6:38 am, August 12, 2024
Business secretary ‘not worried’ about riots putting off foreign investors
Business and trade secretary Jonathan Reynolds has said he is ‘not worried’ about the potential effect of days of rioting on foreign investment in the UK as the government seeks to secure economic growth.
As disorder intensified in the UK earlier this week, chancellor Rachel Reeves was courting global investors during a three-day visit to the US and Canada where she pushed the message that ‘Britain is open for business’.
Reynolds told broadcasters on Sunday: ‘It is clearly a difficult thing to have to contend with as a country. However, I would say that, for the big investors that I talk to, they’re more motivated by the political stability of the government, by the certainty of the tax regime, by the changes to planning policy and a whole range of other pro-business measures that we’re putting in place.’
Top City bosses paid a record £4.19m on average last year
The bosses of Britain’s top firms received the biggest average pay packet on record last year, according to research.
Median pay for a FTSE 100 chief executive was £4.19m in 2023, up from £4.1m in 2022, a 2.2% increase, said the High Pay Centre.
This is the highest ever figure, although the growth in CEO pay was slower than in the past two years, when there was post-pandemic bounce. The best paid boss on the FTSE 100 was AstraZeneca’s Pascal Soriot, who made £16.85m.
China files WTO complaint against EU over tariffs on electric vehicles
The Chinese government said it has filed a complaint with the World Trade Organisation (WTO) over European Union tariffs on electric vehicles made in China.
The commerce ministry said China had resorted to the WTO dispute settlement mechanism ‘to safeguard the development rights and interests of the electric vehicle industry and cooperation on the global green transformation’.
The EU has imposed provisional tariffs of up to 37.6% on EVs made in China, saying they unfairly benefit from government subsidies. China says its support for the EV industry conforms with WTO rules.
The markets
London’s top financial indexes made further gains on Friday as calm returned to trading across European markets. The FTSE 100 finished 23.13 points, or 0.28%, higher to end the day at 8,168.1.
Across the Channel, German stocks were robust as inflation data struck analyst expectations. In the US, Wall Street’s main indexes were touch lower after trading opened as some chose to sell on the back of Thursday’s tech-led rally.
The pound was up 0.14% at 1.276 US dollars, and was up 0.1% at 1.168 euro.
Home secretary says respect for police must be restored after riots
Home secretary Yvette Cooper has said respect for the police must be restored after they faced ‘brazen abuse and contempt’ during rioting.
Attacks on local communities and police are a ‘disgraceful assault on the rule of law itself’, she said.
‘As home secretary, I am not prepared to tolerate the brazen abuse and contempt which a minority have felt able to show towards our men and women in uniform, or the disrespect for law and order that has been allowed to grow in recent years,’ Cooper wrote in the Daily Telegraph.
Team GB athletes set to return home after successful Paris Olympics
Team GB athletes are set to return home after a successful Paris Olympics.
Sunday evening saw Team GB’s athletes cheer and wave Union flags as they entered the closing ceremony wearing Hawaiian-style shirts showing the emblems of every nation in Great Britain and Northern Ireland.
Great Britain ended the Paris Olympics with 65 medals – the same amount won at London 2012 and second-best ever tally on foreign soil – with only the United States (126) and China (91) claiming more. Team GB finished in seventh place overall.
Listen to the latest Car Dealer Podcast
Jon Reay and James Batchelor are joined by the founder of the Automotive 30% Club, Julia Muir. They chat through the headlines of the week and about the club’s work in the automotive industry. You can listen to the episode on Spotify and Apple Podcasts.
Friday on Car Dealer
Arrest warrant issued for woman who stole hundreds of pounds worth of parts from MOT centre
A warrant was issued for Diana Walker, 35, after she failed to appear at Poole Magistrates’ Court for sentencing on theft and criminal damage charges. Walker stole £520 worth of parts and caused £200 in damage at a Dorset MOT centre.
High demand for used EVs as fastest – and slowest – selling used cars in July revealed
Auto Trader’s data shows that used electric cars aged three to five years were the fastest-selling in July, averaging 23 days to sell, compared to 28 days for petrol and diesel. Demand for these ‘middle-aged’ EVs surged by 138% year-on-year.
Car dealers are urged by auction house to test-drive older part-exchanges
Shoreham Vehicle Auctions MD Alex Wright advises car dealers to always test-drive part-exchanges before purchasing. With older cars often requiring costly repairs, skipping this step risks significant losses. Proper checks, including service history and thorough mechanical inspections, are essential to avoid overpaying.
Weather
A dry day in the south with plenty of sunshine, reports BBC Weather. It’ll be hot too, with temperatures rising to the early 30s – some areas could top 35 degrees. The north will see heavy downpours during the day – some will be thundery.
Southern and eastern areas will cling on to the heat tonight, with highs of 25 degrees into the early hours of Tuesday. Earlier rain in the north will pass leaving a clear and dry night for all.
