6:42 am, December 18, 2024
UK inflation likely to rise again as cigarette and petrol prices tick up
The rate of price rises in the UK is likely to have increased last month, as a hike in tobacco duty and petrol costs drove inflation higher.
The Office for National Statistics (ONS) will announce the latest monthly Consumer Prices Index (CPI) reading on Wednesday. CPI is predicted to have risen to 2.6% in November, from 2.3% the previous month, according to a consensus of economists.
The inflation level swung back above the Bank of England’s 2% target in October, largely because of household energy bills being pushed up as the price cap rose.
HS2 costs could hit £66bn, progress report says
The cost of building HS2 could hit £66bn, according to a progress report published by the Department for Transport.
HS2 Ltd estimated the cost of the high-speed rail project would be £54 to £66bn when the company updated its board in June, the report says. This is up from the last estimate for phase one – £49 to £57bn – from November 2023.
The overall spend to date – which includes spending on phase one and the now-scrapped phase two – is £32.8bn. The costs and forecast costs are in 2019 prices and do not account for inflation since.
Honda’s new Prelude coupe will arrive in 2026
Honda has announced that its new Prelude hybrid coupe will be coming to Europe in early 2026.
Although few details have been announced about the car’s mechanicals, what the firm has revealed is that the model will introduce Honda’s S+ shift technology which will simulate the sound and feel of quick automatic gear changes. This means that the car will more than likely be fitted with a CVT gearbox. Also, the new Prelude will come with a hybrid setup, but details about its powertrain are yet to be revealed.
Images of its interior are yet to be revealed, but if the latest Prelude is anything like the models from yesteryear, it should come with four seats and a hatchback-style boot.
The markets
The FTSE 100 suffered its second consecutive day in the red on Tuesday as hopes faded of fast interest rate cuts in the UK and US in the coming months. London’s blue-chip index fell 66.85 points, or 0.81%, to end the day at 8,195.2.
Europe Frankfurt’s Dax index fell 0.30%, while the Cac 40 in Paris rose 0.12%. In New York a little while after markets had closed in Europe the S&P 500 had fallen 0.36%, while the Dow Jones was 0.52% lower.
On currency markets the pound was trading 0.27% up against the dollar at 1.273 and was 0.31% up against the euro at 1.21.
Workers on Avanti West Coast to stage series of strikes
Workers on Avanti West Coast are to stage a series of strikes after rejecting a deal aimed at resolving a dispute over rest day working.
The Rail, Maritime and Transport union said its members working as train managers will strike on New Year’s Eve, January 2 and Sundays between January 12 and May 25.
An RMT spokesperson said: ‘Our members have resoundingly rejected Avanti’s latest offers in two referendums and sustained strike action is now the only way to focus management’s minds on reaching a negotiated settlement with the union.’
Southport riots review finds police underestimated risk of disorder
Police failed to realise the significance of a series of precursor events leading up to the summer riots and there were gaps in intelligence linked to social media and the dark web, a watchdog has claimed.
His Majesty’s Inspectorate of Constabulary and Fire and Rescue Services (HMICFRS) published a new report on Wednesday on how police forces dealt with disorder that broke out after the murder of three girls at a holiday dance class in Southport.
It found that a number of events in 2023 and 2024 were indicators of potential future disorder, but this had not been reflected in police intelligence assessments.
Tuesday on Car Dealer
Protests being held at Vauxhall’s Luton plant as employees fight Stellantis on closure plans
Stellantis faces protests over its decision to close Luton’s Vauxhall plant in April, risking 1,100 jobs. Unite criticises the profitable factory’s closure ahead of electric vehicle production in 2025 and demands reconsideration. Stellantis promises employee support.
BMW Group names David Beattie as new Mini boss for UK and Ireland
David Beattie becomes Mini UK and Ireland director from January 2025, succeeding Federico Izzo. Beattie, with BMW Group since 2005, is replaced by Rob East as used car sales director. BMW Group UK has praised their expertise and Izzo’s contributions.
Tavares says Stellantis departure was ‘amicable’ as he blames ‘disagreements over strategy
Former Stellantis CEO Carlos Tavares described his departure as amicable despite strategic disagreements with the board. Jointly decided with chairman John Elkann, Tavares emphasised prioritising company alignment. Stellantis is seeking his successor while maintaining current strategic decisions.
Weather
Cloud and rain will clear this morning for many parts to leave sunshine, however heavy rain will push into the south-west later on, reports BBC Weather. Temperatures will again top 13 degrees today – the same as yesterday.
Heavy rain for most of England and Wales tonight, turning patchier towards dawn.
