6:25 am, October 16, 2025
Reeves suggests higher taxes on wealthy will be in Budget
Rachel Reeves has suggested higher taxes on the wealthy will be part of her Budget next month.
The chancellor acknowledged she was looking at potential tax rises and spending cuts to fill a hole in her Budget which she said was partly due to the lingering impact of Brexit.
Asked whether higher taxes on the wealthy would feature as part of her November 26 statement, she said they would be ‘part of the story’.
Royal Mail fined £21m by watchdog for missing mail delivery targets
Royal Mail has been fined £21m for missing its annual first and second class mail delivery targets, leading to millions of letters arriving late across the UK, regulator Ofcom has said, representing the third-largest fine ever imposed by the communications watchdog.
Royal Mail delivered 77% of first class mail and 92.5% of second class mail on time during the 2024-25 financial year, Ofcom found. This was short of its respective 93% and 98.5% targets.
It is the third year in a row that the British delivery giant has been fined for not meeting its service requirements.
Alfa Romeo updates Tonale with sharper look and mechanical upgrades
Alfa Romeo has upgraded its Tonale SUV with a redesigned exterior and a series of changes to its suspension and driving style.
For this latest model, Alfa has introduced a new three-dimensional concave ‘Scudetto’ grille which, it says, draws inspiration from classic 33 Stradale and GT 2000 models. The front overhang has been shortened, while a wider front and wheel track house new 19-inch wheels. Optional 20-inch versions can also be added on certain models.
Inside there are new colours and materials, while underneath, Alfa says it has aimed to reduce roll and understeer with the Tonale, with this car’s entry-level 1.5-litre turbocharged petrol engine gaining a boost in power by 15bhp to 173bhp.
The markets
The FTSE 100 closed lower on Wednesday, despite a boost from Burberry, as investors mulled the outlook for the UK economy given the prospect of tax rises and spending cuts.
The FTSE 100 index closed down 28.02 points, 0.3%, at 9,424.75. The FTSE 250 ended just 7.22 points lower at 22,020.96, and the AIM All-Share dropped 2.14 points, 0.3%, to 787.42.
The pound was quoted higher at 1.3395 dollars at the time of the London equity market close on Wednesday, compared to 1.3294 dollars on Tuesday.
Starmer faces more questions after publishing China spy case evidence
Sir Keir Starmer’s government is facing more questions over the China spying case after it published witness statements that called out Beijing’s espionage and branded the country a threat to the UK’s economic security.
Three statements provided by deputy national security adviser Matt Collins as part of the Crown Prosecution Service’s case were published on Wednesday night.
The CPS dropped the case after deeming the evidence did not show China was a threat to national security.
Wednesday on Car Dealer
Close Brothers to nearly double cash provision for motor finance compensation scheme
Close Brothers is set to nearly double the amount of cash it’s setting aside for the motor finance compensation scheme, along with voicing criticism of the FCA’s (Financial Conduct Authority’s) plans.
Eden goes on cost cutting mission to slash losses but car dealer still ends year in the red
Eden Motor Group managed to slash its losses in 2024 but cost cutting measures weren’t enough to prevent the car dealer from ending another year in the red.
More than half of car buyers expecting to go green with next purchase – Motors
The majority of car buyers now expect their next vehicle to be an EV or hybrid.
Aston Martin hosts special 70th anniversary celebration for Newport Pagnell Works site
Aston Martin’s Works site in Newport Pagnell has marked its 70th anniversary with a special gathering of more than 100 classic models.
Weather
Most areas stay dull and dry today, though eastern Scotland, Wales, and southern England will see some sunshine, reports BBC Weather. A few light showers may affect southeast coasts and the far north.
Tonight remains mainly dry and cloudy, with clearer spells in Wales and southern England, and mist forming in the north.
