6:34 am, August 7, 2025
Bank of England ready to cut interest rates as jobs market slows, experts say
Borrowing costs are set to ease further with the Bank of England poised to cut interest rates for the fifth time in a year, experts think.
The Bank’s Monetary Policy Committee (MPC) is widely expected to reduce the base rate by 0.25 percentage points to 4% on Thursday.
This would mark the fifth reduction since August last year, when rates started steadily coming down from a peak of 5.25%.
Fears for Claire’s stores after US owner files for bankruptcy
Claire’s Accessories faces an uncertain future on UK high streets after its US parent business filed for bankruptcy.
US-based fashion accessories and jewellery business Claire’s has filed for Chapter 11 bankruptcy in a court in Delaware, according to new filings.
Claire’s runs 2,750 stores across 17 countries. It has around 280 stores in the UK. Nevertheless, its UK stores are currently unaffected by the bankruptcy process.
Porsche 912T models get modern makeover by Kammanufaktur
The Porsche 912T has been given a sympathetic modern makeover thanks to the team at Kammanufaktur.
The Kamm 912T features fully restored bodywork, carbon fibre wings, bonnet, boot lid and wing mirrors. Plus, customers can choose from a choice of 15-inch Fuchs alloy wheels or 15-inch steel-style alloys.
Power comes from a 161bhp 2.0-litre four-cylinder air-cooled engine, and other mechanical changes include an upgraded five-speed dogleg manual gearbox, a limited-slip differential, a bespoke hydraulic clutch and a Touring exhaust system.
The markets
The FTSE 100 closed higher on Wednesday ahead of an expected interest rate reduction by the Bank of England on Thursday.
The FTSE 100 index closed up 21.58 points, 0.2%, at 9,164.31. The FTSE 250 ended 24.19 points higher, 0.1%, at 21,925.88 and the AIM All-Share finished up 0.87 of a point, 0.1%, at 764.35.
The pound rose to 1.3343 dollars late on Wednesday afternoon in London, compared to 1.3301 dollars at the equities close on Tuesday.
Starmer defends handling of economy but declines to rule out tax hikes
Sir Keir Starmer has defended the government’s stewardship of the economy amid warnings that taxes will need to rise in the autumn to plug a £51bn black hole in the public finances.
The prime minister said chancellor Rachel Reeves’s upcoming budget will ‘build on what we’ve done’ by focusing on ‘living standards’ and ‘making sure that people feel better off’.
It comes after experts said weaker-than-expected recent economic activity, U-turns on welfare cuts and forecast-beating borrowing mean Reeves is on track to miss one of her fiscal rules by £41.2bn in 2029-30.
Sabadell shareholders approve £2.65bn sale of TSB to Santander
Shareholders of Spanish banking group Sabadell have voted to approve the sale of TSB to Santander after striking a deal worth £2.65bn.
Some analysts think the sale could make it easier for Sabadell to rebuff a potential hostile takeover bid by rival Spanish group BBVA.
The proposed sale of TSB was passed with 99.6% shareholder approval at an extraordinary general meeting (EGM) on Wednesday, Sabadell said.
Wednesday on Car Dealer
Used car prices remain flat for fourth consecutive month as consumer confidence grows
The used car market is showing signs of strength in the second half of the year, with consumer confidence growing and average prices remaining nearly the same for the fourth consecutive month, says Auto Trader.
Family-run car dealer group Yeomans sees profit soar 30% in 2024 and pays huge dividend
Profit for the family-run car dealer group Yeomans soared in 2024 as turnover was boosted by new dealerships.
Electric car values were the strongest in July compared to other fuel types
Electric car values in July have shown increased consumer confidence in them and their pricing, with the latest figures showing their prices held stronger month-on-month than any other fuel type.
Bosses ‘extremely proud’ of Sinclair Motor Group despite profits being slashed in half
Profits were down but the group still bagged an impressive £4.38m before tax. Bosses put ‘testing’ period down to wider factors, including ZEV Mandate.
Omoda & Jaecoo achieve record UK market share as Ron Brooks announces third dealership
Omoda and Jaecoo have continued their growth in the UK by achieving their highest ever market share of 2.71% in July, with the Chinese brands set to open yet another new showroom in Nottinghamshire.
Ford of Britain-owned TrustFord snaps up dealership from Islington Motor Group
TrustFord has announced the acquisition of a Ford dealership from Islington Motor Group in Trowbridge.
Weather
Breezy for Scotland and Northern Ireland with sunshine and scattered showers, reports BBC Weather. England and Wales start cloudy with patchy rain, clearing later for sunny intervals.
Tonight: Windy in northern and western Scotland with rain arriving from the west. Drier elsewhere with occasional showers and clear spells.
