6:31 am, October 14, 2024
Warning of £2.6bn business rates ‘cliff edge’ for retail and hospitality firms
Retail and hospitality firms could face a £2.66bn a year rise in business rates in April, experts have warned.
Shops, pubs and restaurants currently receive a 75% relief on their business rates bill, according to government data, but that is not set to continue past March 31 next year. No future discounts have been factored into fiscal forecasts by the Office for Budget Responsibility, the UK’s public finances watchdog.
Alex Probyn, president of property tax at data firm Altus Group, warned that the sectors face a ‘cliff edge’ moment unless the tax break is extended in the upcoming Budget.
Starmer to pledge to scrap regulation to woo investors at business summit
Sir Keir Starmer will pledge to get rid of regulation that ‘needlessly holds back investment’ at a major business conference on Monday.
The government is expected to unveil investment deals worth billions in AI, life sciences and infrastructure at its first International Investment Summit.
A row over criticism of P&O Ferries that reportedly jeopardised a £1bn investment by its Dubai-based owner DP World has been smoothed over, with the company saying it will attend the conference.
Alpine reveals A390 crossover
French performance brand Alpine will use this week’s Paris motor show to reveal its new A390_β concept.
The car, which will go into production, is being branded as a ‘sport fastback’. It’s a five-door car with a ride-height similar to a crossover, and will be a more practical model to sit alongside the newly launched Renault 5-based A290 and existing A110 sports car.
Alpine is yet to confirm battery and electric motor sizes but it will use tech already found in the wider Renault Group, so it could feature an 87kWh battery from the Renault Scenic E-Tech, for example. Manufacturing begins later this year before its full launch in late 2025.
The markets
Global equity markets climbed higher at the end of last week as the FTSE was aided by the UK economy’s return to growth.
Fresh figures from the Office for National Statistic (ONS) showed the UK GDP grew by 0.2% in August, after stagnating in the previous two months. The FTSE 100 finished 15.92 points, or 0.19%, higher to end the day at 8,253.65.
The Cac 40 ended 0.48% higher for the day and the Dax index was up 0.75%. The pound was up 0.12% at 1.307 US dollars and up 0.1% at 1.194 euros.
Novichok poisonings inquiry set to open in Salisbury
The inquiry into how a British woman was fatally poisoned after being exposed to the Russian nerve agent Novichok is set to open on Monday.
Dawn Sturgess, 44, died after being exposed to the chemical weapon which was left in a discarded perfume bottle in Amesbury, Wiltshire, in July 2018.
It followed the attempted murder of former spy Sergei Skripal, his daughter Yulia and then police officer Nick Bailey, who were poisoned in nearby Salisbury in March that year.
Lammy to meet EU ministers to discuss UK co-operation on Ukraine and Middle East
Foreign secretary David Lammy is to meet with EU ministers to discuss the UK’s co-operation on the Middle East crisis and the war in Ukraine.
Lammy will reinforce closer UK-EU cooperation on global issues by attending the Foreign Affairs Council in Luxembourg on Monday.
It is the first time in two years a foreign secretary will join the group of 27 EU ministers, with the government aiming to signal their reset of European relations.
Latest on Car Dealer
Stellantis CEO Carlos Tavares to retire as carmaker announces major reshuffle of top team
Stellantis CEO Carlos Tavares will retire in early 2026, concluding a career that began in 1981. Known for merging PSA Group and Fiat Chrysler to form Stellantis, he led the company to global success. Leadership changes are underway ahead of his departure.
Drive Motor Retail performed ‘well ahead of peer group’ last year despite sliding profits
Drive Motor Retail’s pre-tax profits dropped 42.6% in 2023 despite a revenue increase, reflecting industry-wide trends and challenges like economic uncertainty, supply constraints, and the ZEV mandate. The company outperformed peers, with strong vehicle sales, service growth, and a resilient business model.
Tesla finally unveils self-driving ‘Robotaxi’ – a sleek autonomous coupe due by 2027
Tesla has unveiled its ‘Robotaxi’ and ‘Robovan’ autonomous, AI-driven vehicles without steering wheels or pedals, which charge wirelessly. CEO Elon Musk anticipates the Cybercab will cost under $30,000 (£23,000) and launch by 2026. Despite past delays, he remains optimistic about Full Self-Driving technology.
Dacia unveils new ‘Bigster’ SUV to take on Hyundai Tuscon and Nissan Qashqai
Dacia’s new Bigster SUV targets rivals like the Nissan Qashqai, offering strong practicality, affordable pricing, and three powertrain options, including a hybrid. Features include a 40:20:40 rear seat split, 10-inch touchscreen, and durable materials, with prices expected under £30,000.
Nissan’s vehicle-to-grid tech could slash annual EV charging costs in half
Nissan will offer vehicle-to-grid (V2G) technology, enabling electric vehicles to store and share energy, for the price of a regular charger by 2026. V2G can reduce EV charging costs by 50%, support energy grid stability, and accelerate the shift from fossil fuels.
Weather
Rain in the south-east will clear this morning to leave a dry but cloudy day, reports BBC Weather. The north will see plenty of sunshine, but further northwards into Scotland there will be showers. A milder day with temperatures climbing to 13 degrees.
Rain will clear all areas tonight leaving a cloudy night.
