6:33 am, October 22, 2024
Smaller businesses ‘could face higher costs under new employment laws’
Small businesses could be hit with a higher cost burden to comply with the government’s new employment rights plans, according to Whitehall’s own assessment of the legislation.
The Employment Rights Bill is getting its second reading in Parliament on Monday, which will present the first opportunity for MPs to debate the main points of the plans in the Commons.
The legislation includes plans to improve employees’ rights from day one of employment including in areas such as parental and bereavement leave and protection from unfair dismissal.
UK consumer confidence improves after slowdown in inflation
Consumer confidence across UK households improved this month amid a boost from easing inflation, according to new data.
The S&P Global UK Consumer Sentiment Index (CSI) survey moved closer towards the 37-month high it struck in July after a post-election bounce.
The survey, which tracks consumer financial wellbeing, labour market conditions, household spending, saving and debt, recorded a reading of 47.3 for October. It represented an increase from 46.0 in September.
Ban new, young drivers from carrying passengers of similar age – AA
New drivers aged under 21 should be banned from carrying passengers of a similar age for six months after passing their test, a motoring organisation has claimed.
The AA said it also wants those motorists to be handed six penalty points for not wearing a seatbelt during the same period, which would mean they lose their licence. A ‘G’ plate should also be displayed on young drivers’ cars, to highlight that they are a ‘graduate’ driver.
These measures would be a form of graduated driving licensing (GDL), and would save at least 58 lives and prevent 934 people being seriously injured in road crashes each year.
The markets
The FTSE 100 finished lower after a turbulent session, as the value of the pound also slumped. London’s top index finished 40.01 points, or 0.48%, lower to end the day at 8,318.24.
Elsewhere in Europe, the Cac 40 ended 1.01% lower for the day and the Dax index was down 1.02%.
Across the Atlantic, the Dow Jones dipped after the opening bell – but tech stocks helped drive a stronger start to trading for the Nasdaq. The pound was down 0.51% at 1.298 US dollars and down 0.07% at 1.199 euros.
Cabinet is ‘united’ on Budget, says Reeves after ministers settle spending plans
The Cabinet is united on the government’s spending plans, Rachel Reeves has insisted amid reports of arguments over the upcoming Budget.
The chancellor was reportedly locked in negotiations with some ministers until last week as she sought £40bn of tax rises and spending cuts ahead of the announcement on October 30.
Speaking to the PA news agency, Reeves said the final settlements had been confirmed but acknowledged it had been ‘right for all Cabinet members to want to get the best settlement for their departments’.
UK’s £2.26bn loan for Ukraine ‘can help turn the tables on Putin’s war machine’
The UK has announced a £2.26bn loan to help Ukraine fight Vladimir Putin’s forces, funded by profits on frozen Russian assets.
The money is the UK’s contribution to a 5bn dollar (£38.39bn) loan package agreed by the G7 group of nations financed through the interest on sanctioned Russian sovereign assets.
The money could be used to fund air defence, artillery or other military equipment and comes on top of the UK’s existing £3bn-a-year support for Ukraine.
Monday on Car Dealer
Used Car Awards 2024 Shortlist: Who has made the cut this year?
The shortlist for the Car Dealer Used Car Awards has been announced. Over the last two weeks, our mystery shoppers have been calling, emailing, messaging and visiting all of the car dealers who made our Nominations List. Click to see if you made the cut.
Comment: I still can’t believe we’ve published 200 issues of Car Dealer Magazine
Car Dealer editor in chief James Baggott looks back on 200 issues of the magazine, as the team celebrate publishing the 200th issue.
Profits slide for car dealer Williams but group still enjoys third most profitable year ever
Williams Motor Group had its third most profitable year in 2023, with a pre-tax profit of £13.5m, down 15.6% from 2022. Despite rising turnover, EBITDA fell due to shrinking margins and higher costs. Directors remain positive amid economic challenges.
Historic home of Marshall Motor Group to be bulldozed as new plans get the green light
Marshall Motor Group is relocating from its historic Cambridge Airport site, where it’s been since 1938, to a new state-of-the-art dealership complex on Newmarket Road. The move is part of the area’s redevelopment, replacing the site with a 1,300-home project.
Plans submitted to convert builders’ yard into used car dealership
Plans have been submitted to convert a builders’ yard in Clydebank, Scotland, into a car dealership. Clydebank Car Sales is expected to expand to this Dumbarton Road location. Existing structures will be repurposed, with parking provided on-site for staff and customers.
‘Used car market is enjoying period of strength but be aware of EV price drops’: CarGurus boss
The used car market is strong with stabilising prices and rising demand, CarGurus’ Amanda Symonds told the Car Dealer Podcast. Leads are up, but used electric vehicle (EV) prices continue to drop drastically. Symonds highlights EVs as offering the best deals, though depreciation is faster than ICE vehicles.
Tesla faces autonomous driving safety probe in the US after fatal incidents
The NHTSA has launched an investigation into Tesla’s Full Self-Driving (FSD) software, following four reported crashes, including two fatalities. This inquiry, affecting 2.4 million vehicles, comes ahead of Tesla’s financial results and autonomy strategy announcement, raising concerns about the future of its self-driving technology and Cybercab Robotaxi.
Weather
Patches of rain will push south-eastwards across England and Wales today, followed by sunshine, reports BBC Weather. It’ll be a drier day further north, although the far north of Scotland will have heavy showers at times. Highs of 16 or 17 degrees.
A dry night for most, although north-western Scotland will have a couple of showers. Mist and fog will develop across England and Wales.
