6:29 am, October 17, 2024
High street firms could axe jobs over potential business rate rise, say bosses
High street businesses may have to cut hours or axe staff in the face of a potential jump in business rates, industry leaders have warned.
Experts have predicted that fresh inflation figures are likely to result in an almost-£500m increase in business rate payments by firms.
On Wednesday, the Office for National Statistics (ONS) confirmed that inflation decreased to 1.7% for September 2024 – the lowest level since April 2021. However, this will result in a £488m increase in the property tax payments by businesses in England next April, if the government confirms it will increase business rates payments in line with the 1.7% reading, according to Altus Group.
Raise taxes on petrol and diesel cars to reduce electric ‘premium’ – think tank
Ministers should consider raising taxes on petrol and diesel cars to reduce the ‘premium’ associated with electric vehicle (EV) purchases, an economic think tank said.
A report by the Resolution Foundation recommended that this action is taken if ‘concerns’ persist over the number of EVs being bought.
The research also called for the government to scrap ‘arbitrary’ EV tax breaks, as the schemes’ ‘unfairness’ means they generally favour drivers on higher incomes.
New BMW 2 Series Gran Coupe starts from under £35,000
BMW has taken the covers off its second-generation 2 Series Gran Coupe.
There’s a 1 Series-inspired look the front-end with new headlight designs and a slimmer BMW grille, while the rear gets new lights and bumpers. The interior features a cleaner look with few buttons and new designs.
Prices start at £34,915 for the basic 1.5-litre 220 M Sport and rise to £44,435 for the all-wheel-drive M235 xDrive. Order books are open from this week and customers will take delivery of their cars from March 2025.
The markets
UK stocks enjoyed a boost while the pound weakened to a nearly two-month low against the US dollar after official figures showed inflation fell to its lowest level since 2021 last month.
The FTSE 100 leapt higher on Wednesday with housebuilders among the biggest risers, as expectations of an interest rate cut next month increased. The blue-chip index moved 79.79 points higher, or 0.97%, to close at 8,329.07.
It was a weaker day of trading for equity markets elsewhere in Europe. Germany’s Dax dipped 0.18% and France’s Cac 40 was 0.4% lower at close. In the US, the S&P 500 was up about 0.2%, and Dow Jones climbing 0.4% by the time European markets closed.
Cabinet ministers pushing back against department spending cuts
Sir Keir Starmer is facing a backlash from senior ministers over cuts to their departments’ spending planned at the Budget.
Concerns about the spending cuts have been raised across different government departments, the PA news agency understands.
Several senior ministers were reported to have voiced concerns at Tuesday’s Cabinet meeting about Treasury proposals to reduce some departments’ spending by as much as 20%, according to the Times newspaper, and have since followed up with formal letters to the prime minister.
London Underground workers to stage strikes amid pay dispute
London Underground workers including drivers are to stage a series of strikes next month in a dispute over pay.
Members of Aslef, working as Tube drivers, instructors, management grades, and those in the engineering section will walk out on different days in the first few weeks of November.
Aslef said a pay offer of 3.8%, plus a variable lump sum, means Underground drivers will stay on a lower salary than drivers on other Transport for London services while working longer hours. Train operators and management grades will strike on November 7 and 12, and engineering drivers will not book on for 24 hours from 6pm on November 1.
Wednesday on Car Dealer
Vertu to axe Bristol Street Motors and Macklin Motors names as it delivers strong half-year results
Vertu Motors will rebrand all dealerships as ‘Vertu’ by April 2025, making the announcement as it posted strong H1 FY25 results. Despite an £8m profit drop, adjusted profit reached £23.5m. Revenue increased to £2.5bn, driven by aftersales, EV growth, and acquisitions. Motability and used car sales grew.
FCA launches ANOTHER automotive investigation as attention turns to insurance costs
The FCA has launched an investigation into motor and home insurance finance, focusing on whether drivers get fair value when borrowing to pay premiums. Concerns arise over high interest rates (20-30%), affecting over 20 million users, especially vulnerable groups.
Motors to host VIP reception and fun casino at Car Dealer Used Car Awards 2024
Used car marketplace Motors will host the VIP reception and after-show fun casino at the Car Dealer Used Car Awards on November 25 at London’s The Brewery. The event, sponsored by Black Horse, celebrates top used car dealers, with casino prizes including John Lewis vouchers.
Car dealer Completely Motoring seeks buyer after entering administration
Completely Motoring Limited is seeking a buyer after entering administration, putting 165 jobs at risk. The dealership group, comprising 14 showrooms, faced financial difficulties after poor summer sales. Administrators are exploring sale options to save the business and jobs.
Johnsons Cars sees profits fall as bosses admit challenges with EVs and agency sales
Johnsons Cars’ pre-tax profit dropped from £12.95m in 2022 to £7.83m in 2023, despite a 16% turnover increase. Challenges included agency sales, EV adoption, rising costs, and reduced consumer demand. However, the group sold 27% more new vehicles and 7% more used vehicles.
BMW boss calls for delay to ‘no longer realistic’ 2035 ban on new ICE vehicles
BMW CEO Oliver Zipse criticised the EU’s 2035 ban on internal combustion engine car sales as ‘unrealistic’, warning it could shrink the European automotive industry. He advocates for a technology-neutral approach to reduce reliance on China for batteries.
Motors adds Market Check vehicle data feature for car dealers in new partnership deal
Motors has partnered with data specialists Percayso to provide vehicle pricing and ownership insights to car dealers through a new tool, ‘Market Check powered by Percayso’. The beta trial starts this week, offering free access to all Motors dealer partners for vehicle appraisals and market intelligence.
Peeping Tom car dealer admits further charges days before his release
Former car dealer Andrew George Tinsley, serving a sentence for possessing voyeurism images, admitted to further voyeurism charges just before his upcoming release. Previously breaching a Sexual Offences Prevention Order, Tinsley secretly recorded men and boys, leading to additional legal actions.
Weather
Rain in the north will clear to leave a cloud day, reports BBC Weather, while other areas will see sunny spells and the odd shower. Another mild day with temperatures around 19 degrees.
A dry night but mist and fog will develop across England and Wales. Northern Ireland will see showers by dawn.
