6:36 am, May 6, 2025
Consumer confidence in economy ‘at lowest level since cost-of-living shock’
Consumer confidence in the future of the UK economy has plummeted to its lowest level since the height of the cost-of-living crisis, according to a survey.
Almost two-thirds of consumers (64%) believe the economy will get worse before it gets better, according to the Which? Consumer Insight Tracker.
Confidence fell by seven points to minus 53 in April – its lowest level since December 2022 when the cost-of-living crisis was at its height and the inflation rate was above 10%.
Skechers to be acquired and taken private by 3G Capital in £6.78bn deal
Skechers is being acquired for nine billion dollars (£6.78 billion) and taken private by investment firm 3G Capital.
The board of Skechers unanimously approved the deal, the companies said on Monday.
The offer of 63 dollars per share represents a premium of 30% to Skechers’ 15-day volume-weighted average stock price, the companies said.
The Genesis G70 Track Day Special Concept is a go-faster saloon
Genesis is showcasing a high-performance edge to its brand with a new track-focused concept.
The G70 Track Day Special Concept draws inspiration from the brand’s Genesis Track Taxi experience at the Nurburgring in Germany, where passengers get to experience the famous ‘Green Hell’ in a dedicated G70 model.
Much like the Nurburgring model, the concept gets a lowered and sportier suspension setup, as well as upgraded wheels shod in sticky Michelin Pilot Sport 4S tyres. The body has also been tweaked with a bonnet air vent and a large rear wing, the latter of which helps to improve downforce at the back of the car.
The markets
The FTSE 100 jumped on Friday, completing its longest ever run of consecutive days in the green.
It ended the day well into positive territory, rising 99.55 points to finish the day at 8,596.35, a 1.17% rise.
Elsewhere, Germany’s Dax rose 2.49% and France’s Cac 40 rose 2.33%. On Wall Street, the S&P 500 was up 1.6% as European markets were closing, while the Dow Jones was up 1.41%.
Sterling was roughly level against the dollar at 1.3286, while it was 0.3% down against the euro at 1.1726.
Bank of England set to cut interest rates as US tariff impact in focus
UK interest rates are set to be cut to 4.25% as the Bank of England eases costs for borrowers while it digests the impact of US tariffs on the economy.
Most economists are expecting rates to be reduced by 0.25 percentage points on Thursday.
Sandra Horsfield, an economist for Investec, said it is a ‘near-certainty’ that borrowing costs will be eased further, with most participants in the financial markets pricing in a cut.
UK planning on restricting visa applications from certain nationalities – report
The UK is planning on restricting visa applications from nationalities considered most likely to overstay and claim asylum, a report has suggested.
Applications for work and study visas from nationalities such as Pakistanis, Nigerians and Sri Lankans are among those that could be curbed by the Home Office, according to the Times newspaper.
The paper reported that the plans will be announced as part of the Immigration White Paper shortly, as the Government looks to reduce net migration figures.
Latest on Car Dealer
Marshall Motor Group completes deal to buy Grange Jaguar Land Rover Swindon
Marshall Motor Group has acquired Grange Jaguar Land Rover Swindon from Cambria Automobiles, marking its 11th JLR site. This strategic move strengthens its West Country presence, following recent Stellantis and VW site closures, and supports continued JLR growth.
Drive Motor Retail ploughs significant investment into Darlington MG renovation
Drive Motor Retail has completed a major renovation of its Darlington MG dealership, doubling showroom space and adding a dedicated sales team. Now a certified Cyberster dealer, the site enhances customer experience and supports the group’s national expansion strategy.
Citroen axes C5 X with dealers set to sell final cars by the end of the month
Citroen is discontinuing the C5 X in the UK due to poor sales and limited demand in the D-segment. With no replacement planned, the model will leave dealerships once stock runs out, ending right-hand drive production by May 2025.
Weather
Much of England will be cloudy today, especially in the east with a few light showers, reports BBC Weather. Other areas will see sunnier spells and warmer temperatures with highs of 15 to 18 degrees.
Tonight will remain mostly dry across the UK, with clearer skies in the west and south, and cloudier conditions in the north and east.
