6:32 am, October 13, 2022
PM faces growing pressure to rip up tax-slashing plans
Liz Truss was under fire from her own MPs as they demanded more U-turns on her tax-slashing agenda after she ruled out spending cuts to balance the books.
The prime minister’s leadership was in renewed peril as Commons education committee chairman Robert Halfon told her she had ‘trashed the last 10 years of workers’ Conservatism’ at a bruising meeting with backbenchers.
MPs piled pressure on her to restore market confidence in her government, with reports suggesting she is facing mounting calls to reverse or delay her plan to cancel a rise in corporation tax from 19 per cent to 25 per cent, due in April.
Royal Mail workers walking out in fresh strike
Postal workers are staging a fresh strike today in a long-running dispute over pay and conditions, with a series of walkouts planned for the coming weeks.
The Communication Workers Union said its 115,000 members across the UK were taking action, and described it as the largest strike in a year that has seen industrial unrest across several industries, including rail.
Picket lines are being mounted outside Royal Mail offices on what will be the sixth day of action in recent months.
M&S speeding up plan to shut quarter of larger shops
Marks & Spencer has said it is seeking to speed up a major shake-up of its stores estate that will see 67 larger shops close.
The retailer stressed that the previously announced closures will be more than offset by new openings as the group seeks to focus more on its grocery business and online operations.
In a presentation to investors, the retail giant said the stores will close over the next five financial years. It hasn’t yet detailed which locations or how many jobs will be affected by the plans.
Britain ‘big step closer to recession’
Britain’s economy unexpectedly shrank in August, reinforcing forecasts that the UK is on course for a recession as the cost-of-living crisis hits hard.
The Office for National Statistics said gross domestic product dropped by 0.3 per cent between July and August, down from growth of 0.1 per cent the previous month, which was downwardly revised from the 0.2 per cent previous estimation.
Economists had been expecting zero growth in August. Samuel Tombs, at Pantheon Macroeconomics, warned the UK was ‘a big step closer to a recession’.
Maritime T-levels could stop jobs going overseas, says shipping trade body
More schools should offer maritime qualifications to stop shipping jobs going overseas, the industry’s trade body has said.
Maritime UK has lent its support to a campaign for new T-level maritime qualifications, saying they could help children from deprived coastal areas into skilled, well-paid jobs.
Sarah Kenny, chairwoman of Maritime UK, said: ‘Developing the skills and pathways for the next generation to thrive in maritime is key to our global trade and our green future.’
Lexus updates electric UX 300e
Lexus has given its UX 300e electric crossover a significant update, boosting its electric range and enhancing the level of on-board technology.
The lithium-ion battery’s capacity has grown from 54.3kWh to 72.8kWh, helping the UX 300e to deliver up to 280 miles on a single charge. Models with 18-inch wheels will see this drop to 273 miles, however.
Lexus has also fine-tuned the steering and shock absorber settings to make the car more engaging to drive, while extra spot welding has made the overall vehicle more rigid.
West End theatres go dark in memory of Angela Lansbury
London’s West End theatres dimmed their lights last night in memory of Dame Angela Lansbury, following her death at the age of 96.
The Irish-British and American actress, best known for her portrayal of Jessica Fletcher in American drama series Murder, She Wrote, was a leading figure on Broadway and the West End throughout her career.
Dame Angela died peacefully in her sleep on Tuesday, five days before her 97th birthday. As a tribute to her, West End theatres including the Theatre Royal Drury Lane dimmed their lights before performances for two minutes at 7pm yesterday.
Wednesday’s stories on Car Dealer
- Car Dealer Power 2022: Who won what in this year’s awards
- Premium prices: The top 10 used cars with the biggest car dealer mark-ups
- Cost-of-living crisis ‘causing customers to keep vehicles longer’
- New figures reveal JLR backlog has hit 205,000 cars
- Genesis to open showroom at Battersea Power Station
- VW Group chooses Ohme as official charging partner
- First drive: Alfa Romeo’s crucial new Tonale SUV
- World News: Our latest roundup of recent headlines from around the globe that caught our eye
Market movements
The FTSE closed down 59.08 points yesterday to finish on 6,826.15 – its lowest level in 18 months. Meanwhile, the Cac 40 shed 14.73 points, ending on 5,818.47, the Dax dropped by 47.99 points to 12,172.26, and the Dow Jones fell by 28.34 points, ending on 29,210.85.
Weather outlook
Today will be mainly dry with plenty of sunshine in most areas, says BBC Weather. South England will be cloudy with some lingering patchy rain, while a band of rain will move into Northern Ireland and west Scotland in the afternoon.
Friday will see some patches of rain in England and north Wales. It’ll be cloudier in the far south with the possibility of some rain. Sunshine will develop elsewhere, but the north-west will have blustery showers.
