BUSINESS LIVE: Energy price gap rises; Virgin Money profits slump; Jet2 sales soar

Nissan is set to announce that it will build two new electric models at its UK car production plant in Sunderland in a major boost for Britain’s motor industry.

The Japanese car manufacturer will confirm on Friday its plans to make electric vehicles (EV) to succeed the popular Qashqai and Juke – both of which are currently assembled at the North East factory – after months of talks with the Government.

Jet2 says it is on track to meet annual forecasts after posting a jump in operating profit for the six months to the end of September, helped by ongoing strong demand for flights and holidays.

While Jet2’s British customer base has been hit by higher bills in the last two years, holiday companies and airlines have found consumers have not cut back on holidays.

Profit before nasties came in 32 per cent higher in the first half, after it took more people on holiday, and more of those opted for its higher-margin package holidays.

Virgin Money UK profits slumped after pressure on lending margins and stubborn inflation squeezed the bank’s returns.

The British lender posted an underlying profit before tax £593million for the last financial year, down 24 per cent year-on-year and well below forecasts of £625million.

Virgin Money, owner of the former Glasgow-based Clydesdale Bank, also announced an additional share buyback plan of £150million.