6:50 am, January 23, 2025
Borrowing surges to four-year high in blow to Chancellor
Chancellor Rachel Reeves is facing further pressure over Britain’s public finances after official figures showed a bigger-than-expected surge in government borrowing last month to nearly £18bn.
The Office for National Statistics (ONS) said public sector net borrowing stood at £17.8bn in December – the highest level for four years.
Borrowing was £10.1bn higher than the same month last year and more than the £14.2bn expected by most economists.
Santander’s potential UK exit raises concerns despite boss’s pledge to stay put
Santander’s potential exit from the UK could have a major ripple effect on the mortgage market, experts have warned, despite the bank signalling to consumers and staff that it will be staying put.
Executive chairman Ana Botin insisted ‘We love the UK’ following reports in the Financial Times that Santander is reconsidering its presence in the country.
‘It is a core market and will remain a core market for Santander,’ she told a panel at the World Economic Forum in Davos, Switzerland. But news of the potential review raised concerns about how consumers could be affected should a major player decide to leave Britain’s high streets.
Revised GWM Ora 03 range gets a sportier GT trim with launch control
GWM Ora has revised its 03 compact EV line-up for 2025, including a new flagship GT variant.
Prices start at £24,995 for the entry-level Pure variant with a 48kWh battery pack that GWM claims can take the car up to 192 miles between charges.
It also comes fully loaded with equipment including a 10.25-inch infotainment screen, a wireless phone charger with wireless Apple CarPlay and Android Auto, keyless entry, a rear parking camera and rear parking sensors.
Wednesday on Car Dealer
Auto Trader’s Catherine Faiers: Why I think you really should attend Car Dealer Live 2025
Car Dealer Live 2025, headlined by Auto Trader, promises insights and inspiration for the automotive sector amid a dynamic market. With expert panels, data-driven talks, and retailer perspectives, it fosters collaboration and equips attendees to navigate industry challenges effectively.
Ford terminates 50 car dealerships as it hits target to nearly half network
Ford has reduced its UK dealer network to just over 200 sites, achieving its 2020 goal to halve outlets by 2025. This restructuring aims to boost profitability by expanding sales areas, though most closed sites retain service authorisation.
Marshall Motor Group submits plans to demolish Mini site in Poole
Marshall Motor Group plans to merge its Mini showroom with its adjacent BMW site in Bournemouth, enhancing accessibility and streamlining customer experiences. The vacated Mini site will become a car wash and parking space, with no staff reductions planned.
Car dealer Stoneacre enjoys year of ‘success’ despite profits taking a hit
Family-run car dealership appoints liquidators after sky high debts led to shock closure
Family-run Swanson Motor Company is being wound up after closing suddenly in November. The Newton Abbot dealership owes £1.33m, including £900k to unsecured creditors, with assets totaling just £40k. Liquidators from Castle Hill Insolvency have been appointed.
Chancellor’s Supreme Court intervention sees share prices soar at motor finance providers
The markets
A market rally in the US has continued with its top index smashing through a previous all-time high, while London’s FTSE 100 lagged behind European peers.
A market rally in the US has continued with its top index smashing through a previous all-time high, while London’s FTSE 100 lagged behind European peers.
Meanwhile, in London, the FTSE 100 closed 3.16 points lower, or 0.04%, at 8,545.13. The index was outperformed by European peers on Wednesday. In Paris, the Cac 40 climbed 0.86%, and in Frankfurt, the Dax rose 0.99%.
Starmer promises tougher rules on online knife sales after Southport murders
Sir Keir Starmer promised urgent action to prevent under-18s buying knives online, saying it was “shockingly easy” for killers such as Southport murderer Axel Rudakubana to get their hands on weapons.
Rudakubana used a knife bought from Amazon to kill three girls at a Taylor Swift-themed dance class in Southport, Merseyside, in July.
The Government has promised new laws, which could see retailers forced to ask anyone buying a knife for two types of identification.
Duke of Sussex given ‘unequivocal’ apology by The Sun publisher as claim settled
The Duke of Sussex has settled his legal action against News Group Newspapers as it offered a ‘full and unequivocal apology’ for ‘serious intrusion’ by The Sun and for phone hacking by private investigators working for the News of the World.
Harry, 40, alleged he was targeted by journalists and private investigators working for News Group Newspapers (NGN), which also published the now-defunct News Of The World.
An up-to-10-week trial was set to begin at the High Court in London on Tuesday, but three requests for adjournments and a Court of Appeal bid meant that the case remained unopened.
Amber warning for wind issued as Storm Eowyn forecast to bring 90mph gusts
The Met Office has issued an amber warning for wind for parts of Scotland as Storm Eowyn sweeps in.
The first named storm of 2025, Eowyn is forecast to bring strong winds across most of the country, including up to 90mph in some areas.
The amber warning covers the south of Scotland and most of the central belt from 6am on Friday until 9pm. A yellow wind warning is also in place for the whole of Scotland throughout Friday, and a yellow warning for snow runs from 3am until noon.
