Ten major car manufacturers and two trade bodies are to pay a total of almost £78m in fines for breaking competition law, a UK regulator has announced.

The Competition and Markets Authority (CMA) said they ilegally agreed not to compete against one another when advertising what percentage of their cars can be recycled.

They also colluded to avoid paying third parties to recycle their customers’ scrap cars, the watchdog said.

Money latest: The many household bills rising today

It explained that those involved were BMW, Ford, Jaguar Land Rover, Peugeot Citroen, Mitsubishi, Nissan, Renault, Toyota, Vauxhall and Volkswagen.

Mercedes-Benz, was also involved in the agreements, the CMA said but it escaped a financial penalty because the German company alerted it to its participation.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.