Brexit car tariffs to be suspended for three years as EU protects car exports – as it happened

A Volkswagen employee works on an ID.3 car in the assembly line during the production of the electric car at Zwickau, Germany, in 2020. Photograph: Uwe Meinhold/EPA

3.02pm GMT

Closing summary: UK car industry welcomes 'pragmatic decision' on Brexit tariff delay

The UK car industry has swung firmly behind the European Commission proposals to extend the deadline on Brexit tariffs.

The Society of Motor Manufacturers and Traders (SMMT) has been begging the UK and EU to extend the deadline for months. It points out that the EU is the UK’s largest export market, and that the UK buyers get almost half their elecric cars from the EU.

The SMMT said the UK and EU need more time to get a battery supply chain in place.

Mike Hawes, SMMT chief executive, said:

Adopting the Commission’s proposal would be a pragmatic solution, safeguarding the future of the EU and UK automotive industries, supporting motorists, the economy and the environment. Such an extension would avoid damaging tariffs on the very vehicles we need consumers to buy, allow UK and EU manufacturers to compete with the rest of the world and, crucially, give the European battery industry time to catch up.

Above all, voting for the proposal will enable us all to cut carbon emissions while supporting growth and jobs across the entire EV supply chain. We urge every party to get behind it.

The Commission said the decision was in its interest because it would save its carmakers from difficulties.

The change of tack from Europe means that the only holdouts could be individual member states – they could still veto the tariff delay, but at the cost of angering members such as Germany.

In other business news from today:

• McDonald’s is hoping to add another 10,000 restaurants by 2027, cementing its position as the world’s biggest fast-food chain.

• The veteran TV executive Samir Shah is to be appointed as the next chair of the BBC.

• The Bank of England has warned that rapid developments in artificial intelligence and machine learning could pose risks to the UK’s financial stability, triggering a fresh review into their use across the City.

• Morrisons and Marks & Spencer have been censured by the UK’s competition regulator for unlawfully restricting rivals from buying land.

• Nationwide has told the 13,000 staff it had said would not be forced to return to the office when Covid lockdowns ended that they must start coming in from early next year for at least two days a week for most.

• Elon Musk’s artificial intelligence startup, xAI, is seeking to raise $1bn (£0.8bn) as the world’s richest man tries to keep pace with rivals including OpenAI, Microsoft and Google in the race to dominate the field.

• Europe’s biggest package holiday operator, Tui, is considering moving its stock exchange listing from the FTSE 250 to Frankfurt, in a further blow to London’s status as a global finance centre.

You can continue to follow our live coverage from around the world:

In our coverage of the Cop28 climate summit, UN climate chief warns nations not to ‘fall into the trap of point-scoring’

In the UK, Boris Johnson rejects claims he could not make up his mind about lockdown

In our coverage of the Russia-Ukraine war, Putin makes rare trip outside Russia

In our coverage of the Israel-Hamas war, the UN human rights chief warns of ‘heightened risk of atrocity crimes’ in Gaza; Israeli strikes intensify around Khan Younis

In our coverage of US politics, the Republicans are set to block vote on Ukraine and Israel aid as they press for stricter border policies

Thanks for reading today, and please do join us again tomorrow, same time, same place, for more. JJ

2.44pm GMT

McDonald's aims to open another 10,000 restaurants worldwide

Women sitting on swings attached to a giant sign of McDonald's pose for pictures, outside its themed exhibition in Beijing, China. Photograph: Tingshu Wang/Reuters

McDonald’s, the world’s largest fast food chain, has said it wants to be even bigger: it wants to open another 10,000 restaurants around the world by 2027.

It said in a statement on Wednesday that it wants to have 50,000 restaurants by 2027, in what it said would be its fastest period of growth in the brand’s history.

It is already in expansion mode, in what it calls its M-C-D strategy: marketing, “core” (me neither), and the “three Ds”, “Delivery, Digital, Drive Thru” and now “Development [maybe also dodge, duck, dip, dive and dodge]”.

Chris Kempczinski, McDonald’s chief executive, said:

We have a clear trajectory for future growth as we continue to build on the brand strength, global footprint and digital ecosystem that have resulted in unparalleled competitive advantages and cemented McDonald’s as one of the world’s leading consumer-facing brands.”