Thursday newspaper round-up: UK car industry, fracking, Brexit
The British car industry has witnessed its worst period of decline since 2001, as rising global trade tensions and Brexit uncertainty combine to provide a dire operating environment for manufacturers. UK car production was down more than 10% year on year in July and has now fallen for 14 consecutive months, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). The decline is now longer than the 13-month downturn between October 2008 and October 2009 at the height of the global financial crisis. – Guardian
Sir Jim Ratcliffe, one of Britain’s richest men, has set his sights on the US shale gas industry as his fracking ambitions in the UK wane. The owner of petrochemicals giant Ineos is on the hunt for shale gas investments within the US fracking heartlands of the Permian Basin, according to sources. The billionaire industrialist is understood to have begun assessing a number of US shale projects over the summer as part of a multibillion-dollar debut in the US oil and gas industry. – Guardian
MPs trying to thwart Brexit have been accused of risking a “constitutional crisis” by the minister who personally asked the Queen to shut down Parliament for five weeks. Jacob Rees-Mogg, the Leader of the Commons, hit back at those who accused Boris Johnson of being undemocratic, reminding them that Parliament’s duty was to “respect the will of the voters” who had chosen to leave the EU. – Telegraph
The administrators to London Capital & Finance have claimed they face a “concerted and very likely co-ordinated” attempt to frustrate their investigation into the collapse of the scandal-hit minibond company that owes more than £237 million to over 11,600 savers. Smith & Williamson has told bondholders that attempts to recover their money will “undoubtedly” involve a “significant number of legal actions”. In a progress report circulated to LCF’s creditors, they warned the complicated nature of the case meant their investigations were likely to last several years. – The Times
Britain’s jobs boom has lifted the proportion of working households to a record high, according to official figures. In the three months to June there were 2.9 million households in the UK where no one held a job, the lowest level since records began in 1996, according to the Office for National Statistics. While the proportion of workless households fell to 13.6 per cent, the proportion of households where all adults held a job rose to 58.2 per cent, at 12.5 million. – The Times