Aston Martin latest firm to be hit by Trump Tariffs as MPs warn UK businesses might be forced to accept cash
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First up, Aston Martin is limiting US imports due to new 25 per cent tariffs imposed by President Trump.
The luxury carmaker will rely on existing US stock rather than ship new vehicles. It comes as the firm reported widening losses in its latest results. Despite the hit, Aston Martin is sticking to its 2025 recovery targets.
Barclays profits jump but house prices decline: More business in brief
- Barclays has posted a 19 per cent jump in first-quarter profits, hitting £2.72 billion. But the bank also set aside more cash for bad loans amid US economic fears. Provisions rose to £643 million, up from £513 million last year.
- UK house prices dipped 0.6 per cent in April, according to Nationwide. Annual growth also slowed to 3.4 per cent, with the average home now worth around £270,000. Nationwide’s chief economist said the slowdown followed changes to stamp duty. Many buyers rushed to complete in March to avoid higher taxes.
From Aston Martin scaling back US exports to Barclays bracing for defaults and a slowdown in house prices, today’s business headlines reflect an economy under pressure from forces far beyond our shores.
Trade tensions and global economic jitters are being felt at every level – from car showrooms to bank balance sheets to estate agents.
But closer to home, confidence isn't helped by signs the UK government isn’t fully in control of the economic wheel. News that it reportedly took over British Steel without first assessing the cost to taxpayers, paired with MPs branding HMRC a “lumbering dinosaur,” suggests a worrying lack of grip.
In a time of mounting global complexity, strong and agile leadership matters – and right now, it’s not entirely clear we have it.
- Businesses may need to be forced to accept cash, MPs have warned. The Treasury Committee says declining cash use risks excluding vulnerable people. It’s calling for better monitoring of where coins and notes are still accepted.
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- MPs have also warned the tax system is getting more costly and less trusted. A report says HMRC’s productivity has dropped, despite hiring more senior staff. Taxpayer trust is falling, and progress on modernising IT remains painfully slow.
- United Living has secured a £250 million contract to help build CO2 transport and storage infrastructure in the UK. The three-year deal, part of the HyNet project, could create up to 350 jobs. It will support the UK’s first major CO2 pipeline, cutting emissions across the North West and North Wales.
That's all for today. Thank you for listening.
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