6:50 am, March 18, 2025
Interest rates set to stay at 4.5% as Bank of England faces ‘fog of uncertainty’
The Bank of England is expected to keep interest rates on hold as policymakers face a ‘fog of uncertainty’ over US President Donald Trump’s developing tariff policy and upcoming UK tax rises.
Experts widely think that the Bank’s Monetary Policy Committee (MPC) will hold rates at 4.5% on Thursday.
The MPC has been gradually cutting borrowing costs since August last year, easing pressure on some borrowers who have seen lower mortgage rates enter the market.
Police investigate damage to cars at Tesla dealership
Around 20 vehicles have been damaged at a Tesla dealership in Belfast.
Most of the cars had their wing mirrors broken, while some had their windows smashed and others sustained bodywork dents.
Police received a report on Sunday about the incident at the dealership in the Boucher Road area of south Belfast.
New Renault 5 Turbo 3E is a 547bhp pocket rocket
Renault has announced that the highly anticipated R5 Turbo 3E will come with 547bhp and be limited to 1,980 examples.
Under the bonnet, there is a 70kWh lithium-ion battery pack and two electric motors, which the manufacturer claims can take the car over 248 miles on a single charge.
It boasts 800-volt technology too, allowing the car to be charged at speeds of up to 350kW, allowing a 15 to 80 per cent top up to be completed in 15 minutes.
FTSE 100 rises despite more predictions of faltering UK growth
The FTSE 100 rose on Monday, clawing back some of the losses of recent weeks in spite of gloomy predictions for the UK economy.
London’s blue-chip index rose 28 points to finish the day at 8,680, a 0.6% rise.
Germany’s Dax index rose 0.6% and France’s Cac 40 gained 0.5%. Sterling was up 0.4% against the dollar at 1.2990, while it was 0.1% up against the euro at 1.1892.
Monday on Car Dealer
‘The most stressful period of my life’: Daksh Gupta opens up on impact of Marshall takeover
Former Marshall Motor Group boss Daksh Gupta has admitted he was ‘stupid’ not to foresee the company’s takeover by Constellation Automotive. Speaking at Car Dealer Live, he called it ‘the most stressful period’ of his life, highlighting the lack of control during the acquisition.
Lack of government clarity has been hurting EV sales for years, says used car dealer
Trio plead not guilty to £1m fraud at collapsed used car dealership in Cheshire
The bosses of failed used car dealership VIP Car Sales in Cheshire have denied running a £1.1m fraud scheme. Richard and Rachel Gleave, along with Mark East, pleaded not guilty to fraudulent trading charges at Liverpool Crown Court. Their trial begins September 29.
‘Honk if you hate Elon’: Tesla showrooms targeted by anti-Musk protestors
Tesla showrooms have been targeted by protesters calling for a boycott over Elon Musk’s political involvement. Demonstrators gathered outside London dealerships, while incidents in the U.S. included vandalism and gunshots.
Car dealers could soon be selling vehicles via contactless as FCA launches consultation
Car dealers may soon accept contactless payments for vehicle sales after the FCA launched a consultation on lifting the £100 limit. Options include increasing or removing the cap, potentially allowing high-value purchases via card tap. Feedback closes on May 9.
Paul Brayley to retire after stepping down as CEO of dealer group he founded
Paul Brayley is retiring at 62 after a successful motor trade career. He stepped down as Brayleys CEO earlier this year, with Jose Blanco taking over. Brayley, who founded the business in 2003, says now is the right time to retire.
UK having ‘pragmatic’ discussions with US on trade, says Number 10
The UK is having ‘pragmatic’ discussions with the US on trade, Number 10 has said, after Donald Trump said that there would be no exemptions to metal tariffs.
Downing Street said on Monday it would continue to keep ‘all options on the table’ after the US president was reported to have told journalists on Air Force One that he has no intention of creating exemptions.
Mr Trump has implemented a 25% tariff on global steel and aluminium imports.
New car tax rules will ‘discourage’ switch to electric motoring
Drivers buying an electric car rather than a petrol or diesel model will be three times more likely to be hit by the luxury car tax under new rules, figures suggest.
Online vehicle marketplace Auto Trader, which conducted the research, called for the overhaul of vehicle excise duty (VED) to be delayed, claiming it risks putting people off from making the switch to electric motoring.
The Treasury will remove exemption from VED for EVs from April 1.
Weather outlook…
Today is expected to bring milder conditions with sunshine and a few clouds.
Temperatures are expected to reach a high of approximately 11°C (51°F) with most regions remaining dry with minimal chances of rain.
Overall, anticipate a pleasant day with bright spells and light winds across the country.
