6:29 am, October 21, 2024
UK banks to shed light on consumer confidence as cheaper mortgages hit market
Some of the UK’s biggest banks are set to shed light on whether borrowers are benefiting from lower interest rates, as the lenders continue to shake off ongoing economic uncertainty.
Lloyds Banking Group, Barclays and NatWest will unveil their third-quarter financial results on Wednesday, Thursday and Friday, respectively.
Experts say the banking sector has been sturdy over recent months with borrowing costs starting to come down from their peak. Lending activity has been showing ‘tentative signs of improvement’, particularly the number of mortgage approvals for house purchases, due to borrowing costs coming down from their peak.
Government to oversee building of HS2 amid spiralling costs
Ministers will oversee the building of the HS2 rail line, the government has announced as it attempts to get hold of soaring costs for the project.
Transport secretary Louise Haigh has also ordered an independent review of Phase One, as she aims to get a ‘grip’ on the bill for the line between Birmingham and London.
The government said that ‘poor project management, inflation and poor performance from the chain’ had caused costs to ‘spiral out of control’. There have been warnings that overall spend could be more than £65bn.
Porsche’s new 911 GT3 arrives on 25th anniversary of lightweight model
Porsche has celebrated the 25th anniversary of its 911 GT3 model with a double launch.
As well as a new version of the standard 911 GT3, Porsche has introduced an updated Touring version at the same time. Both cars utilise a naturally aspirated 4.0-litre flat-six engine with 503bhp and 450Nm of torque – the same outputs as you’d find on the previous-generation GT3 models.
However, with shorter gear ratios than before the new GT3 aims to be even more immersive to drive. Porsche claims a 0-60mph time of 3.2 seconds for the former and 3.7 seconds for the latter, while the Touring gets a new ‘Touring’ badge at the rear and the option of rear seats for the very first time. Prices for the new Porsche 911 GT3 start from £157,300 while the more focussed Weissach package comes in at £19,530.
The markets
The UK’s top stock market ended last week in the red as oil prices retreated, despite the release of stronger-than-expected retail sales data.
The FTSE 100 slipped 26.88 points, or 0.32%, to close at 8,358.25 on Friday. Housebuilders were among the day’s biggest fallers, losing some ground after making gains earlier in the week.
It was a stronger session for other top markets in Europe. In Paris, the Cac 40 moved up 0.39% and in Frankfurt, the Dax closed 0.38% higher. In New York, the S&P 500 was up about 0.3%, and Dow Jones had dipped 0.1%.
Government launches major ‘national conversation’ on future of NHS
The government will launch a major consultation on the future of the NHS on Monday, promising to put patients and staff at the heart of its 10-year health plan.
Billed as ‘the biggest national conversation about the future of the NHS since its birth’, members of the public will be able to share their views online via change.NHS.uk until the start of next year.
The consultation is part of the government’s plans to transform the NHS into a ‘neighbourhood health service’, shifting more care from hospitals to communities. The plan, expected to be published in spring 2025, will also see greater use of data and technology, with easier sharing of patient data, saving an estimated 140,000 hours of staff time every year.
Shoppers set to spend £1.7bn in West End ahead of bumper Christmas
Shoppers are expected to spend £1.7bn in central London in the run-up to Christmas this year as they shrug off pressure on household budgets, according to new data.
Fresh figures have indicated a that revival in spending by tourists will particularly boost the West End over the festive period.
Forecasts from the New West End Company – which represents 600 shops, hospitality firms and property owners around the West End – suggest that sales in the area are expected to grow by 3.2% compared with last year. It said this would represent £1.7bn worth of spending over November and December.
Latest on Car Dealer
Evans Halshaw closes long-standing Ford dealership as doors slam shut with immediate effect
Evans Halshaw closed its long-standing Ford dealership in Northwich, Cheshire, as part of restructuring by Lithia Motors following its takeover of Pendragon. The closure’s reason remains unclear, with calls rerouted to nearby Altrincham and no public statement given.
Auto Trader names the best car dealers of the year at 17th Retailer Awards
Auto Trader’s 2024 Retailer Awards in London honored top car dealers for customer service, digital excellence, and innovation. Highlights include nine businesses winning Retailer of the Year, the debut Woman of the Year Award, and Car Dealer’s AI-powered Clever Car Collection winning Innovation of the Year.
Outspoken Stellantis boss Maria Grazia Davino leaves company with immediate effect
Maria Grazia Davino has left Stellantis after just over a year, replaced by Eurig Druce as group managing director. Rumored to join another manufacturer, she’s on gardening leave. Druce will continue Davino’s strategy, maintaining consistency in the company’s UK operations.
Vertu boss slams ‘totally regressive’ plans to incentivise EVs using ‘blunt instrument’
Vertu boss Robert Forrester criticised plans to raise petrol and diesel taxes to boost electric vehicle (EV) sales, calling them regressive and harmful to the poorest. He emphasised the need for better infrastructure and affordability, doubting full EV adoption by 2030.
Car dealer group LSH Auto introduces support for women with menopause in the workplace
LSH Auto launched new support and training for employees experiencing menopause, announced on World Menopause Day. This includes an Inclusive Management Workshop, policy updates, a toolkit, and training aimed at fostering a supportive culture, reducing stigma, and improving workplace wellbeing.
Used car sales drop by 5% in September at the top 200 most stocked dealers
Used car sales at the top 200 dealers fell by 5.3% in September, with 161,012 cars sold compared to 170,124 in August. Revenue dropped 4.9% to £3.3bn, but stock levels rose 7.9%. Car supermarkets experienced the largest sales decline.
Cupra lures EV customers with no-quibble trial as brand looks to comply with ZEV mandate
Cupra is offering a three-month no-quibble return option on unsold Born electric hatchbacks to boost EV sales and meet ZEV mandate targets. The ‘Love me or Leave Me’ deal includes a refund, free home EV chargers, and discounted energy tariffs to incentivise buyers.
Unions call on Volkswagen to outline strategy as talks over cuts to workforce continue
Unions have criticised Volkswagen’s talks with its Works Council over cost-cutting measures, calling them ‘serious, critical, and controversial’. The company has yet to outline its future strategy, leading unions to demand immediate action. Discussions focus on data and facts, with pay negotiations set for October 30.
Weather
Another windy day, reports BBC Weather, but slightly calmer than yesterday. Cloudy and the odd shower for the southeast of England; brighter elsewhere. Highs of 15 degrees.
It’ll stay windy in the north with showers in the northwest becoming isolated. Southern areas will start the night dry but showers will move in later.
