6:53 am, March 24, 2023
Bank of England ‘more optimistic’ UK can avoid recession
The Bank of England’s boss has said he is more optimistic that the UK can avoid a recession after being on a ‘knife edge’ last month, as it hiked interest rates for the 11th time in a row.
Interest rates were lifted to 4.25 per cent from four per cent after policymakers on the Bank’s nine-strong Monetary Policy Committee voted seven to two for the quarter point rise following a surprise jump in inflation last month.
But it could be the last in the recent flurry of rises, according to economists.
Hyundai and Kia recall vehicles due to fire risk
Hyundai and Kia are telling the owners of more than 571,000 sports utility vehicles (SUVs) and minivans in the US to park them outdoors because the tow hitch harnesses can catch fire while they are parked or being driven.
The affiliated Korean carmakers are recalling the vehicles and warning people to park them away from buildings until repairs are made.
Affected Hyundai vehicles include the 2019 to 2023 Santa Fe, the 2021 to 2023 Santa Fe Hybrid, the 2022 and 2023 Santa Fe Plug-in hybrid and the 2022 and 2023 Santa Cruz. The only Kia affected is the Carnival minivan from 2022 and 2023.
‘Almost 700,000 London car drivers facing Ulez fee’ when zone expands
Nearly 700,000 car drivers in London will face a daily £12.50 ultra low emission zone fee when the scheme expands, according to new analysis.
The RAC, which carried out the research, said the expansion of the zone from August 29 will have a ‘massive financial impact on motorists and businesses’.
It comes a day after Transport for London (TfL) claimed that nine out of 10 cars seen driving in outer London on an average day meet the Ulez standards, so will not be liable for the charge.
BBC will not resume filming Top Gear series after Andrew Flintoff crash
The BBC has announced that the filming of Top Gear’s latest series will not resume after the corporation’s investigation into presenter Andrew “Freddie” Flintoff’s crash.
Former professional cricketer Flintoff, 45, was taken to hospital after being involved in an accident while shooting for the hit motoring show.
The incident happened while he was at the Top Gear test track at Dunsfold Aerodrome in Surrey on December 13.
Thursday’s Car Dealer headlines you might have missed
- Savvy car buyers saving money on used EVs by waiting for further price collapses
- Inchcape racks up 50 per cent increase in pre-tax profit to £373m thanks to ‘robust consumer demand’
- Mini Clubman to bow out with handful of ‘Final Edition’ cars
- Ford’s EV business has lost billions – and is set to haemorrhage billions more this year
- EV network gets boost as county pledges to have 10,000 new chargers by 2030
- Aftersales manager is left rare Honda by dealership customer who became a close friend
- LSH Auto launches BYD marque at flagship Stockport showroom
- LEVC celebrates milestone as 10,000th electric taxi rolls off production line
- Tesla looks to boost EV sales with launch of new remote test-drive scheme in UK
Starmer’s earnings are smaller than Sunak’s but his effective tax rate is higher
Sir Keir Starmer is paying a far greater proportion of his earnings in tax than Rishi Sunak despite the Prime Minister making 10 times more.
The Labour leader paid £118,580 in tax on earnings of £359,720 over the last two years, the summary of his tax return showed. That made his effective tax rate 33 per cent.
Mr Sunak, who earned £3.7m over the same period, paid a rate of about 22 per cent in tax because most of his earnings came from capital gains.
FTSE 100 closes in the red after interest rates hiked again
The FTSE 100 dropped after the Bank of England and Federal Reserve both announced interest rate increases.
London’s top index moved 0.89 per cent, or 68.24 points, lower to finish at 7,499.6.
Elsewhere in Europe, the German Dax fell by 0.03 per cent, and the French Cac 40 increased by 0.05 per cent at the close.
Weather outlook…
Today, the north will start cloudy with frequent showers, but bright spells will develop later. Mostly bright further south at first, then patchy cloud and showers developing, thundery in places, the BBC reports.
Turning drier overnight in the south, but elsewhere will see cloudy and wet conditions for most of the night. Rain may turn wintry and persistent over higher ground in northern Scotland.
Tomorrow, sunny spells and scattered showers will continue for most. Cloudier in Scotland and far northern England with showers in the west, but drier towards the north-east.
