Oct 12: Sterling falls again; Energy bosses 'worried'; Supreme court to rule on Indyref2; Jaguar unveils F-Type 75

6:55 am, October 12, 2022

Sterling falls as Bank of England warns market support will end on Friday

The pound has fallen again after the Bank of England governor warned that its emergency support package for the markets would end on Friday.

Earlier the Bank intervened for the second time in as many days to prevent ‘fire sales’ of pension fund assets, amid the continuing market turmoil in the wake of Chancellor Kwasi Kwarteng’s mini-budget.

But speaking later in Washington, governor Andrew Bailey warned there could be no further extension beyond the end of the week.

Energy bosses ‘worried’ as ministers move to cap renewable and nuclear profits

Energy bosses have expressed concern that the Government’s proposal to cap revenues from renewable generators and nuclear power plants could put off investors.

The Government announced on Tuesday that it plans to introduce a temporary ‘cost-plus revenue limit’ in order to break the link between high gas prices and the amount made by all electricity producers.

It announced the proposed cap as part of its Energy Prices Bill but provided little detail about how it would work, saying the ‘precise mechanics will be subject to consultation launched shortly’.

Supreme Court asked to rule on ‘critically important question’ of Indyref2

Judges at the Supreme Court have been asked to rule on the ‘critically important question’ of whether the Scottish Parliament can legislate for a second independence referendum.

On Tuesday, justices at the UK’s highest court began hearing arguments in the case concerning the Scottish Independence Referendum Bill, a proposed law in the Scottish Parliament.

The Lord Advocate, the Scottish Government’s most senior law officer, began making her arguments after a short introductory statement from Lord Reed, who is presiding in the panel of five judges.

MP suggests sanctioning Elon Musk over Ukraine

An MP appeared to suggest the Government should consider sanctioning Elon Musk, saying the billionaire appears to be playing a ‘double game’ in relation to Ukraine.

Chris Bryant, the MP for Rhondda, referenced recent statements by Mr Musk on Twitter and said there are also questions about reported ‘outages’ of the billionaire’s Starlink system in Ukraine.

Mr Bryant has been vocal in calling for sanctions to be placed on a number of individuals since Russia invaded Ukraine, including former Chelsea owner Roman Abramovich, who was then subsequently sanctioned by the UK.

Japanese carmaker Nissan says it is pulling out of Russia

Japanese carmaker Nissan has said it plans to sell its Russian operations to its local partner and withdraw from manufacturing there.

The company said its executive committee approved the sale to Russia’s Central Research and Development Automobile and Engine Institute (NAMI).

The sale includes Nissan’s factory and R&D facilities in St Petersburg and its sales and marketing centre in Moscow, it said.

London markets take fresh blow

The FTSE 100 took a further hit on Tuesday after the Bank of England stepped in for the second day running to prop up the troublesome gilt market.

The British stock index dropped 1.06 per cent, or 74.08 points, to 6,885.23.

Elsewhere in Europe, the German Dax was down 0.43 per cent after the International Monetary Fund warned that the country could see its economy shrink in the new year. The French Cac had also dipped by 0.13 per cent.

Tuesday’s Car Dealer headlines you might have missed

Jaguar F-Type 75 marks the end of V8 sports cars for the firm

Jaguar has announced that production of its F-Type sports car is coming to a close with a special edition version – the 75.

Introduced as part of ‘model year 2023’, this will be the last year that the F-Type is sold as the model bows out to clear the way for the British firm’s switch to electrification.

Called the ‘75’ as it marks three quarters of a century of Jaguar sports cars, the special edition model is available in both coupe and convertible bodystyles, and comes supplied with Jaguar’s legendary 5.0-litre V8 engine under the bonnet.

King’s coronation date sparks calls for a change to the May bank holiday

The announcement of the date for the King’s coronation has sparked calls for a change to the May bank holiday in order to mark the event.

The deeply religious affair will be held on Saturday May 6 next year, with the Queen Consort being crowned alongside Charles, Buckingham Palace announced.

It will take place in Westminster Abbey, eight months after the monarch’s accession and the death of the Queen.

Consumers at risk due to post-Brexit regulatory system, Commons committee warns

Recruitment issues are hampering the ability of UK regulators to function post-Brexit, MPs have warned.

In a new report, the Commons Public Accounts Committee warns that UK regulators are ‘struggling to recruit and retain the skills they need to regulate effectively’ amid growing demand following the UK’s exit from the EU.

Warning that the future direction of UK regulation remains unclear, the committee pinpoints a shortage of vets to monitor food safety and animal welfare in abattoirs, as well as toxicologists to assess food risks and chemical safety.

House price anxiety drags down consumer confidence – survey

Homeowner anxiety about house values has cancelled out any reassurance from the Government’s freeze on energy bills to drag down consumer confidence for another month, a survey suggests.

The overall YouGov/Centre for Economics and Business Research index fell by 1.1 points in September – its lowest level since January 2013 with the exception of April and May 2020.

Homeowners’ confidence in their property’s value saw the steepest fall since the early days of the pandemic, dropping 5.6 points to 124.8 to bring down the headline figure.

King to star in special Repair Shop episode to celebrate BBC’s centenary

The King is to guest star in a special episode of The Repair Shop as part of the BBC’s centenary celebrations.

In the programme, Charles will meet with the show’s host Jay Blades and his expert team of craftspeople to explore their shared passion for preserving heritage craft skills.

The team will also mend two precious items chosen by the monarch – a piece of pottery made for Queen Victoria’s Diamond Jubilee and a 18th century clock.

New 454bhp BMW M2 revealed

BMW is continuing celebrations to mark 50 years of its performance ‘M’ division with the reveal of the new M2.

Entering a second generation, this new sports coupe has big boots to fill, as the previous M2 was widely regarded as one of the best performance cars around. It was also BMW’s best-selling ‘M’ model.

Getting a tuned version of its predecessor’s 3.0-litre twin-turbo in-line six engine, it’s the most powerful M2 date – putting out 454bhp and 550Nm of torque.

Weather outlook

A cloudy start for most today, with spells of rain continuing to push southeastwards. The north will see rain clear later to sunny spells. Staying dry in the far south-east, the BBC reports.

Tonight, it will be cloudy for a time with rain in the southeast. Rain will clear later leaving clear spells, and some patchy mist and fog. Dry and clear for most in the north; just a few showers in the far north.

Tomorrow will see an area of rain and cloud push eastwards across the far south. Heavy rain will also move eastwards across the north through the afternoon. Elsewhere, it will be dry and sunny.