Renault says ‘seismic shift’ in electric car interest after oil price shock – business live

Live, rolling coverage of business, economics and financial markets as French carmaker says electric car enquiries have soared since start of Iran war

Manufacturers in the UK have recorded one of the sharpest rises in business costs in more than thirty years, due to the economic fallout of the Iran war, a closely-watched survey has revealed.

The S&P Global purchasing managers’ index (PMI) said manufacturers’ input prices – such as raw materials, energy and labour – rose at one of the fastest rates since its survey began in 1992, outside of the post-pandemic inflationary surge in 2022.

Rob Dobson, the director at S&P Global Market Intelligence, said:

Restrictions on transit through the strait of Hormuz are causing substantial disruptions to input deliveries, with supplier lead times lengthening to the greatest extent in almost four years. The resulting material shortages are exerting steep pressure on purchasing costs.