6:55 am, August 15, 2024
Inflation climbs above Bank of England target in first rise of 2024
Inflation has risen for the first time this year, but signs of easing price pressures in key areas like the services sector have given economists hope of further Bank of England interest rate cuts.
The Office for National Statistics (ONS) said the UK’s overall measure of inflation, the Consumer Prices Index (CPI), rose to 2.2% in July, up from 2% in June.
The latest figures mean that prices are rising faster across the country than in previous months, but still at a slower rate than in 2022 and 2023 when households and businesses were being squeezed during the peak of the cost crisis.
Energy Crisis Commission launched to review impact on households and businesses
A commission of energy experts has been set up to review the impact of the gas crisis and ensure the UK is better prepared in future.
The Energy Crisis Commission will bring together representatives from Energy UK, the Confederation of British Industry (CBI), Citizens Advice and National Energy Action.
It launched on Wednesday with a call for evidence on the recent energy crisis in Britain.
Increase in insurance premiums pushes Aviva sales and profits higher
Insurance giant Aviva has revealed higher sales and profits on the back of ‘excellent trading’ over the past six months.
The London-listed company said it was buoyed by a jump in UK general insurance premiums, while sales from its retirement division dipped.
It reported an operating profit of £875m for the first half of 2024, up 14% on the same period a year earlier. This was ahead of analyst expectations.
Government promises ‘new era’ after landmark talks with unions and businesses
Angela Rayner has hailed a ‘new era of partnership’ after a landmark meeting between the Government, businesses and trade unions on Wednesday.
The meeting, hosted by the Deputy Prime Minister and the Business Secretary, Jonathan Reynolds, follows Labour’s manifesto commitment to work with both businesses and unions in an effort to kick start economic growth.
Described as the ‘first of its kind’, the meeting saw participants promise to ‘wipe the slate clean and begin a new relationship of respect and collaboration’, according to the Department of Business and Trade.
The markets
The UK’s top share index has been boosted by housebuilders after new inflation data at home and across the pond raised hopes of more interest rate cuts this year.
London’s FTSE 100 moved 45.82 points higher on Wednesday, or 0.56%, to 8,281.05.
In Europe, France’s Cac 40 closed 0.79% higher at 7,333.36 and Germany’s Dax rose 0.41% to 17,885.60.
New Audi A5 range will be priced from £41,950
Audi has revealed prices and specifications of its A4 replacement – the A5.
As with the older A4, the new A5 will be available in saloon and estate – or Avant, in Audi-speak – layouts, offering buyers different configurations depending on their requirements.
Under the bonnet, buyers can choose from three petrol engines and one diesel.
Fiat slashes £9,000 off 600’s price with a second hybrid powertrain
Fiat has added a second hybrid option to its 600 SUV cutting the price by £9,000 compared to the EV version, in a bid to increase sales and boost its appeal.
Originally sold as an EV, and then earlier this year received a 101bhp hybrid, Fiat has completed the set by offering the 600 with an additional higher-powered version.
The new powertrain is a 138bhp hybrid unit that features a 1.2-litre three-cylinder petrol engine that is mated to a six-speed dual-clutch automatic transmission.
Yesterday on Car Dealer
New car sales will be ‘extremely challenging’ in Q4 as ZEV mandate is set to bite hard
The new car market faces significant challenges in Q4, potentially surpassing difficulties seen in 2008 and 2020. Cox Automotive revised its 2024 sales forecast down by 2.07%, citing pressure from the ZEV mandate. Manufacturers may push EVs aggressively, risking market distortion and long-term impacts on profitability, consumer choice, and residual values.
Used car dealership says police have identified vandal accused of smashing showroom window
A vandal who smashed a window at Station Motors in Mold on July 9 has reportedly been identified after a public appeal. North Wales Police released a CCTV image of the suspect, showing a man with a dark beard, navy beanie, and camouflaged coat. Local assistance helped identify the culprit.
Ben announces Rachel Clift as new CEO to take it through biggest phase of change
Automotive industry charity Ben has appointed Rachel Clift as its new CEO, effective November 1, succeeding Zara Ross, who is retiring after leading the charity since 2016. Clift, currently health and wellbeing director, joined Ben in 2018 and has significantly expanded its impact. Ross will continue supporting Ben as transfer programme director.
First Bangers4Ben cars revealed with Tom & Jerry creations to be displayed at British Motor Show
The first Tom and Jerry-themed cars for this year’s Bangers4Ben rally have been revealed. Created by Automotive Compliance and Lawgistics, the MG TF, Ford Kuga, and Honda CR-V feature fur exteriors to resemble the cartoon characters. These cars will be displayed at the British Motor Show before the charity rally in October.
Family-run Ford dealer group to create 20 jobs as it expands with Dundee site
Family-owned Ford dealership group Your Ford Centre is set to open its fifth site in Dundee, supported by a £3m loan from the Royal Bank of Scotland. The new 10-acre dealership, led by the Short family, will offer the full Ford range, including electric vehicles, and create 20 new jobs.
Changes to EV incentives could harm take-up, warns motor finance firm
EV drivers will face higher costs starting next year due to the removal of current incentives, with many unaware of these changes. From April 2025, owners of EVs exceeding £40,000 will pay an additional £410 annually, and new EVs will incur standard vehicle excise duty rates. A Close Brothers Motor Finance survey revealed that 42% of EV drivers are unaware of these upcoming costs, which may affect demand for electric vehicles.
Weather
Today, rain will move south-eastwards across northern and central areas. The south-east will have a drier day with sunny spells. Scotland and N Ireland will turn drier with sunshine later in the day, the BBC reports.
Tonight will be cloudy across the south of England with outbreaks of rain, which may be heavy in places. North-west Scotland will see blustery showers. Drier elsewhere with clear spells.
