6:50 am, July 3, 2025
Rates should be cut three more times in 2025, says Bank policymaker
A Bank of England policymaker has said interest rates should be cut three more times in 2025 as he cautioned the inflation outlook was at greater risk of being pushed ‘off track’ amid global trade woes.
Alan Taylor, who is an external member of the Bank’s Monetary Policy Committee (MPC), said in a speech at the European Central Bank Forum (ECB) in Portugal that rates needed to come down at a faster pace, given the ‘deteriorating outlook’.
Mr Taylor was out-voted in calling for a quarter point cut in June, with the majority of the MPC deciding to keep rates on hold at 4.25%.
TSB brand could disappear from high streets in £2.65bn Santander takeover deal
The TSB brand could vanish from UK high streets after rival Santander agreed to buy the lender for £2.65bn, amid fears the deal could lead to branch closures.
Sabadell, the Spanish owner of TSB, said last month it was considering a sale of the UK business amid efforts to stop itself being subject to a hostile takeover.
Santander said it ‘intends to integrate TSB in the Santander Group’ as part of the deal, which needs to be agreed at a shareholder vote.
Revised Porsche 911 Carrera 4S gains power boost and extra agility
Porsche has updated its popular 911 Carrera 4S with extra performance and improved equipment levels.
The 911 Carrera 4S will be available in coupe, cabriolet and Targa bodystyles, which means that a total of six 911 models can now be equipped with all-wheel-drive capability.
With a 3.0-litre twin-turbocharged flat-six, the 911 Carrera 4S produces 473bhp, some 30bhp more than found on the previous-generation car.
Worries over future of Chancellor hit UK stocks, the pound and bond markets
Equities in London underperformed European counterparts on Wednesday, as worries over the future of the Chancellor hit investor sentiment, knocked the pound and rocked bond markets.
The FTSE 100 index lost 10.64 points, 0.1%, at 8,774.69. The FTSE 250 plunged 290.67 points, 1.3%, at 21,452.49, and the AIM All-Share fell 5.18 points, 0.7%, at 767.76.
In European equities on Wednesday, the CAC 40 in Paris perked up 1.0%, while the DAX 40 in Frankfurt added 0.5%.
Wednesday on Car Dealer
Arnold Clark saw revenue soar to £5.2bn in 2024 but bosses warn 2025 tax increases will cost £30m
Arnold Clark grew revenue to £5.2bn and lifted pre-tax profit to £121m in 2024, reversing a prior decline. New EV sales surged, but the group warned of a £30m hit from 2025 tax hikes and wage cost increases.
Used car market enjoys ‘stable’ June with prices flatlining for third month in a row
The used car market stayed stable in June, with average prices at £16,780—virtually unchanged year-on-year. Consumer confidence rose, stock turnover remained strong, and hybrids led value retention. EVs, however, saw steep price drops, especially Tesla models.
The Car House sees surge in demand after switching to MotorSales.AI
The Car House explains how switching to MotorSales.AI has transformed how it does business.
No 10 says Starmer backs Reeves after Chancellor’s tears in Commons
Rachel Reeves is ‘going nowhere’ and will remain as Chancellor, Downing Street said, despite Sir Keir Starmer declining to give her a public show of support.
The Chancellor was visibly tearful in the Commons, as her position came under intense scrutiny after the welfare U-turn which put an almost £5bn black hole in her plans.
But allies said she was dealing with a ‘personal matter’ and No 10 said she had Sir Keir’s ‘full backing’.
Sean ‘Diddy’ Combs acquitted of sex trafficking and racketeering charges
Sean “Diddy” Combs was convicted of a prostitution-related offence but acquitted on Wednesday of sex trafficking and racketeering charges, that could have put one of hip-hop’s most celebrated figures behind bars for life.
The mixed result came on the third day of deliberations.
It could still send Combs, 55, to prison, for as long as a decade, and is likely to end his career as a hitmaking music executive, fashion entrepreneur, brand ambassador and reality TV star.
Weather outlook…
The UK will today be breezy with intermittent sunshine and broken cloud cover.
Temperatures will reach around 18 °C during the day, dropping to about 13 °C overnight.
Expect a crisp, unsettled early-summer feel with plenty of fresh air and no significant rainfall.
