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Back in London, Tom Bradshaw, president of the National Farmers’ Union (NFU), has railed against what he called the government’s “cruel” changes to inheritance tax for agricultural properties in his opening address to the organisation’s annual conference.

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Bradshaw also warned that a cashflow crisis is leading farmers to question whether they can keep going until the end of the year, my colleague Joanna Partridge reports.

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The government’s inheritance tax changes, announced in October’s budget, are “morally wrong and economically flawed”, Bradshaw told delegates, as he vowed to keep trying to get the policy changed:

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He said:

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“We will not go away and we cannot go away, we will not give in until ministers do the right thing.”.

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Bradshaw said he had received “hundreds” of letters from NFU members worried about the impact of the tax changes on elderly farmers who were expecting to pass down the family farm when they die.

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He said:

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n

“I think of the grandson who wrote to me about their 94-year-old grandfather.”

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“This isn’t just money, this is blood, sweat and tears. The farm is their life’s work, but as they grow older, the farm has also become their pension, because that’s what they were told to do.

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Tax changes are only part of the challenges facing the nation’s farmers, Bradshaw said, listing “bad policy, geopolitics and unprecedented weather” as other pressures, which had left some sectors of UK farming “in the worst cash flow crisis ever”.

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He added:

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n

“Many farmers genuinely worry about whether they will make it to the end of 2025.”

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Bradshaw criticised chancellor Rachel Reeves for refusing to meet him to discuss the tax changes, joking that he might have a better chance of arranging to see her “in Davos” at the World Economic Forum.

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Bradshaw’s speech was followed by environment secretary Steve Reed. Acknowledging the difficult reception he has received at other farming events, Bradshaw said it would have easiest for Reed not to attend.

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Farmers silently held up a protest banner during Reed’s speech, asking “How high up your ‘pecking order’ is eating?”.

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interruptinf Environment Secretary Steve Reed as he delivers his speech during the National Farmers’ Union annual conference at the QEII Centre in London today.”,”caption”:”Protesters interrupting Environment Secretary Steve Reed as he delivers his speech during the National Farmers’ Union annual conference at the QEII Centre in London today.”,”credit”:”Photograph: Jordan Pettitt/PA”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Demonstrating the strength of feeling among some farmers, several tractors parked outside the QEII conference centre in Westminster honked their horns during his speech.

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The value of major cryptocurrencies including bitcoin are tumbling this morning, as anxiety over the US economy fuels volatility in the financial markets.

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Bitcoin has dropped by roughly 8% in the last 24 hours to around $88,000, its lowest level since mid-November last year.

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That means the world’s largest crypto coin has lost around 6% off its value since the start of 2025, having fallen back from record highs of $109,000 late last year.

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Ether, the currency for the ethereum network, is also falling, down 10% in the last 24 hours.

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The cryptocurrency world is reeling from the biggest digital theft in history, in which $1.5bn of ether was stolen from Dubai-based crypto platform Bybit.

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Today’s selloff also comes amid rising volatility in the markets; shares on Wall Street fell on Friday and Monday, on concerns that the US economy may be slowing.

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Kathleen Brooks, research director at XTB, says high volatility is weighing on crypto:

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n

Bitcoin is sharply lower and is below $90,000, which is a sign that the current environment of rising volatility is not conducive to cryptocurrency gains.

n

The gold price, which has risen to fresh record highs in recent days, slipped early on Tuesday, however, it is clawing back earlier losses now that Europe has opened. The low for the day is $2929, but if risk sentiment continues to falter, we expect the gold price to continue to recover in the short term.

n

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After Donald Trump won the US election last November there was speculation that the US would take a more pro-crypto approach, and possibly create a bitcoin strategic reserve.

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Naeem Aslam, chief investment officer at Zaye Capital Markets, says:

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n

Since President Donald Trump’s inauguration in January 2025, Bitcoin has experienced a notable decline, dropping over 13% from $106,000 to $92,000.

n

Trump was supposed to be a good luck for crypto but now it appears that things are totally opposite.

n

We do also think that this downturn is attributed to geopolitical concerns, economic uncertainties, and unpredictable policy shifts under the new. administration. Additionally, a significant security breach involving the Bybit crypto exchange, resulting in a $1.5 billion theft primarily in Ethereum, has further dampened market sentiment.

n

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UK households face mor expensive airline tickets, as well as higher energy bills, this summer.

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Budget airline Ryanair’s CEO predicted this morning that summer fares will rise by between 4% and 6%.

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Michael O’Leary told a press conference in Warsaw:

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n

“Fares will grow between 4% and 6% this year, so you’ll still be traveling at slightly cheaper prices than in the summer of 2023, but you’ll be a little bit up on 2024”.

n

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O’Leary also predicted that Boeing will catch up on its delivery backlog in time for summer 2026.

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Annd he suggested that Ryanair could have up to five million passengers in Ukraine within a year or two of the country’s skies being opened after a ceasefire is agreed.

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Sales of Tesla cars across Europe almost halved in January, new data shows, perhaps a sign of a consumer backlash against Elon Musk.

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Just 9,945 Teslas were sold across the European Union, the UK and the EFTA region last month, the European Automobile Manufacturers’ Association (ACEA) has reported,.

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That’s a 45% plunge compared with the 18,161 Teslas sold in January 2024.

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Despite the slump in demand for Teslas, sales of new battery-electric cars grew by 34% to 124,341 units, capturing a 15% market share.

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The overall market shrank by 2.1%. Many of the EU’s major markets saw declines, with France (-6.2%), Italy (-5.8%), and Germany (-2.8%). Spain conversely recorded a 5.3% increase.

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chart showing European car sales”,”credit”:”Photograph: ACEA”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

There have been signs in recent weeks that Musk’s backing of Donald Trump, and his interference in other country’s politics, may be hurting Tesla, one of the companies he runs.

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At the start of January, the French president, Emmanuel Macron, accused the world’s richest man of intervening directly in the continent’s democratic processes.

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Last month, protesters gathered outside Tesla dealerships across the US in response to Musk’s efforts to shred government spending through the ‘department of government efficency’ (DOGE).

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Musk’s move to the right also saw him back Germany’s far-right Alternative für Deutschland (AfD) party in January, ahead of last weekend’s election.

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He also claimed that UK prime minister Sir Keir Starmer was “complicit in the rape of Britain”, in a row over grooming gangs.

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Several UK charities are warning that this morning’s rise in the energy price cap (which covers England, Wales and Scotland) will hurt struggling householdss

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The Centre for Ageing Better is concerned that millions of older people already struggling on low incomes will be put into even greater difficulty with increasing energy costs, having already lost their winter fuel payments last year.

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Millie Brown, Senior Evidence Manager for Homes at the Centre for Ageing Better, says:

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n

“It is so dispiriting to learn that bill payers must brace for another substantial increase to energy prices from April. For those living on the breadline, desperately struggling to meet the basic costs of everyday living, this will be heartbreaking news.

n

There are millions of older people who no longer qualify for winter fuel payments who live on paltry incomes that do not even cover the basics of a dignified life. They simply will not be able to afford higher energy prices and will cut back usage further, at significant risk to their own health.

n

If the government, industry regulators and energy providers can’t stop this seemingly inexorable rise in the cost of energy, then we urgently need to see more support offered to help reduce people’s energy usage.

n

Home improvement services are vital to improving homes for millions of people, we need adequately funded, comprehensive support for people to maintain, repair and adapt their homes across the country.

n

By acting now to ensure that everyone has the same access to a national network of one-stop shops for home improvement, we can ensure that safe, suitable, and energy-efficient homes are not a privilege but a basic right for all.”

n

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Independent Age chief executive, Joanna Elson CBE, is urging the government to widen elibility for the Winter Fuel Payment, which it means-tested last summer:

“,”elementId”:”f0f5efa7-7d23-419e-bf96-c486a87a7341″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

“Today’s price cap announcement is more bad news for the older people in poverty that have already been subjected to a brutally long and cold winter. We now know that energy prices will rise again by 6%, from an average of £1,738 to £1,849. People in later life on low fixed incomes have stretched their budgets to breaking point during the colder months, and many tell us they don’t have enough money to turn the heating on full stop. Now, their bills rise yet again to amounts they simply cannot afford.

n

“History cannot be allowed to repeat itself next winter. The UK Government needs to put in place plans that support older people in financial hardship to turn their heating on. Since the changes to Winter Fuel Payment were made in July, our helpline has seen a massive increase in calls regarding the payment, and many of the people we have spoken to have made drastic cutbacks, such as only living in one room and cutting down on food.

n

Far too many older people on low incomes don’t receive Pension Credit and are now falling through the cracks – in the short term, the UK Government should urgently review and widen the financial threshold of the Winter Fuel Payment.

n

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Dame Clare Moriarty, chief executive of Citizens Advice, reports that the number of people living in a household in debt to their energy supplier has reached a new high of nearly seven million.

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n

“We’re particularly concerned about households with children, where over one in three struggle to afford bills, rising to more than half of those on low incomes.

n

“The government can’t let another winter go by without targeted support for those most in need, and there is a way of paying for this. Our recent analysis found energy network companies made billions in excess profits while households have faced soaring bills, and it’s only right this money be used to help fund better targeted bill support and much-needed debt relief.”

n

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Consultancy Cornwall Insight suggests that the energy price may ‘dip slightly’ in July.

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But that would only shave a few pounds off average annual bills, rather than being a meaningful drop.

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Dr Craig Lowrey, Principal Consultant at Cornwall Insight, explains:

“,”elementId”:”c7c02d86-b409-429b-88db-93143bb70604″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

“There is a sense of déjà vu in the energy market as we watch the price cap rise for a third consecutive time, with the volatile international wholesale market once again the main culprit. Households have been promised falls in bills, and many will be understandably irritated with what they may see as a failure of government energy policy. However, the reality is, our gas-led wholesale power market and reliance on international imports limits the impact of what any government policy can have – at least in the short-term – there is only so much you can do when prices are rising across the world.

n

“That’s not to say the government and the regulator are without options to help lower consumer bills. Ofgem has ongoing consultations looking at the non-wholesale costs included in the cap, and of course the government has levers it can pull from social tariffs to support payments.

n

We are also seeing initial considerations on structural changes to the cap, with Ofgem’s consultation on a zero standing charge variant announced last week. However, many would argue all of this is merely tinkering with what is – at least for bill payers – a fundamentally broken system.

n

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Newsflash: Consumer goods maker Unilever has surprised the City by announcing the departure of its CEO, Hein Schumacher.

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Schumacher is leaving Unilever, which owns Marmite, Dove and Ben & Jerry’s, having only taken control of the company 19 months ago, in July 2023.

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Unilever says he is departing “by mutual agreement” and will leave the company on 31 May 2025.

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He is being replaced by Unilever’s chief financial officer, Fernando Fernandez.

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Schumacher had been implementing a “growth action plan”, and Unilever’s board indicaate they want Fernandez to accelerate it – a hint that Schumacher wasn’t making changes quickly enough?

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Unilever chairman Ian Meakins explains:

“,”elementId”:”e1100027-3c0e-42dc-ba18-5b42537457d6″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

“On behalf of the Board, I would like to thank Hein for resetting Unilever’s strategy, for the focus and discipline he has brought to the company and for the solid financial progress delivered during 2024. Hein introduced and led a significant productivity programme and the commencement of the Ice Cream separation, both of which are fully on track.

n

The Growth Action Plan (GAP) has put Unilever on a path to higher performance and the Board is committed to accelerating its execution. We are grateful for Hein’s leadership, and we wish him the very best for the future.”

n

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Meakins adds that “while the Board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results”….

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Last year, Unilever announced it would cut 7,500 jobs through a cost-saving programme.

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The UK government is considering giving more support to households with their energy bills.

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It is proposing expanding the £150 Warm Home Discount scheme, so that nearly three million more families would be eligible

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This would mean one in five families in Britain would get help with their bills through these proposals

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Announcing a consultation on the idea, energy Secretary Ed Miliband says:

“,”elementId”:”70406282-71d8-4455-b894-78c68b470191″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

“This Government is determined to do everything we can to protect people from the grip of fossil fuel markets. Expanding the Warm Home Discount can help protect millions of families from rising energy bills, offering support to consumers across the country.

n

“This is a Government that will always stand up for working people.

n

“Alongside this, the way to deliver energy security and bring down bills for good is to deliver our mission to make Britain a clean energy superpower- with homegrown clean power that we in Britain control.”

n

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The government is also planning to accelerate a debt relief scheme which it says will help tackle debt and reduce households’ energy costs.

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Jonathan Brearley, CEO of Ofgem, has blamed “volatile” prices in the wholesale energy sector for pushing up the price cap on British energy bills.

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Brearley says:

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n

“We know that no price rise is ever welcome, and that the cost of energy remains a huge challenge for many households.

n

“But our reliance on international gas markets leads to volatile wholesale prices, and continues to drive up bills, which is why it’s more important than ever that we’re driving forward investment in a cleaner, homegrown system.

n

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The jump in the energy bills in April will force more families to ration energy, warns National Energy Action, the fuel poverty charity.

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It has released a new poll showing that 49% of adults in Britain expect to ration their energy in the coming months.

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The NEA’s chief executive Adam Scorer says:

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n

‘For the third time in a row the price cap is rising. Households already faced sky-high bills as a result of the energy crisis, and today’s announcement will add to the burden on the most vulnerable. We already see the impacts of sustained high bills – total energy debt is at record levels and rising, and people are rationing their heating to dangerous levels and going without essentials.

n

‘National Energy Action is calling for additional targeted energy bill support through a social tariff or an expanded Warm Home Discount; a help-to-repay scheme to support households out of debt; and for the government’s Warm Homes Plan to provide significant investment to insulate the coldest homes for the poorest households.’

n

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Here’s more details of April’s rise in the energy price cap just announced, from Ofgem.

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Electricity rates

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If you are on a standard variable tariff (default tariff) and pay for your electricity by Direct Debit, you will pay on average 27.03 pence per kilowatt hour (kWh). The daily standing charge is 53.80 pence per day. This is based on the average across England, Scotland and Wales and includes VAT.

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Gas rates

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If you are on a standard variable tariff (default tariff) and pay for your gas by Direct Debit, you will pay on average 6.99 pence per kilowatt hour (kWh). The daily standing charge is 32.67 pence per day. This is based on the average across England, Scotland and Wales and includes VAT.

“,”elementId”:”241e8849-9a25-4490-bb5f-a7edfea222f8″},{“_type”:”model.dotcomrendering.pageElements.SubheadingBlockElement”,”html”:”

Why energy prices have gone up

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Rising global wholesale prices for energy are the main reason for the increase. Some people may see a reduction in their standing charges, but this will depend on the region in which they live.

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Newsflash: The energy price cap on bills across Great Britain will rise by 6.4% in April, regulator Ofgem has announced.

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This will lift the average annual cost of electricity and gas for a typical household to £1,849 per year, up from £1,738.

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This is the third consecutive hike in the cap on gas and electricity charges, and a little higher than analysts had expected.

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Here are the details, just released by Ofgem:

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table showing the latest energy price cap”,”caption”:”A table showing the latest energy price cap”,”credit”:”Illustration: Ofgem”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

[Reminder: the cap limits the amount which a supplier can charge for a unit of electricity or gas].

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

“,”elementId”:”5205b584-5327-4366-b320-fdcf65226746″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Britain’s cost of living squeeze could tighten today when households if energy bills will rise again this spring.

“,”elementId”:”02043e0a-2de6-415f-ac23-f96696520014″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Ofgem, the energy regulator, is due to announce the latest price cap on the cost of a unit of energy at 7am, and analysts expect the cap to go up, due to recent increases in wholesale gas and electricity prices.

“,”elementId”:”8a27b37b-b0a0-4989-80d3-bb97d926eca7″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Consultancy Cornwall Insight have crunched the data, and estimate the quarterly cap will rise by 5%. That would increase the typical annual household energy bill about £85 to £1,823 per year – it’s currently £1,738 per year.

“,”elementId”:”d1546a14-9e97-43d9-8688-09536b7dae48″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Energy bills in Great Britain forecast to rise by 5% from April”,”elementId”:”a318ea1b-631c-4f44-ae8d-66e1fe130a60″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/money/2025/feb/18/ofgem-forecast-increase-energy-bills”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The government is concerned about the risk of rising energy bills pushing up inflation.

“,”elementId”:”caca1e6e-a3c6-4bc9-b090-dd9d506fe673″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Last week, a Whitehall source told the Guardian they expected bills in England, Scotland and Wales to increase by about £9 a month over the next three months in another challenge to government plans to tackle the cost of living.

“,”elementId”:”5d9c40f6-c72a-484e-ba1d-082fdba4d288″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Thie prompted energy secretary Ed Miliband to write an urgent letter to Ofgem, saying the price rise means the energy regulator must move faster to protect consumers.

“,”elementId”:”a16eadde-5033-4cac-8668-2c7732732e5d”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Miliband urges energy watchdog to act as typical bill could rise by more than £100 a year”,”elementId”:”864fc4ec-e968-4e65-b6fa-55fe50b96fb6″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/money/2025/feb/18/miliband-urges-energy-watchdog-to-act-as-typical-bill-could-rise-by-more-than-100-a-year”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The energy price cap sets the maximum that a supplier can charge for a unit of energy (there’s no cap on how high a bill can go).

“,”elementId”:”6c92ccbb-597a-45c4-8e26-a63418d99a8b”},{“_type”:”model.dotcomrendering.pageElements.SubheadingBlockElement”,”html”:”

The agenda

“,”elementId”:”8f2a3bb9-50b5-4ff9-9f70-20ec71e94b71″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

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  7am GMT: Energy regulator Ofgem announces UK energy price cap for April-June

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  7am GMT: Final estimate of German GDP for Q4 2024

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  9.45am and 2.30pm GMT: Parliament’s Science, Innovation and Technology Committee holds hearings into social media, misinformation and harmful algorithms.

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  10am GMT: Environment, Food and Rural Affairs Select Committee questions South West Water and Yorkshire Water

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Key events

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Over in parliament, the boss of South West Water’s owner Pennon has said she has “regret” for the pollution incidents caused by the utilities firm.

Chief executive Susan Davy told the Environment, Food and Rural Affairs Select Committee:

“I absolutely regret and do not condone those incidents and pollutions that we had.

“We do not want to harm the environment, that is not the activities that we undertake everyday.

“We have hundreds of treatment works and thousands of pumping stations and from time to time things do go wrong.”

She said there were 194 individual pollution incidents across the group between 2023 and 2024.

Pennon was fined £2.2 million in 2023 for illegal sewage spills spanning four years across Devon and Cornwall.

South West Water was also hit by a cryptosporidium outbreak in Brixham, Devon last year, which forced thousands of households and businesses to boil their tap water before drinking it.

Davy received a pay increase of £300,000, weeks later.

UK environment secretary Steve Reed is now being booed as he answers questions about inheritance tax at the National Farmers’ Union conference, Joanna adds:

Farmers are booing environment secretary Steve Reed as he answers questions about inheritance tax at NFU conference.
A farmer was applauded when asking Reed what he would say to elderly farmers who feel best tax planning to is die before tax changes come in in April 2026.

— Joanna Partridge (@JoannaPartridge) February 25, 2025

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Farmers are booing environment secretary Steve Reed as he answers questions about inheritance tax at NFU conference.
A farmer was applauded when asking Reed what he would say to elderly farmers who feel best tax planning to is die before tax changes come in in April 2026.

— Joanna Partridge (@JoannaPartridge) February 25, 2025

A farmer tells Steve Reed that the issue of inheritance tax is “sucking all the air out of the room” when discussing the challenges faced by farmers

— Joanna Partridge (@JoannaPartridge) February 25, 2025

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A farmer tells Steve Reed that the issue of inheritance tax is “sucking all the air out of the room” when discussing the challenges faced by farmers

— Joanna Partridge (@JoannaPartridge) February 25, 2025

Farmers’ leader blasts ‘cruel’ inheritance tax changes

Joanna Partridge

Back in London, Tom Bradshaw, president of the National Farmers’ Union (NFU), has railed against what he called the government’s “cruel” changes to inheritance tax for agricultural properties in his opening address to the organisation’s annual conference.

Bradshaw also warned that a cashflow crisis is leading farmers to question whether they can keep going until the end of the year, my colleague Joanna Partridge reports.

The government’s inheritance tax changes, announced in October’s budget, are “morally wrong and economically flawed”, Bradshaw told delegates, as he vowed to keep trying to get the policy changed:

He said:

“We will not go away and we cannot go away, we will not give in until ministers do the right thing.”.

Bradshaw said he had received “hundreds” of letters from NFU members worried about the impact of the tax changes on elderly farmers who were expecting to pass down the family farm when they die.

He said:

“I think of the grandson who wrote to me about their 94-year-old grandfather.”

“This isn’t just money, this is blood, sweat and tears. The farm is their life’s work, but as they grow older, the farm has also become their pension, because that’s what they were told to do.

Tax changes are only part of the challenges facing the nation’s farmers, Bradshaw said, listing “bad policy, geopolitics and unprecedented weather” as other pressures, which had left some sectors of UK farming “in the worst cash flow crisis ever”.

He added:

“Many farmers genuinely worry about whether they will make it to the end of 2025.”

Bradshaw criticised chancellor Rachel Reeves for refusing to meet him to discuss the tax changes, joking that he might have a better chance of arranging to see her “in Davos” at the World Economic Forum.

Bradshaw’s speech was followed by environment secretary Steve Reed. Acknowledging the difficult reception he has received at other farming events, Bradshaw said it would have easiest for Reed not to attend.

Farmers silently held up a protest banner during Reed’s speech, asking “How high up your ‘pecking order’ is eating?”.

Demonstrating the strength of feeling among some farmers, several tractors parked outside the QEII conference centre in Westminster honked their horns during his speech.

Bitcoin and ether sliding

The value of major cryptocurrencies including bitcoin are tumbling this morning, as anxiety over the US economy fuels volatility in the financial markets.

Bitcoin has dropped by roughly 8% in the last 24 hours to around $88,000, its lowest level since mid-November last year.

That means the world’s largest crypto coin has lost around 6% off its value since the start of 2025, having fallen back from record highs of $109,000 late last year.

Ether, the currency for the ethereum network, is also falling, down 10% in the last 24 hours.

The cryptocurrency world is reeling from the biggest digital theft in history, in which $1.5bn of ether was stolen from Dubai-based crypto platform Bybit.

Today’s selloff also comes amid rising volatility in the markets; shares on Wall Street fell on Friday and Monday, on concerns that the US economy may be slowing.

Kathleen Brooks, research director at XTB, says high volatility is weighing on crypto:

Bitcoin is sharply lower and is below $90,000, which is a sign that the current environment of rising volatility is not conducive to cryptocurrency gains.

The gold price, which has risen to fresh record highs in recent days, slipped early on Tuesday, however, it is clawing back earlier losses now that Europe has opened. The low for the day is $2929, but if risk sentiment continues to falter, we expect the gold price to continue to recover in the short term.

After Donald Trump won the US election last November there was speculation that the US would take a more pro-crypto approach, and possibly create a bitcoin strategic reserve.

Naeem Aslam, chief investment officer at Zaye Capital Markets, says:

Since President Donald Trump’s inauguration in January 2025, Bitcoin has experienced a notable decline, dropping over 13% from $106,000 to $92,000.

Trump was supposed to be a good luck for crypto but now it appears that things are totally opposite.

We do also think that this downturn is attributed to geopolitical concerns, economic uncertainties, and unpredictable policy shifts under the new. administration. Additionally, a significant security breach involving the Bybit crypto exchange, resulting in a $1.5 billion theft primarily in Ethereum, has further dampened market sentiment.

Ryanair predicts higher fares this summer

UK households face mor expensive airline tickets, as well as higher energy bills, this summer.

Budget airline Ryanair’s CEO predicted this morning that summer fares will rise by between 4% and 6%.

Michael O’Leary told a press conference in Warsaw:

“Fares will grow between 4% and 6% this year, so you’ll still be traveling at slightly cheaper prices than in the summer of 2023, but you’ll be a little bit up on 2024”.

O’Leary also predicted that Boeing will catch up on its delivery backlog in time for summer 2026.

Annd he suggested that Ryanair could have up to five million passengers in Ukraine within a year or two of the country’s skies being opened after a ceasefire is agreed.

Automotive analyst Matthias Schmidt said one factor behind Tesla’s sales decline in Germany could be that consumers were waiting for the upgraded Y model, scheduled for the first half of 2025, the Financial Times reports.

However, other experts have also blamed a backlash against Musk’s political involvement, they add.

Elsewhere in Europe, we have confirmation this morning that Germany’s economy contracted at the end of last year.

German GDP contracted by 0.2% in October-December, statistics body Destatis says, confirming an earlier estimate.

Das #Bruttoinlandsprodukt ist im 4. Quartal 2024 gegenüber dem 3. Quartal um 0,2 % gesunken. Für das gesamte Jahr 2024 haben die neuesten Berechnungen den Rückgang der Wirtschaftsleistung um 0,2 % zum Vorjahr bestätigt. Mehr Infos: https://t.co/cVoqrVKeho #BIP pic.twitter.com/hBRtYvoMPW

— Statistisches Bundesamt (@destatis) February 25, 2025

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Jochen Stanzl, chief market analyst at CMC Markets, says:

“The GDP data were reported as expected – weak, as anticipated.

The continued decline in investments, particularly in the equipment sector, combined with the significantly lower export figures, could point to structural weaknesses that may hamper the German economy’s ability to recover in the coming quarters.

Despite the negative GDP growth, the increase in selected service sectors and the slightly higher number of working hours indicate that some positive dynamics are emerging in certain segments, which could serve as a catalyst for a future upswing.”

Bloomberg have calculated that Tesla’s sales within Europe slumped to a two-year low in January.

They explain:

Tesla registered only 1,277 new cars last month in Germany, its lowest monthly total since July 2021.

Sales in France plummeted 63% in its worst showing there since August 2022.

The company also registered fewer vehicles than China’s BYD Co. for the first time ever in the UK. Tesla’s sales slumped almost 8% in an EV market that grew 42% last month.

Der Tesla-Absatz ist im Januar europaweit um 45% gegenüber Vorjahr eingebrochen — während gleichzeitig die Nachfrage nach Elektrofahrzeugen der Konkurrenz stark gestiegen ist. https://t.co/bfQUUhfGK9

— Bloomberg auf Deutsch (@BBGaufDeutsch) February 25, 2025

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Der Tesla-Absatz ist im Januar europaweit um 45% gegenüber Vorjahr eingebrochen — während gleichzeitig die Nachfrage nach Elektrofahrzeugen der Konkurrenz stark gestiegen ist. https://t.co/bfQUUhfGK9

— Bloomberg auf Deutsch (@BBGaufDeutsch) February 25, 2025

Tesla sales almost halve across Europe

Sales of Tesla cars across Europe almost halved in January, new data shows, perhaps a sign of a consumer backlash against Elon Musk.

Just 9,945 Teslas were sold across the European Union, the UK and the EFTA region last month, the European Automobile Manufacturers’ Association (ACEA) has reported,.

That’s a 45% plunge compared with the 18,161 Teslas sold in January 2024.

Despite the slump in demand for Teslas, sales of new battery-electric cars grew by 34% to 124,341 units, capturing a 15% market share.

The overall market shrank by 2.1%. Many of the EU’s major markets saw declines, with France (-6.2%), Italy (-5.8%), and Germany (-2.8%). Spain conversely recorded a 5.3% increase.

There have been signs in recent weeks that Musk’s backing of Donald Trump, and his interference in other country’s politics, may be hurting Tesla, one of the companies he runs.

At the start of January, the French president, Emmanuel Macron, accused the world’s richest man of intervening directly in the continent’s democratic processes.

Last month, protesters gathered outside Tesla dealerships across the US in response to Musk’s efforts to shred government spending through the ‘department of government efficency’ (DOGE).

Musk’s move to the right also saw him back Germany’s far-right Alternative für Deutschland (AfD) party in January, ahead of last weekend’s election.

He also claimed that UK prime minister Sir Keir Starmer was “complicit in the rape of Britain”, in a row over grooming gangs.

The surprise exit of Hein Schumacher will not go down well with investors, explains Chris Beckett, head of equity research at Quilter Cheviot:

“Losing a chief executive after 18 months is never a good thing. For Unilever, especially during a strategy turnaround, it does not suggest things were going well behind the scenes or the business was firing on all cylinders. The last set of results suggested that turnaround had stalled somewhat, with weak guidance and sales growth only likely to improve as the company passes on higher commodity costs.

“Evidence of quick operational improvements are needed when you are embarking on a new strategy, and with new management. The change at the top of Unilever will not see a change in that strategy, which is positive, and guidance has been reiterated. However, the new CEO, current chief financial officer Fernando Fernandez, will have been pivotal in agreeing and implementing that strategy and ultimately is the best the company could do for now. He is well liked and respected and is unlikely to rock the boat, but clearly, as recent results show, work still needs to be done to bring back that momentum.

“Unilever has a long way to go on its road to recovery. The share price offers a bit of headroom to do that, but events such as this will not go down well with investors. Results will be watched even more closely now to ensure there are no signs of cracks within that turnaround strategy.”

Here’s our news story about the rise in the energy price cap:

The FT are reporting that Unilever’s board decided to oust CEO Hein Schumacher at a board meeting yesterday, having decided that finance director Fernando Fernandez was “better suited” to execute the company’s turnaround plan.

Shares in Unilever have dropped 2% at the start of trading in London, as investors react to the surprise departure of CEO Hein Schumacher announced this morning.

Chris Venables, director of politics at Green Alliance, says:

“Energy bills are once again being pushed up because of the UK’s exposure to the global price of gas. The only way to lower energy costs for people is to insulate leaky homes and rapidly scale up homegrown renewables.

We urge the government to ensure its Warm Homes Plan and the upcoming spending review properly allocate funding to these measures. It must ignore the siren calls of denial and delay.”

Consumer champion Martin Lewis is urging households to fix their energy bills now, to avoid the increase in bills in April.

He explains that the cheapest fixed deals available on the market are around 4% cheaper than the current price cap – even before the rise 6.4% announced this morning.

Posting on X, Lewis explains:

HOW TO KNOW IF YOU’RE ON A CAPPED TARIFF

If you’re not on a fix or special deal you are likely on the Cap. It applies to firms standard default consumer tariffs, often called ‘Standard Variable’ or ‘Flexible’ tariffs. If you don’t know assume you, like two third of homes probably are.

THE PRICE CAP IS A PANTS CAP GET OFF IT IF YOU CAN – FIX NOW IF YOU HAVEN’T ALREADY

The cheapest year-long standalone fixes right now are about 4% LESS than the current Cap, never mind once it rises in April, so if you get a good fix now you lock in at a cheaper rate for a year, get price certainty, save instantly and save relatively more once we get to April.

Speaking on Radio 4’s Today programme now, Lewis says he’s hearing that “some good tariffs” are being launched this morning – so consumers should wait until lunchtime for making comparisons.

Money Advice Trust, the charity that runs National Debtline, reports that energy arrears are now the second most common debt they help people with, behind only credit cards.

April’s jump in the price cap will probably make this worse.

Steve Vaid, chief executive at the Money Advice Trust, says:

“This latest price rise will only add to the challenges many people face in keeping up with their bills.

“Ofgem must press ahead with their plans for a Help to Repay scheme, to bring energy debt down, while the Government must urgently bring in targeted bill support through an energy social tariff.

“Anyone struggling with their energy bills, or worried about their finances, should contact a free debt advice charity, like National Debtline.”