Lloyds Banking Group has notched up a higher-than-expected annual profit haul despite significant provisions for motor finance compensation.
The high street lending giant reported a 12% jump in pre-tax profits to £6.66bn for 2025, up from £5.97bn in 2024 – and upped its outlook for key performance measures in 2026.
This came in spite of £968m in so-called remediation costs, including another £800m charge set aside in the bank’s third quarter to compensate customers unfairly sold a car loan, bringing the group’s total bill so far for the saga to £1.95bn.
Santander is to shut 44 of its bank branches in a move putting 291 jobs at risk.
The Spain-based banking giant said the closures are part of an overhaul of its network linked to a shift from customers towards its digital services.
It said 96% of all transactions are now being completed in digital channels after a rapid increase in online banking customers.
Mini has announced that the Countryman E electric SUV is now eligible for the government’s full £3,750 Electric Car Grant.
The Electric Car Grant is an incentive that will slash up to £3,750 off the price of a new EV priced under £37,000.
Customers who order a Mini Countryman E can now benefit from the discount, with the range now starting at £29,255 for the entry-level ‘Classic’ model.
Stock prices in London closed mostly higher on Thursday, as investors digested the US Federal Reserve’s decision on Wednesday to stand pat on interest rates.
The FTSE 100 index closed up 17.33 points, 0.2%, at 10,171.76.
In European equities on Thursday, the CAC 40 in Paris closed up 0.1%, while the DAX 40 in Frankfurt ended down 2.1%.
Group 1 Automotive expects further UK job losses in 2026 as it continues restructuring, despite record 2025 revenues. The dealer group plans more workforce realignment and site closures, after already shutting multiple UK dealerships amid ongoing market challenges.
Car Dealer Live has added a dedicated networking breakout area, giving suppliers space to meet dealers during breaks. Limited tables include event tickets and showcase opportunities. The March 19 Gaydon event features major industry speakers, research sessions, and extensive networking.
Tesla has been fined over £20,000 after failing to respond to police requests to identify drivers in at least 18 speeding cases. Courts across the UK convicted the firm after unanswered notices, despite claims nominations were posted by the company.
UK vehicle production fell 15% in 2025 as cyber attacks, trade barriers and restructuring hit factories. Car output dropped 8%, vans 62%. Electrified production rose to 42%. The SMMT expects recovery in 2026 with new EV launches across UK plants.
Volvo has reshuffled its UK leadership, appointing Marc Piovesan as CFO from Porsche, expanding Suzanne Woolley’s remit to consumer experience, and naming Louise French strategic marketing director, as the brand builds on momentum from its agency sales model success nationwide.
