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EU car firms should cut CO2 emissions by 30% from 2030
The European Commission has published proposals aimed at reducing vehicles’ carbon dioxide (CO2) emissions by 2030. The move is designed to put further pressure on manufacturers to develop more hybrid and electric cars. The Commission also wants to introduce an incentive scheme to encourage companies to produce more zero and low-emission cars. Under its plan cars and vans will have to emit 15% less CO2 by 2025 compared with 2021 and 30% less by 2030. “The proposed 30% reduction target for passenger cars is ambitious and realistic,” the Commission said. Any changes would not be binding on the UK if it was no longer in the European Union.
Theresa May faces fresh reshuffle after Priti Patel resignation
Theresa May is facing a second cabinet reshuffle in a week, as she comes under pressure to say what the Foreign Office knew of Priti Patel’s visit to Israel. Ms Patel resigned as international development secretary on Wednesday after holding a series of unauthorised meetings with Israeli officials. In a letter to the PM, she said she had lacked “transparency and openness”. However, Labour has now called on Mrs May to say when government officials knew about the undisclosed meetings. Ms Patel resigned having been told by the prime minister to return from an official trip in Africa and report to Downing Street.
Some savers ‘worse off’ as banks fail to pass on rate rise
Seven days after the rise in base rates, just 15 out of 150 providers have passed on improved returns to their savers. The Bank of England raised rates by 0.25% to 0.5% last Thursday, the first rise in a decade. Many banks are still considering whether to pass on the benefits. But even if their provider does choose to increase rates in full, some savers will still find themselves worse off than when rates were last at 0.5%. Virgin Money actually cut savings rates on one of its ISAs on the same day that the Bank of England was raising rates. Those with Virgin’s ISA Saver saw rates reduced to 0.75% last Thursday. That compares to an interest rate of 1.3% when base rates were last at 0.5% in August 2016, leaving savers worse off.
Volkswagen shareholders win right to independent expert
The highest court in Lower Saxony has ruled to allow an independent expert to lead an investigation into whether Volkswagen’s top managers and directors played any role in the decade-long scheme to cheat emissions tests. The appeals court in Germany has delivered the verdict in favour of DSW, the German shareholders’ association, which should help enable investors to get to the bottom of the Volkswagen diesel emissions scandal. VW shares fell 3.4 per cent in late trading after the verdict was issued.
EU steps up electric car push to close ‘huge gap’ on China
Electric-car production in the European Union will get a spur on Wednesday when EU regulators act to close a technological gap with China by seeking stricter emission curbs on manufacturers such as Volkswagen and Fiat Chrysler. The European Commission, the EU’s regulatory arm, intends to propose caps on car discharges of carbon dioxide for 2025 and 2030 as part of a stepped-up fight against global warming. The plan, which would progressively tighten existing CO2 limits, will feature incentives for carmakers to shift to electric vehicles, a top commission official said.
Driver WARNING – Petrol prices set so soar in coming weeks
Drivers are being warned that the price of petrol is set to rise in the UK. Industry observers believe that following a drop in the price of unleaded fuel in October, drivers can expect a rise. Prices from a barrel of oil increased by nine per cent throughout October. This took the price of a barrel to over $60 for the first time since July 2015. In October the average price of petrol by 0.67p per litre to 118.7p, while diesel rose for the fourth consecutive month by 0.59p to 120.8 per litre. Inevitably, this increase will be passed on to motorists on the forecourt far more quickly. RAC fuel spokesman Simon Williams. RAC fuel spokesman Simon Williams said: “At the start of October there was a 6p saving in the wholesale price of unleaded which retailers eventually passed on to motorists in pump price reductions.
Dealership Lookers says carmakers cut UK sales targets
Major carmakers are reducing their sales targets in Britain by around 10 percent amid weakening demand, dealership chain Lookers said on Thursday. New car registrations in Europe’s second-biggest auto market have fallen for seven months in a row, according to industry data, hit by weaker consumer confidence and uncertainty over possible future levies on diesel cars. Lookers said it now expected sales would fall by around 5 percent this year, the first annual decline since 2011. At the start of 2017 it expected demand to match 2016’s record 2.69 million sales but in August it revised that to forecast a 3 percent drop.
The chain, which sells vehicles for almost all major brands including Volkswagen, Ford and BMW, said manufacturers were cutting sales targets by on average around 10 percent to reflect the cooling market. “Our key manufacturer partners recognise the more difficult trading environment and are taking pragmatic and supportive actions such as reducing targets, increasing tactical incentives and helping us to reduce operating costs,” the firm said in a statement. Although Lookers said it would still meet full-year expectations thanks to the particular range of models it sells, Chief Executive Andy Bruce told Reuters that the Brexit-induced fall in the pound had hit demand.