6:45 am, October 25, 2022
Rishi Sunak to be appointed PM before building Cabinet
Rishi Sunak will be appointed as the country’s next prime minister by the King and look to build a new Cabinet that might unite a fractious Tory party.
The handover of power will see Liz Truss hold her final Cabinet meeting and give a farewell speech in Downing Street before formally tendering her resignation to Charles at Buckingham Palace.
Once she has left, it will be Sunak’s turn to see the King, who will ask him to form an administration. Sunak is expected to address the nation just before noon, before entering No 10 as the UK’s first Hindu prime minister, the first of Asian heritage, and the youngest for more than 200 years at the age of 42.
Tax cuts to help new homebuyers clear first Commons hurdle
Proposals aimed at making it easier for first-time buyers to get onto the housing ladder have cleared their first Commons hurdle, but MPs are doubtful they will return for further scrutiny.
MPs voted 288 to 152, a majority of 136, to give the Stamp Duty Land Tax (Reduction) Bill a second reading. But some questioned whether the Bill would survive Rishi Sunak’s coronation as Tory leader, with Labour and the Lib Dems suggesting a U-turn may await the legislation in the near future.
The Bill is one of the few measures which survived the bonfire of Liz Truss’s mini-budget following the economic turmoil it caused, alongside the repeal of the national insurance rise. It would increase the threshold for not paying stamp duty from properties worth £125,000 to those worth £250,000.
Joe Biden: Rishi Sunak’s rise to become next PM is ‘groundbreaking milestone’
It is a ‘groundbreaking milestone’ that Rishi Sunak will become the UK’s next prime minister, US president Joe Biden has said as he marked Diwali.
Biden said at an event in Washington on Monday evening ‘it matters’ that for the first time a person of colour, who is also the child of Indian immigrants, could rise to the highest political office in the country.
‘And whether it’s the United Kingdom, where just today, we’ve got news that Rishi Sunak is now the prime minister. As my brother would say, “go figure”,’ Biden said.
Government not planning inquiry solely into vaccine safety – health minister
The government is not planning to open an inquiry solely into Covid vaccine safety, a minister has said.
Health minister Caroline Johnson said the vaccines will be reviewed as part of the wider UK Covid-19 inquiry, but insisted the jabs are safe and encouraged those eligible to come forward for autumn boosters.
Dr Johnson was speaking during a Westminster Hall debate in Parliament, held in response to a petition calling for a public inquiry into Covid-19 vaccine safety, which has been signed more than 107,000 times. A few MPs raised concerns during the debate about the vaccines’ possible side effects, including what some described as data showing a correlation with increased levels of cardiovascular problems.
Rail union announces a week of industrial action
A rail union has announced nearly a week of industrial action, including strikes in November in their ongoing dispute over pay, job security and conditions.
Thousands of members of the Transport Salaried Staffs’ Association in Network Rail will strike on Thursday November 3, Saturday November 5 and Monday November 7 while members in individual train companies will take strike action and action short of strike on November 3, 4, 7 and 8.
Members in five rail companies, South Western Rail, Southeastern, West Midlands Trains, Northern and Great Western, will take action short of strike action for the whole of November, and a sixth company, TransPennine Express will join them from November 7. Members involved in the action include staff working in ticket offices, stations, control rooms, and other support roles across Britain.
Mazda MX-5 gains updated trim levels and new paint colours
Mazda’s popular MX-5 will be gaining renamed trim levels and new exterior colours when the latest model arrives next year.
Available to order now ahead of delivery in March next year, the 2023 Mazda MX-5 will ditch the Convertible name in favour of ‘Roadster’, which is used in other countries around the globe.
Three new specifications – Prime-Line, Exclusive-Line and Homura – are now available on the MX-5, while a new Zircon Sand paint colour has been made available on the MX-5 for the first time. Those cars fitted with a 2.0-litre engine and finished in Homura trim level will get red Brembo front brake calipers, too.
Monday Car Dealer headlines you might have missed
- Used Car Awards 2022 Shortlist: The used car dealers in the running for our top awards
- Hedin and car dealer group Pendragon granted more time to discuss takeover bid
- Used car sales for Top 200 most-stocked car dealers fell in September
- Auto Trader sells Webzone subsidiary for €30m
- Family-run luxury car dealer Romans International enjoys large rise in overall profit as turnover soars
- Car dealership Autolab UK confirms deal to develop new £4m showroom
Markets rally as businesses call for end to uncertainty under new PM
Business leaders have called on Rishi Sunak to end recent ‘political and economic uncertainty’ as markets rallied somewhat on his selection as the next prime minister.
Markets had largely already expected a Sunak victory before it was officially announced on Monday afternoon. The markets had a rollercoaster day.
Shares on the FTSE 100 index of London’s biggest companies initially rose by as much as half a per cent, before falling to nearly 0.8 per cent down. In the afternoon the FTSE recovered again, closing up 0.64 per cent at 7,013 points. The pound initially dropped in value against the dollar following the confirmation, before a volatile spell and ultimately finished in the red. At the close of markets in London, one pound could buy 1.129 dollars, down slightly on the day.
Weather outlook
Dry snd sunny for eastern areas today with just the chance of the odd shower, reports BBC Weather. It’ll be cloudier and more showery further west with persistent rain drifting into the south-west later on.
Heavy rain will spread northwards affecting western and northern areas, while in the south it’ll be drier but cloudy.
