6:34 am, October 18, 2022
Apologetic Truss looks to next election
Liz Truss last night admitted to and apologised for ‘mistakes’ during her short tenure as prime minister to date.
During a BBC interview, she said she had ‘adjusted what we’re doing’ after the government’s fiscal policies spooked the markets, putting in place Jeremy Hunt as chancellor to replace Kwasi Karteng, with a fresh strategy to ‘restore economic stability’.
Truss has suggested she believes she can weather the storm that has rocked the party in recent weeks, as she vowed to lead the Tories into the next general election.
Hunt scales back energy price cap duration
Jeremy Hunt has dramatically scaled back support for household energy bills and ditched tax cuts promised by his predecessor, Kwasi Kwarteng, as he seeks to restore stability following turmoil on the financial markets.
In an emergency statement yesterday, the new chancellor said the energy price guarantee – which had been due to cap prices for two years – will end in April, after when the government will look to target help for those most in need.
He is abandoning plans to cut the basic rate of tax by 1p – due to be brought forward to April – saying it will remain at 20p in the pound until the country can afford to reduce it. The cut in dividend tax promised by his predecessor will also go, along with the freeze on alcohol duty and easing of the IR35 rules for the self-employed. Hunt also suggested the triple lock on state pensions increases could be scrapped
BP buys US biogas producer Archaea Energy for £3.6bn
BP has sealed a $4.1bn (£3.6bn) deal to buy US renewables firm Archaea Energy.
The move for the biogas producer is the latest one by BP designed to rapidly expand its alternative fuels business in an effort to support its net zero ambitions.
Houston-based Archaea Energy operates around 50 renewable natural gas and landfill gas-to-energy facilities across the US.
Lack of digital skills ‘costing UK workers more than £5bn in earnings’
A lack of basic digital skills is costing workers and the UK economy billions of pounds, a study has suggested.
More than five million people in the UK are said to be unable to carry out simple online tasks such as sending an email, the research estimates, and as a result workers are missing out on £5.69bn in additional wages.
The study, carried out by Virgin Media O2 and based on modelling from economic consultancy Cebr, indicates that this skills gap is also costing the UK economy £12.8bn.
Bensons for Beds rescues Eve Sleep brand
Online mattress retailer Eve Sleep has been bought by Bensons for Beds after saying it had called in administrators following a failed sale process.
Bensons acquired the brand, website and assets yesterday for an undisclosed sum, with plans to retain Eve as a standalone brand and relaunch its website later this month.
The company floated on the stock market in 2017 with a £140m valuation, but has suffered declining customer numbers and increased cost pressures in recent years. In June, it revealed it was looking for a buyer or new investor.
New Mercedes EQE SUV revealed with up to 367-mile range
Mercedes is expanding its line-up of electric cars with the new EQE SUV – a high-riding version of its EQE saloon.
The EQE is the first SUV that Mercedes-AMG has worked on, with ‘43’ and ‘53’ models on offer, producing up to 470bhp and 678bhp respectively. The latter takes just 3.3 seconds to accelerate from 0-60mph.
All models use a 91kWh battery, with the rear-wheel-drive EQE 350 having the longest range of all versions, claiming up to 367 miles on a charge. It can charge at up to 170kW, with Mercedes saying up to 137 miles of range can be added in just 15 minutes.
BBC celebrates 100 years of broadcasting to the nation
The BBC is celebrating 100 years of broadcasting to the nation with a plethora of special programming and commemorative events.
The corporation’s milestone was reached today, a century on from when it was founded in 1922 under its original name, The British Broadcasting Company.
Among the special commissions are a royal appearance, with the King guest-starring in an episode of The Repair Shop on October 26, while this coming Sunday will see Jodie Whittaker bow out as the eponymous Time Lord in a feature-length Doctor Who special.
Monday’s stories on Car Dealer
- More woe for Cazoo as it plunges further into the red with 2021 losses more than trebling
- Car dealers and garage owners are warned by IGA about ‘High Court bailiff’ scam
- Used cars offer ‘flicker of hope’ against backdrop of reduced consumer confidence
- Automotive 30% Club names its most inspirational women of 2022
- Porsche makes Reading showroom its first Destination centre in UK
Market movements
Markets were buoyed by Jeremy Hunt’s emergency statement, with the FTSE closing up 61.45 points yesterday to finish on 6,920.24. Meanwhile, the Cac 40 gained 108.74 points, ending on 6,040.66, the Dax climbed 211.22 points to 12,649.03 and the Dow Jones rose by 550.99 points to 30,185.82.
Weather outlook
Today will be fine and dry, says BBC Weather, but the far north may see the occasional light shower. Elsewhere will have extensive sunshine for many, but the far south and east will have areas of cloud.
Wednesday will see heavy showers in Northern Ireland and south-west Britain. The rest of the UK will be mainly dry but cloudy with brighter spells for some.
