6:39 am, December 2, 2022
Shopper footfall stumbles in November amid cost-of-living fears
Shopper footfall stumbled again in November as the soaring cost-of-living crisis continued to bite.
Total UK footfall was 13.3 per cent below pre-pandemic levels last month and 1.5 percentage points worse than October, according to BRC-Sensormatic IQ data.
High street footfall was down 13.6 per cent on November 2019, two percentage points worse than last month’s rate and worse than the three-month average decline of 12.3 per cent.
Government to sign £360m devolution deal with Cornwall
Cornwall is to benefit from a £360m devolution deal under new government plans.
The proposed deal, which will require local consent and parliamentary approval, would give the county a locally elected mayor and a greater say over transport budgets, building and several other areas.
Levelling up minister Dehenna Davison will be in Cornwall today to sign the deal, which the government is hailing as a ‘landmark’ settlement for the south-west.
Around half of consumers to cut back on festive spending
Almost half of consumers say they plan to cut back on festive spending this year as an estimated 2.2m households defaulted on a vital payment.
Some 46 per cent of consumers are cutting back this Christmas because of the rising cost of living, Which? found, with 41 per cent of the 2,000 quizzed planning to buy fewer gifts, 30 per cent saying they’ll buy cheaper or less food and drink and 23 per cent planning to stay at home more to save money.
Even among the eight per cent of people who said they would be spending more, this was driven in many cases by price increases.
Joules to shut 19 shops and axe 133 jobs after Next takeover deal
Troubled fashion brand Joules will shut 19 shops and axe 133 jobs after it was bought by retail rival Next and founder Tom Joule.
Next said it planned to continue to run around 100 of Joules’s 124 stores and transfer around 1,450 shop and head office workers.
The deal will see Next own a 74 per cent stake in the business, with Tom Joule owning the remaining 26 per cent of the business in which the boss of dealer group Stoneacre previously invested £1m.
Average insurance premium paid by motorists increases
The average premium paid by customers for private motor insurance in the third quarter of this year was two per cent higher than a year earlier as vehicle repair costs increased, according to an insurance industry body.
Motorists typically paid £436 in the third quarter of 2022, which was a three per cent increase compared with the second quarter of this year, the Association of British Insurers said.
It said insurers have been finding it increasingly challenging to absorb rising costs, such as more expensive repairs and rises in used car prices.
Labour retains Chester seat in blow to Sunak in first electoral test as PM
Labour has won the City of Chester by-election, retaining the seat and delivering a defeat to Rishi Sunak in his first electoral test as prime minister.
Local councillor Samantha Dixon re-won the seat for Labour with a 10,974-vote majority, after the contest was triggered by the resignation of Labour MP Christian Matheson, who resigned after complaints of ‘serious sexual misconduct’ were upheld by a parliamentary watchdog.
Labour hailed the result as one that sent a ‘clear message’ to Sunak and his new administration.
Royal Mail clashes with union over ‘unacceptable behaviour’ on picket lines
Royal Mail has clashed with the main union representing postal workers as they staged another strike in the long-running dispute over jobs, pay and conditions.
The company said it had written to Dave Ward, general secretary of the Communication Workers’ Union, claiming a pattern of ‘wholly unacceptable behaviour’ on picket lines across the country.
Royal Mail said more than 100 allegations of incidents including violence and harassment had been reported over the four months of the union’s industrial action, with 35 cases reported to the police. The union strongly denies the allegations.
Volvo updates electric XC40 and C40 with longer range
Volvo has revised its electric XC40 and C40 Recharge models, making various powertrain tweaks to maximise the range.
The single motor XC40’s range has gone up from 263 to 285 miles, while the sleeker C40’s improves from 271 miles on a full charge to 294 miles.
Meanwhile, on the more powerful twin motor versions, the XC40’s range jumps from 257 miles to 312 miles, while the C40 can now manage 316 miles – up from 278.
Thursday’s headlines on Car Dealer you might have missed
- Auto Trader says average used car prices fell overall in November
- Agency sales model is causing ‘uncertainty’ for car dealer valuations
- Ford to plough extra £125m into Halewood plant as it steps up electrification plans
- Hyundai dealership targeted by burglars twice in two days
- Hendy opens Maserati showroom at Performance Centre in Poole
- What were the top 10 most in-demand used cars of 2022?
Market movements
The FTSE 100 closed down 14.56 points yesterday at 7,558.49. The Cac 40 was up 15.42 points at 6,753.97, the Dax up 93.26 points at 14,490.30 and the Dow Jones was down 194.76 points, finishing on 34,395.01.
Weather outlook
Today will start largely cloudy with fog lifting slowly in the south and Scotland having light rain, says BBC Weather. It’ll be brighter in Northern Ireland, and as the cloud clears it’ll be brighter in the south too, although with some showers in the south-east.
Saturday will be cloudy for many with light rain in north-western Scotland and Northern Ireland. Elsewhere will have variable cloud and sunny spells, but some showers in eastern parts.
