Close Brothers expects the motor finance redress scheme to cost it in the region of £320m, it said on Wednesday.

Drivers have been warned of further pain at the pumps despite some much-needed respite after the biggest fall in the price of oil since the Covid outbreak six years ago.

Jaguar Land Rover has reported a recovery in sales over the past quarter after restarting production following a major cyber attack.

Ducati's big birthday comes at a difficult time. The Iran war is obviously damaging for anyone selling luxury goods, including high-end motorcycles.

Lloyds Banking Group rose 1.2%, or 1.06p, to 92.34p, while Barclays added 1.2%, or 4.55p, to 389.45p. Smaller lender Close Brothers rose 5%, or 19p, to 400.6p.

There will hardly be much cause for celebration at Lloyds, Close Brothers and other motor industry lenders caught up in the car finance scandal.

Lenders who sold rip-off loans to millions of motorists were last night told to crack on with paying back billions of pounds as the City watchdog finalised a compensation scheme.

Car park operator NCP will permanently close around 20 of its sites after it filed for insolvency earlier this month.

Mike Morgan's comments came as the City watchdog prepares to reveal details of a multi-billion-pound compensation scheme.

Japanese-owned NCP employs 682 people and manages approximately 340 car parks nationwide, but after crashing into £305million of debt, its future has never been more uncertain.

Bentley sold 10,131 cars last year - down by 512 or nearly 5% on 2024. It said this was driven 'largely by continued market contraction particularly in China'.

Troubled lender Close Brothers has announced 600 job cuts as it grapples with the fall-out from Britain's car finance scandal and an attack by a notorious short-seller.

The FCA said it was likely to make several changes to the proposed compensation scheme after receiving more than 1,000 responses to its consultation on the proposals.

Alistair Lock, chairman of the Motor Fuel Group said higher oil prices are ' inevitably going to feed through in due course to higher prices at the pump.' Oil surged after war broke out in the Middle East.

Wayve, which was founded in 2017, has secured the backing of tech giants and carmakers as it eyes the launch of driverless taxi trials with Uber this year.