VW, EDF, Hinkley: Business news in brief on Friday May 13

Banks close more than 600 UK branches; Construction industry output slumps; VW recovers from emissions scandal as European car sales jump 9% in April

EDF has warned that the cost of building two nuclear reactors at Hinkley could be nearly £3 billion more than planned (PA)

Banks close more than 600 UK branches

Over 600 bank branches have closed across Britain between April 2015 and 2016. Five of the top 10 areas losing banks are in Wales: Powys, Denbighshire, Gwynedd, Conwy, and Carmarthenshire, according to figures obtained by the BBC. Over the last year, RBS closed the most branches - 166 - followed by HSBC with 146. The banks said that demand for branches was falling, as more people switch to banking online.

Construction industry output slumps

Output in the construction industry slumped 3.6 per cent in March compared with a month earlier, official figures show. This is the worst month-on-month performance since December 2012. Economists were expecting a 2.5 per cent drop. Meanwhile, output fell 1.9 per cent in the three months to the end of march compared with the same period a year earlier.

EDF says Hinkley plant could cost £3bn more

EDF has warned that the cost of building two nuclear reactors at Hinkley could be nearly £3 billion more than planned. The French state-controlled energy giant said the cost could hit £21 billion with £13.8 billion paid by EDF and £6.9 billion covered by its Chinese partner China General Nuclear (CGN). It also expects a nine and half year construction period between the final investment decision until commissioning of the first reactor.

VW recovers from emissions scandal as European car sales jump 9% in April

VW cars sales across Europe returned to growth last month for the first time since its diesel emission scandal in September. Sales at VW increased by 5.4 per cent as major European economies have all posted rises in car registration. New passenger car registrations in the EU in April were up 9 per cent on a year earlier to 1.3 million vehicles – the highest since April 2008, according to the Association of European Carmakers (ACEA).