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Tesla’s European sales decline as consumers favour cheaper rivals. Tesla’s sales in Europe dropped for the fifth consecutive month, with a 40.5% decrease in May. The carmaker’s market share fell to 0.9%, as buyers turn to cost-effective alternatives and controversies around Elon Musk impact sentiment.
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The UK government initiates consultations to standardise climate transition plans. New reporting standards aim to enhance investor confidence and transparency, driving billions in private clean energy investment while positioning the UK as a leader in transition finance and global competitiveness.
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UK Government unveils new £380m investment in creative sector support. The funding targets film, music, video games, and regional creative clusters — aiming to double private investment, support innovation and jobs, and anchor the creative economy within the forthcoming ten‑year industrial strategy.
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Sam Laidlaw in talks for chairmanship amid strategic shifts. The former Centrica CEO’s discussions to succeed Helge Lund as BP chairman come at a tense time as BP faces shareholder pressure to accelerate its strategic transformation. Activist investor Elliott Management has urged BP to abandon renewable commitments, sparking shareholder dissent.
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UK job adverts rise slightly in May. The Recruitment and Employment Confederation reported a 0.3% increase in new job adverts, while active postings fell by 1.8%, indicating a sluggish market amid economic challenges and rising employer costs.
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EFRAG aims to halve CSRD data points. The group has released a draft status report on revising the European Sustainability Reporting Standards (ESRS) to ease compliance burdens. The group anticipates reducing data points required for CSRD reporting by over 50% while maintaining core objectives.
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UK retail sales fell sharply in May. Retail volumes dropped by 2.7% amid reduced spending on food and clothing, marking the steepest decline in 18 months. Analysts attribute the fall to weaker supermarket performance and persistent inflationary pressures.
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Climate Tech Partners secures £40m funding round. The investment will back the rollout of low-carbon heat and power technologies across the UK, with a focus on deploying smart systems in homes, buildings, and grids to support national decarbonisation targets.
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Government borrowing rose to £17.7bn in May. This marked the second-highest May figure in over three decades, exceeding expectations and reigniting debate over the UK’s fiscal path. While tax receipts continue to climb, the persistent deficit and pressure to fund public services suggest the Chancellor may soon face difficult decisions on taxation.
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Carbon Upcycling secures $18 million investment. Cleantech firm Carbon Upcycling has raised $18 million to expand its CO2 capture and utilisation technology for building materials, led by Builders Vision.