Business news live: FTSE 100 rises and Tesla poised to gain $25bn after

Rachel Reeves will vow to “invest in Britain’s renewal” as she reveals her spending plans for the coming years on Wednesday.

The Chancellor is expected to announce big increases in spending on the NHS, defence and schools as part of a spending review set to include £113 billion of investment thanks to looser borrowing rules.

She will also reveal changes to the Treasury’s “green book” rules that govern which projects receive investment in an effort to boost spending outside London and the South East.

Arguing that this investment is “possible only because of the stability I have introduced” after the October budget, Ms Reeves is expected to say her spending review will “ensure that renewal is felt in people’s everyday lives, their jobs, their communities”.

Related to Mr Musk’s latest social media posts or not, Tesla are set for an uplift this afternoon when US markets open.

Having surged more than 5% higher yesterday, the EV maker is set to open another 2.5% higher this afternoon – equivalent to around $24bn (£17.8bn) in market capitalisation for the trillion-dollar company.

Perhaps of more relevance to that uplift is Elon Musk revealing that Tesla’s self-driving robotaxis will be offered to the public from 22 June.

“The date could shift” due to safety matters still, he added – and later this month new Teslas will also self-drive themselves from factory to customer home for the first time.

Tesla owner Elon Musk has taken to his social media platform X to say he “regret[s] some of my posts about” President Trump.

Last week the pair got into what amounted to a petty slanging match worth billions of dollars.

Tesla shares are up 2.5% in pre-trading but remain down almost 20% in 2025.

Here’s a quick roundup of this morning’s company news:

Rolls Royce expects thousands of jobs to be created after being selected by the government to build the first three SMRs – small modular reactors – in the push for nuclear power.

Shares in the company are up 57% across 2025 so far and hit an all time high during trading yesterday, before pulling back.

They are up more than 1.5%this morning to 849p per share.

Each SMR are expected to produce power for a million homes for 60 years.

Two days of talking in London has seen Washington and Beijing reach an agreement of sorts over a trade truce.

The US and China have agreed “in principle” over a framework and how to implement it.

That led to Asian markets rising overnight, the Hang Seng up…