuts Sunderland line; Borrowing costs soar; New Audi RS5

Carmaker Nissan has announced plans to close a production line at its Sunderland factory and cut 900 jobs in Europe as part of fresh restructuring efforts.

The Japanese manufacturer said it will be combining production from two lines to one at the Sunderland site, but that will not lead to any job cuts.

It is understood that the two lines were not running at maximum capacity and combining them is intended to improve efficiency and free up space at the plant. This could pave the way for new partnerships to make use of the spare capacity.

UK long-term borrowing costs rise to 28-year high

UK long-term borrowing costs have jumped to their highest level since 1998, amid concerns over rising inflation and political uncertainty ahead of this week’s local elections.

The yield on 30-year UK government bonds – also known as gilts – reached a 28-year high on Tuesday afternoon, up 0.14 percentage points to 5.798%.

Gilt yields move counter to the value of the bonds, meaning their prices fall when yields rise. Rising yields on these bonds mean it costs more for governments to borrow from financial markets.

New Audi RS5 set to hit the road this summer as pricing announced

Audi’s new plug-in hybrid RS5 has gone on sale priced from £89,400.

Available in saloon and more practical Avant – or estate – bodystyles, the RS5 marks one of the first uses of Audi’s 2.9-litre V6 plug-in hybrid system.

Combined, the two generate 630bhp, an increase on the 450bhp developed in the previous-generation car. Audi says that this output allows the RS5 to manage 0-60mph in 3.3 seconds before it heads towards a 155mph top speed, or 177mph in top-spec Vorsprung cars.

The markets

The FTSE 100 fell sharply on Tuesday, as did UK bonds, with investors wary ahead of local elections and amid ongoing uncertainty in the Middle East.

The London-based stock index closed down 144.82 points, 1.4%, at 10,219.11.

In European equities on Tuesday, the CAC 40 in Paris ended up 1.1%, and the DAX 40 in Frankfurt jumped 1.7%.

A £10m ‘ghost car’ fraud saw gangs use rogue dealers and real or complicit customers to submit fake finance applications for non-existent vehicles. Brokers bore losses after dealers vanished, leaving police investigating a large, sophisticated organised crime scheme.

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UK new car registrations rose 24% in April to 149,247, the best April since 2019. Growth spanned all sectors, driven by fleets. Electrified vehicles exceeded 53% share, though EV uptake lags targets amid affordability concerns and economic pressures.

Adam Wood has urged continued government EV incentives to sustain demand. The Renault UK boss says that rising fuel costs and grants have boosted interest in electric cars, with the Renault 5 leading UK EV sales.

The Peugeot 208 was April’s fastest-selling used car, averaging 5.6 days. Vauxhall Corsa models dominated overall, while demand for low-mileage petrol cars remained strong and used prices rose slightly.

A former Evans Halshaw and BMW employee admitted stealing £176,000 and cars to fund a gambling addiction. Joe McStein avoided jail, receiving a suspended sentence, unpaid work, and rehabilitation after showing remorse and efforts to recover.

Hate crime prosecutions to be fast-tracked after rise in antisemitic incidents

Hate crime prosecutions are set to be fast-tracked due to a ‘deeply troubling rise in antisemitic incidents’, the chief prosecutor for England and Wales has said.

Director of public prosecutions (DPP) Stephen Parkinson has issued guidance to prosecutors which says ‘any supporting evidence can be obtained subsequently’ once the evidential threshold for a charge is met.

The new guidance follows a series of attacks on Britain’s Jewish community which have contributed to concerns that antisemitism is on the rise.

Ineos and Shell join up to drill for new oil and gas in US

Ineos has joined forces with Shell to drill for new oil and gas in the US as boss Sir Jim Ratcliffe said he was prioritising investment across the pond rather than in Europe.

Ineos Energy, the energy division of the chemicals giant, said it had acquired a 21% interest in a portfolio of assets owned by a subsidiary of Shell.

The two companies will jointly invest in exploration and production opportunities for oil and gas in the Gulf of Mexico, the body of water which US President Donald Trump has renamed as the Gulf of America.

Weather outlook

Across the UK, conditions will turn cooler and more subdued today.

Southern and eastern areas should see a mix of cloud and sunny intervals, though feeling fresher. The Midlands remain mostly cloudy with occasional bright breaks.

Northern England sees more persistent cloud and scattered showers, while Scotland is generally overcast, with patchy rain and a distinctly cooler, breezier feel.