6:55 am, July 26, 2023
UK to be second worst economy in the G7 in 2023 despite upgrade, says IMF
The UK is expected to be the second slowest-growing economy in the G7 this year, the International Monetary Fund has said, despite a major upgrade to the country’s prospects.
A new IMF forecast expects the UK’s output to grow by 0.4% during 2023, faster than Germany, but slower than any other country in the Group of 7 (G7).
It is an upgrade by 0.7 percentage points compared to the IMF’s previous forecast. Consumption was stronger than expected and Brexit uncertainty had reduced, the IMF said.
Jaguar Land Rover overcomes recent losses to make £435m profit in first financial quarter
Jaguar Land Rover (JLR) has announced it made £435m in profit between April and June in the first financial quarter.
Just a year ago JLR was still suffering heavy losses, but says it’s managed to achieve high profitability through ‘favourable volume [of high-margin products like the Range Rover], mix, pricing and foreign exchange revaluation offset partially by higher inflation and supplier claims’.
The £435m profit before tax figure is up nearly £1bn on the first financial quarter of 2023, as well as a £67m increase on JLR’s performance between January and March this year.
Read more here.
NatWest Group chief faces resignation calls over Nigel Farage leak
The chief executive of NatWest Group is facing calls to resign after she admitted being the source of an inaccurate story about the closure of Nigel Farage’s bank account.
Dame Alison Rose said she made a ‘serious error of judgment’ when she discussed Mr Farage’s relationship with private bank Coutts, owned by NatWest Group, with a BBC journalist.
But NatWest Group chairman Sir Howard Davies said that ‘after careful reflection’ the board members had decided Dame Alison retained their ‘full confidence’.
FTSE 100 hits two-month high thanks to mining firms and Unilever
London’s FTSE 100 closed at its highest level in over two months on Tuesday as shares in the capital’s mining giants and consumer company Unilever soared.
The top index closed up 0.2 per cent, or 13.21 points, ending the day at 7,691.8.
In Europe the markets were fairly subdued. Germany’s Dax index closed up 0.1 per cent while the Cac 40 in Paris lost 0.2 per cent.
Tuesday’s Car Dealer headlines you might have missed
- Government warned against ‘political point-scoring’ as ministers open door to delaying 2030 ban on new petrol and diesel vehicles
- Luxury car showroom plan for ex-budget store site faces opposition
- Two-thirds of used car dealers are worried about margin erosion – research
- Mann Island Finance reaches astonishing landmark as lending book hits £1bn
- Genesis opens its first UK showroom outside of London as new Edinburgh studio begins operating
The number of convertibles available in the UK has halved since 2005
Summer is often the time of year when drivers consider a convertible, but buyers might be disappointed to learn that the number of new drop-tops available has more than halved since 2005.
Though the UK is dubbed as the ‘convertible capital of Europe’, across the 30 most popular car brands in Britain, there are only 24 new convertibles available. This is a sharp 56 per cent fall on the 54 different drop-tops available between 2005 and 2010.
Research by online marketplace CarGurus also showed that convertible car sales reached an 18-year-low in 2022, with just 16,486 cars of this type registered
Britons tell of ‘terrifying’ and ‘traumatic’ experiences amid Rhodes wildfires
British holidaymakers returning from Rhodes have told of their ‘terrifying’ and ‘traumatic’ experiences on the Greek island as it continues to be ravaged by wildfires.
Thousands of Britons have been rescued from fire-hit parts of the popular holiday island while others are having to cancel planned trips.
As many as 10,000 Britons are estimated to be in Rhodes, the Foreign Office said, with 30,000 due to head there in the next few weeks, according to The Times.
Rishi Sunak criticised for ‘desperate’ attack on Labour over asylum policy
Prime Minister Rishi Sunak has been accused of using ‘desperate and pathetic’ language, after he took aim at lawyers and accused Labour of siding with ‘criminal gangs’ for opposing the Government’s crackdown on illegal migration.
It comes after the Daily Mail alleged that multiple solicitors had agreed to help an undercover reporter posing as an economic migrant to submit a phoney application in exchange for thousands of pounds.
Lawyers are forbidden from misleading courts and they can be struck off by the Solicitors Regulation Authority (SRA) for dishonesty or a lack of integrity.
Weather outlook…
A start sunny for many today, but cloud and spells of rain spreading into western areas in the afternoon, these heavy at times. Turning breezy too. Sunny spells and a few showers in the east, the BBC reports.
Tonight, cloud and rain will spread across eastern areas of the UK but also clear away from Northern Ireland and parts of western England. The rain will fall heavy in the far south of England.
Tomorrow, the rain will linger in the far northeast of Scotland. Northern Ireland, Wales and southern England will see sunny spells and isolated showers develop. Elsewhere, cloudy with the odd shower.
