6:35 am, July 16, 2025
Britain cannot grow without ‘fighting fit’ finance sector, Rachel Reeves says
Chancellor Rachel Reeves has told City bosses that Britain cannot meet its growth ambitions without a ‘fighting fit and thriving’ finance sector, as she urged regulators to resist ‘excessive caution’.
Reeves, delivering her annual Mansion House speech to the financial services sector, said changes were needed for the UK to stay competitive in a more uncertain global economy.
She said the government was delivering on its pledge, made at last year’s Mansion House speech, to ‘regulate for growth and not just for risk’.
HMRC does not know how many billionaires pay tax in UK – report
HM Revenue and Customs (HMRC) cannot identify how much tax is paid by UK billionaires, despite the relatively small number of individuals and significant sums of money involved, according to a report.
The Public Accounts Committee (PAC) said that HMRC ‘can and must’ do more to understand and explain the contribution that the very wealthiest in society make to tax revenue.
Its report on collecting the right tax from wealthy individuals said: ‘HMRC does not know how many billionaires pay tax in the UK or how much they contribute overall.’
Mercedes CLA gains new sleek-looking Shooting Brake
Mercedes has broadened the line-up of its new CLA range with a Shooting Brake variant.
As with the standard CLA, the Shooting Brake arrives as an electric vehicle with up to 473 miles of range, while Mercedes says that thanks to quick charging, you’ll be able to add 192 miles of range in under 10 minutes.
The aerodynamically-designed estate car builds on the standard saloon model by offering a 455-litre boot, which brings a considerable size advantage over the 405-litre luggage area you’ll find in the regular car. Flip the rear seats down and that space expands to 1,290 litres, too, while a bonnet ‘frunk’ adds 101 litres of space.
The markets
The FTSE 100 closed lower on Tuesday, after briefly topping 9,000, as US inflation figures began to show the impact of tariffs – putting rate cut hopes in doubt.
The FTSE 100 index closed down 59.74 points, 0.7%, at 8,938.32. It earlier hit a new all-time peak of 9,016.98 – crossing the 9,000 threshold for the first time. The FTSE 250 ended down 34.31 points, 0.2%, at 21,690.46, and the AIM All-Share fell 3.02 points, 0.4%, at 771.03.
The pound was quoted at 1.34 dollars at the time of the London equities close on Tuesday. The euro fell against the dollar to 1.16.
Former defence secretary Ben Wallace makes ‘no apology’ for Afghan injunction
A former Tory defence secretary has said he makes ‘no apology’ for applying for an injunction blocking reporting about the leak of data on Afghans who supported British forces.
Thousands of people are being relocated to the UK as part of a secret £850m scheme set up after the breach.
Sir Ben Wallace said the decision to apply for the gagging order was ‘not a cover-up’ and that if the leak had been reported it would have ‘put in peril those we needed to help out’.
‘Urgent’ need for digital reform of banking payments, says Bank of England boss
Bank of England governor Andrew Bailey has said that ‘urgent’ reforms of retail banking payments should be a priority as he remains to be ‘convinced’ over the need for a digital pound.
In his annual Mansion House dinner speech, Bailey said the UK needs to ‘harness the potential of digital technology for retail payments’ both within Britain and internationally to help future-proof payments infrastructure and ensure it can play its part in boosting growth in the UK.
But he added a dose of scepticism over any plans for a digital pound and reiterated concerns over so-called stablecoins – a type of cryptocurrency which is backed by a traditional asset such as a currency or commodity.
Tuesday on Car Dealer
Automotive industry ‘calls have been heard’ as UK announces £650m Electric Car Grant
The UK government has launched a new £650m Electric Car Grant offering up to £3,750 off EVs priced below £37,000. Available from July 16, it replaces the 2022 Plug-In Car Grant and runs through 2028/29, with discounts based on sustainability criteria.
Dealer group Gravell’s sees profits slide despite rising car sales and improved turnover
Gravell’s saw 2024 profits fall 30% to £3.58m despite selling more cars and boosting turnover to £147.88m. Used EV margins impacted performance, though stability is expected in 2025. The firm operates multiple franchises across South Wales and increased staff headcount to 159.
‘EcoBoosts don’t scare me’: Why an in-house workshop is the ‘holy grail’ for used car dealers
Theo Cook from Bowen’s Garage joins us on the Car Dealer Podcast. We discuss the benefits of having an in-house workshop and stocking Ford EcoBoost engines.
Car dealer Yeomans Group opens new Bexhill site after adding Mazda to list of brand partners
Yeomans Group has partnered with Mazda, opening a new Bexhill showroom after the brand’s six-month absence from the area. The dealership offers new and used cars, with both parties optimistic about the collaboration ahead of upcoming Mazda CX-5 and 6e launches.
Weather
Today brings sunny spells and patchy cloud for most, with isolated showers in the north and east, and light rain in the far south-west, reports BBC Weather. Temperatures will be a little higher than yesterday with a high of 27 degrees.
Tonight, western areas will turn cloudier with rain, especially in Northern Ireland, while the east stays drier with some clear intervals.
