Ofwat chief executive to step down ahead of regulator’s abolition

The chief executive of Ofwat is to step down at the end of the month, after the government announced the abolition of the water regulator for England and Wales.David Black has been in the role for four years, and will leave amid intense scrutiny of water companies and their regulators.Ofwat said the government will appoint a new interim chief executive before its abolition.The regulation of the English and Welsh water industry has become a key political issue in recent years, including during last year’s general election, amid a wave of anger over sewage spilling into Britain’s rivers and seas.Black’s decision comes as the government and the environment secretary, Steve Reed, prepare for what they have billed as the biggest overhaul of water regulation since the industry was privatised in 1989

Sir Bill O’Brien obituary

The life and career of Sir Bill O’Brien, the former Labour MP, who has died aged 96, could easily have been adapted by any self-respecting novelist to provide a snapshot of the characteristic 20th-century working man (and they were always men) who becomes an admired and respected solid citizen, having successfully harnessed decades of gritty industrial experience to elected public office, first in the town hall and then at Westminster.The archetype was further richly fulfilled in O’Brien’s case as he was a Yorkshire miner, born into poverty, who learned to have the courage to speak truth to power within his own dying industry – which meant standing up to Arthur Scargill as leader of the National Union of Mineworkers (NUM) – and always to defend what he believed to be the right course of action, irrespective of political fashion.He was categorised as a moderate, but in reality he was an unapologetic pragmatist. “I’m not extreme in any way,” he once said. He would also cheerfully acknowledge that sometimes he agreed with the views of Tony Benn – regarded at the time as the arbiter of Labour’s left – and sometimes he did not

Tesla’s UK sales fall almost 60% in July as BYD surges; Neil Woodford fined and banned over fund collapse – as it happened

Just in: Sales of Teslas in the UK more than halved, year-on-year, in the UK last month as the electric carmaker’s struggles continue.Industry body data just released shows that just 987 new Teslas were registered in the UK in July, almost 60% less than the 2,462 registered in July 2024. This means Tesla’s UK market share shrank to 0.7% in July, from 1.67% a year ago

BP begins costs review as quarterly profits of £1.77bn beat forecast

The oil and gas group BP is launching a fresh cost-cutting scheme, despite reporting better-than-expected profits, as it tries to do more for its shareholders to fend off pressure from activist investors.The fossil fuel company said it would begin a fresh review of its business when its new chair, Albert Manifold, joins the board in September.BP reported a rise in profits to $2.35bn (£1.77bn) between April and June, a drop of 15% on the same period a year earlier when the company benefited from higher oil and gas prices

Chinese carmakers led by BYD report big rises in UK sales in July

Chinese carmakers led by BYD reported big jumps in UK sales last month, despite a declining overall car market, including a 59% slump in sales from their electric vehicle rival Tesla.BYD sales quadrupled year on year to reach 3,200 in July, even as overall sales of all types of car declined by 5% to 140,000, according to data published on Tuesday by the Society of Motor Manufacturers and Traders (SMMT), a lobby group.The car industry has said it is struggling with a weak economy, which is holding back consumer spending.At the same time, carmakers are waiting for clarity on which models will be eligible for subsidies of up to £3,750 under a new grant scheme announced by the UK government last month. The government on Tuesday said that four Citroën models would be eligible for the grant

UK services sector has biggest fall in orders for nearly three years

The UK’s dominant service sector has reported its biggest drop in new orders in almost three years in July, adding to pressure on the Bank of England to cut interest rates on Thursday.Sounding the alarm over a loss of momentum amid a worsening global economic backdrop, the data provider S&P Global Market Intelligence said total new work in the sector, which accounts for about 80% of the economy, eased to the slowest pace since November 2022.The survey of 650 companies in the sector, which includes finance, IT, communications and property but excludes retail, is closely watched by the Bank and the government for early warning signs from the economy.Threadneedle Street is widely expected to cut borrowing costs at its next policy meeting on Thursday from the current level of 4.25% amid growing concerns about the strength of the economy