6:42 am, August 22, 2024
Borrowing surges to a higher-than-forecast £3.1bn in July – ONS
Chancellor Rachel Reeves is facing further challenges ahead of her first Budget this autumn after official figures revealed government borrowing jumped by far more than expected last month.
The Office for National Statistics (ONS) said public sector net borrowing stood at £3.1bn last month – £1.8bn more than a year ago and the highest July borrowing since 2021.
The total for July was £3bn more than predicted by Britain’s official forecaster, the Office for Budget Responsibility (OBR), and higher than the £1.1bn most economists were pencilling in.
McDonalds and Waitrose to open more stores
McDonald’s is to open more than 200 restaurants across the UK and Ireland over the next four years in a plan set to create around 24,000 new jobs.
The fast-food chain is showing its faith in the UK high street with its largest expansion programme for more than 20 years. The growth plan is driven by a £1bn investment by the chain and its franchisees.
Waitrose, meanwhile, has revealed plans to open up to 100 convenience shops over the next five years as part of a £1bn investment.
Skoda celebrates outgoing third-generation Superb with 470bhp ‘Sleeper Edition’
Skoda UK has revealed a one-off go-faster version of the outgoing Superb, called the ‘Sleeper Edition’.
Its 2.0-litre four-cylinder engine which has been extensively reworked and upgraded to produce 470bhp, while new coilover suspension has lowered the ride height by 50mm. Upgraded brakes with six-piston callipers have also been fitted.
The interior gets ‘Cognac’ leather upholstery while the exterior is painted in ‘Royal Green’. The car, not destined to enter production, was built by RE Performance, the firm behind Skoda’s record-breaking Octavia Bonneville vehicle.
The markets
The FTSE 100 finished a touch higher despite a shaky afternoon as it was boosted by rises from mining firms.
London’s top index finished 10.11 points, or 0.12%, higher to end the day at 8,283.43. The Cac 40 in France ended 0.52% higher and the Dax index was up 0.51% at the close.
Stateside, the US market opened marginally higher ahead of the release of minutes from the Federal Reserve’s latest policy meeting.
Search to resume for remaining person missing after luxury yacht disaster
The search will resume for the remaining person missing after a luxury yacht sank in a storm off the coast of Sicily following the discovery of five bodies inside the wreck.
Salvatore Cocina, the head of Sicily’s civil protection agency, confirmed that of the five bodies found on Wednesday, only four had been recovered, and the whereabouts of the missing sixth person remain unknown.
Identities of the recovered bodies have not been confirmed by authorities, despite local and international media reporting some had been identified.
Pupils receive GCSE results after Covid disruption to start of secondary school
Teenagers are waking up to their GCSE results in a year when grading is expected to be restored to pre-pandemic levels in England, Wales and Northern Ireland.
Hundreds of thousands of pupils are receiving grades to help them progress on to sixth form, college or training.
Teenagers could face more competition for sixth form and college places this year due a rising number of 16-year-olds in the population, leaders in the education sector have suggested.
Wednesday on Car Dealer
Two weeks to go to our social gathering for the motor trade: Car Dealer Podcast Live 2024
Tickets for the Car Dealer’s Podcast Live on September 4 in Abingdon, Oxfordshire, are selling fast. The event, featuring special guests and a BBQ social, offers networking opportunities for the automotive industry. Tickets start at £149 and there are hotel packages available. Book your tickets by clicking here and selecting them at the bottom of the post.
Crooked car dealer avoids jail despite selling same ‘death trap’ twice in two months
A car dealer, Steven Hickman, narrowly avoided jail after selling the same dangerously unroadworthy Subaru twice within two months. Convicted of misleading practices, he received a suspended 13-month sentence, 200 hours of unpaid work, and must pay £7,758 in compensation and costs.
Vines Motor Group sees profits slump as bosses blame wider economic factors
Vines Motor Group saw an 8% drop in turnover to £201.85m and a 50% decline in pre-tax profits to £2.97m in 2023, attributed to the cost-of-living crisis, slow wage growth, and reduced vehicle margins. CEO Sean Kelly – a headline guest at Car Dealer’s Podcast Live – urged for more EV incentives.
FCA renews warning over value for money in Gap insurance sector
The Financial Conduct Authority warned GAP insurance providers to ensure fair value for customers, threatening action against firms offering poor value. Despite some progress, the FCA continues monitoring, having paused GAP sales earlier this year due to concerns about fairness.
Motorpoint revs up YouTube strategy as it partners with racing driver Rebecca Jackson
Racing driver and TV presenter Rebecca Jackson has joined Motorpoint’s YouTube channel, collaborating with their content team to review cars. Motorpoint aims to expand its channel, becoming a key resource for drivers, with Jackson bringing her automotive expertise to the platform.
‘Winning Used Car Award was one of the greatest achievements of my life’ – Umesh Samani
Independent used car dealer Umesh Samani has described winning the Lifetime Achievement award at the 2023 Car Dealer Used Car Awards as one of his greatest achievements. He has encouraged other dealers to participate, highlighting the significant recognition and credibility it brings.
Weather
A breezy day across England and Wales with patchy rain slowing moving its way south-eastwards during the day, reports BBC Weather. It’ll be sunnier further north although parts of Scotland will have blustery showers. Temperatures will 17 degrees in the north and 21 in the south.
Heavy rain will move eastwards across central and northern parts of the UK tonight. The rain will slacken off to be light and patchy as it moves into the south later in the night.
