6:49 am, August 7, 2024
Reeves refuses to rule out hike in capital gains tax
Chancellor Rachel Reeves has refused to be drawn on her plans for capital gains tax, which has a top rate of 28%, and whether it could be brought in line with income tax, with a top rate of 45% at the additional rate on income over £125,140.
Speaking in the US, she told Bloomberg: ‘We’ve got a budget on October 30 and we will set out our policy then, but it’s always important when you’re deciding tax policy to strike the right balance – of course you need to bring in the revenue to fund vital public services, but we’ve also got to grow the economy.’
On Monday, Reeves confirmed her government will ‘be sticking to’ election commitments not to raise income tax, national insurance and VAT ‘for the duration of this Parliament’.
Musk and X launch legal action over ‘massive advertiser boycott’
Elon Musk’s social media platform X has sued a group of advertisers, alleging that a ‘massive advertiser boycott’ deprived the company of billions of dollars in revenue and violated antitrust laws.
The company formerly known as Twitter filed the lawsuit on Tuesday in a federal court in Texas against the World Federation of Advertisers and member companies Unilever, Mars, CVS Health and Orsted.
It accused the advertising group’s initiative called the Global Alliance for Responsible Media of helping to co-ordinate a pause in advertising after Musk bought Twitter for 44bn US dollars (£34.62bn) in late 2022 and overhauled its staff and policies. Posting on X on Tuesday, Musk said ‘now it is war’ after two years of being nice and ‘getting nothing but empty words’.
Ford Mustang Mach-E breaks world record for longest EV drive on a single charge
A Ford Mustang Mach-E has broken the Guinness World Record for the longest distance travelled in an electric vehicle on a single charge.
The car was driven by Kevin Booker and Sam Clarke, and co-piloted by Richard Parker – all from Webfleet – Bridgestone’s mobility management solution.
The car travelled a distance of 569 miles before having to be charged up, beating the previous record of 563.97 miles.
The markets
A rising tide swept stocks higher and calm returned to Wall Street after Japan’s market soared earlier on Tuesday to claw back much of the losses from its worst day since 1987.
The S&P 500 climbed 1% to 5240.03 points to break a brutal three-day losing streak, the Dow Jones Industrial Average rose 294 points, or 0.8%, to 38997.66 points, while the Nasdaq composite gained 1% to 16366.86 points.
Japan’s Nikkei 225 jumped 10.2% on Tuesday to claw back much of its 12.4% sell-off the day before, which was its worst since the Black Monday crash of 1987. The FTSE 100 closed at 8026.69 points, up 0.23%, and the FTSE 250 closed at 20367.70, up 0.65%.
Britain sees quieter night after week of violence, but police remain ready
Police remain braced for disturbances despite a relatively quiet night on Tuesday after a week of violent unrest.
Although officers in Liverpool and Durham issued dispersal orders to head off potential unrest, Tuesday night was free of the violent scenes that have played out across Britain since the initial disturbances in Southport a week earlier.
But police are still anticipating a busy day on Wednesday as they monitor reports of at least 30 possible gatherings and threats against immigration law specialists, some of which had either closed or accepted offers of additional police protection.
Teenager believed to be first rioter jailed after widespread disorder
A teenager who smashed police cars during disorder in Bolton is believed to have become the first person to be jailed after riots across England and Wales.
James Nelson, 18, pleaded guilty on Tuesday to causing criminal damage on Sunday, Greater Manchester Police said.
He was sentenced to two months’ imprisonment at Manchester Magistrates’ Court, the force added.
Yesterday on Car Dealer
Used car showroom transformed into major cannabis farm as police appeal for information
Police discovered a large cannabis farm in the vacant Hamilton Car Sales dealership in Northampton, after a tip from an energy company on July 31. The force found 320 plants across five rooms, worth hundreds of thousands of pounds. Forensic examinations are in progress, and authorities are dismantling the grow operation. Northants Police are appealing for public information – the investigation continues.
Bristol Street Motors opens its first BYD dealership with Worcester as location
Bristol Street Motors has opened its first BYD dealership in Worcester, alongside their Ford dealership on Cosgrove Close, Blackpole. The showroom, displaying the Atto 3, Dolphin, and Seal, has created four jobs with plans for expansion. A robot assistant will soon greet customers and showcase vehicle features. General manager Iain McDonald and Bristol Street Motors CEO Robert Forrester expressed excitement about expanding their new-energy vehicle portfolio. A launch event is planned for September.
Shortfall of EV technicians is predicted to reach 16,000 by 2035
The Institute of the Motor Industry (IMI) predicts a shortage of 16,000 electric vehicle (EV) technicians by 2035. Currently, 24% of the UK automotive workforce is EV-certified, with regional disparities: London and the south-east have 6.1% and 6.4% EV-trained technicians, while the east of England leads with 9.5%, and Northern Ireland has 3.7%. IMI’s Kevin Finn urges prioritising training to meet rising EV ownership and the 2030 ICE ban deadline.
Octopus Electric Vehicles on why salary sacrifice schemes could be the future of new EV sales
Natalia Peralta Silverstone of Octopus Electric Vehicles told the Car Dealer Podcast that salary sacrifice schemes make EVs more affordable by allowing employees to pay via their salary, making them cost-effective compared to the retail market. This model offers an alternative to government grants, addressing new EV price disparities and opening ownership to those who couldn’t afford it otherwise. Despite being registered as fleet sales, these should be considered retail sales, reflecting growing EV adoption.
Weather
A mixed picture today, reports BBC Weather. A dry day for the south-east in England with sunny spells, while northern and western areas will see heavy potentially thundery showers. A fresher day with temperatures topping 23 degrees in the south and 18 in the north.
Earlier showers in the north will push through tonight, but in their wake a new weather front will push in bringing further showers. These will drift northwards from the south-west.
