6:50 am, August 8, 2025
Bank lowers UK interest rates but warns ‘uncertainty’ about future cuts
The Bank of England has cut borrowing costs to 4% but cautioned over ‘uncertainty’ about future interest rate reductions.
The Bank’s Monetary Policy Committee (MPC) chose to reduce interest rates by 0.25 percentage points to its lowest level since March 2023.
Policymakers pointed to a recent fall in pay growth and reduced uncertainty over the impact of US tariffs.
Fears of rise in uninsured drivers as insurance tax receipts soar
Consumers paid a total of nearly 9% more in a tax on insurance premiums last year, leading to fears of drivers becoming priced out of policies.
The AA, which conducted the research, urged the Treasury to cut the rate of insurance premium tax (IPT) on motor policies by a quarter, with a 50% reduction for newly qualified drivers.
The standard rate of IPT – which applies to premiums such as motor insurance – has been 12.0% since 2017.
Bugatti reveals one-of-one special with Brouillard hypercar
Bugatti has revealed a one-of-one special with the Brouillard hypercar.
The car is built under Bugatti’s new ‘The Programme Solitaire’, which is a bespoke programme dedicated to the firm producing one-off creations for very lucky clienteles.
Powering the car is the same W16 engine you’ll find in the firm’s Chiron, which pumps out 1,578bhp. However, the company hasn’t revealed performance figures for the Brouillard at this stage.
Stocks mixed but pound up after Bank of England rate cut
The FTSE 100 fell in London on Thursday, while the pound climbed, after the Bank of England lowered interest rates in a tight vote which saw hopes for further cuts this year pared.
The FTSE 100 index closed down 63.54 points, 0.7%, at 9,100.77. The FTSE 250 ended 12.22 points higher, 0.1%, at 21,938.10 while the AIM All-Share finished down 0.84 of a point, 0.1%, at 763.51.
Meanwhile in Europe, the CAC 40 in Paris rose 1.0%, while the Dax 40 in Frankfurt climbed 1.1%.
Thursday on Car Dealer
Car dealer Gates performed ‘below expectations’ last year as Ford strategy stunts sales
Gates reported a 7% drop in pre-tax profit to £3.05m in 2024, with turnover down 8% to £195.16m. Directors cited economic pressures, government mandates, and Ford’s BEV strategy. Despite challenges, commercial sales rose, and staff pay increases were implemented.
BYD to replace Peugeot at axed Marshall Motor Group car dealerships
Two closed Marshall Motor Group dealerships in Canterbury and Ashford are set to reopen under new franchise agreements with BYD. The showrooms, previously Peugeot sites, will relaunch in September as part of BYD’s UK expansion strategy.
Corrupt car dealer to be sentenced next month for £41,000 Evans Halshaw scam
Joe McStein, a former car salesman, will be sentenced on September 26 after admitting to fraudulently pocketing over £40,000 while at Evans Halshaw Ford in 2023. He also faces charges for illegally selling cars at Williams BMW in Liverpool.
Day’s Motor Group sees revenue rise but pre-tax profit tumbles during ‘challenging’ 2024
Day’s Motor Group saw pre-tax profit fall to £16.1m in 2024, down from £30.3m in 2023, despite revenue rising to £303.2m. The group cited inflation, interest rates, and reduced margins as challenges, but praised staff resilience for continued strong performance.
Glyn Hopkin announces shake-up to top team with trio of new franchise directors
Glyn Hopkin has overhauled its senior leadership team following its transition to an Employee Ownership Trust in 2024. Key appointments include Shab Chowdhury as Kia and Suzuki franchise director, Emily Robinson for MG, and Dave Seaton for Nissan, aiming to future-proof operations and support ongoing growth.
Homelessness minister quits over rent hike claims
Homelessness minister Rushanara Ali has resigned from the Government following reports she hiked rent on a property she owns by hundreds of pounds just weeks after the previous tenants’ contract ended.
In a letter to Sir Keir Starmer, the Labour MP insisted she had ‘at all times’ followed ‘all legal requirements’ and taken her responsibilities ‘seriously’.
But she added: ‘It is clear that continuing in my role will be a distraction from the ambitious work of the Government.’
Emergency alert tests next month ‘one of the biggest’ drills in UK history
An emergency alert drill in a month’s time ‘will be one of the biggest public safety exercises’ in UK history, a Cabinet minister has said.
Pat McFadden said mobile phone alerts could save lives during raging storms or when wildfires break out.
On Sunday September 7 at around 3pm, mobile phones connected to 4G and 5G networks will vibrate and emit a siren sound for up to 10 seconds.
Weather outlook…
The UK can today expect partly sunny skies with mild conditions throughout the day.
Temperatures will peak around 18°C, with brief light showers possible in the afternoon.
Most areas will stay dry, making for a comfortable and breezy summer day.
