Volvo Cars is widely considered to be one of the most exposed European carmakers to U.S. tariffs.

"This is a budget for the realities of today, as well as the challenges of tomorrow," European Commission President Ursula von der Leyen said.

Renault has lowered its 2025 guidance and announced the appointment of a new interim chief executive officer.

Economists polled by Reuters had anticipated inflation would reach 3.4% in the twelve months to June.

Ian King takes a look at the shocking decline of Britain’s high streets and why, to the locals, they have an increasingly alien feel.