Sterling tumbles to lowest since June 2020 as Bank of England lifts interest rates to 13-year high, cuts growth forecasts, and sees inflation hitting 10%
- Pound has dropped to near two-year low
- Economy seen shrinking in 2023
- Bank of England lifts interest rates to 13-year high
- Inflation likely to hit 10% by end of the year
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- Takes $4bn hit from withdrawal from Russia
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UK car sales fell almost 16% last month, as shortages of key parts such as computer chips continue to hit production.
New car registrations declined by 15.8% year-on-year in April to 119,167 units, according to new figures from the Society of Motor Manufacturers and Traders.
Despite showrooms being open for the entire month, unlike the previous year which saw lockdown restrictions in place until 12 April, global supply chain shortages, of which semiconductors are the most notable, have continued to constrain the delivery of new vehicles.
“The worldwide semiconductor shortage continues to drag down the market, with global geopolitical issues threatening to undermine both supply and demand in the coming months.