6:55 am, December 4, 2024
Southern Western Railways service first to transfer into public ownership
The government has announced that South Western Railway’s services will be the first to transfer into public ownership next year.
The transition to a publicly owned railway will improve reliability, said the government, and support its number one priority of boosting economic growth by encouraging more people to use the railway. The change will save up to £150m a year, it’s claimed, with the railway’s services across southern England and East Anglia back in public control by autumn 2025.
Mick Whelan, general secretary of Aslef, the train drivers’ union, said: ‘This is the right decision, at the right time, to take the brakes off the UK economy and rebuild Britain.’
MPs support national insurance hike for employers amid ‘jobs tax’ warning
Government moves to increase employer national insurance contributions (NICs) have been supported by MPs, amid Tory claims the ‘jobs tax’ will damage the economy.
The House of Commons voted 332 to 189, majority 143, in favour of giving the National Insurance Contributions (Secondary Class 1 Contributions) Bill a second reading.
The Treasury estimates the policy could raise £25.7bn a year, although the Office for Budget Responsibility (OBR) believes the actual amount of money generated for the Exchequer will be around £16.1bn by 2029/30 as firms curb wage rises, cut hours and reduce profits while public sector employers get compensation in their budgets for the change.
Ford adds to its EV line-up with the new Puma Gen-E
Ford has taken the covers off the next chapter in its EV line-up – the new Puma Gen-E.
The Blue Oval has made only a few tweaks to the traditionally petrol-powered Puma, such as a flared-in front and white badges, and there is more storage space thanks to a larger ‘GigaBox’ (a special underfloor cubby) and the addition of a ‘frunk’ (front boot).
Powering the Gen-E is a 43kWh battery pack with an electric motor that gives out 165bhp and 290Nm of torque. Ford claims a range of 233 miles and there’s 100kW rapid charging capability. Prices start at £29,995 and rise to £31,995, with deliveries beginning in the spring.
The markets
Miners and energy giants helped lift London’s FTSE 100 on Tuesday as oil prices rallied, amid renewed supply concerns following political instability coming from South Korea. It climbed 46.52 points, or 0.56%, to close at 8,359.41, with Centrica, Fresnillo and Antofagasta among the biggest risers of the day.
Germany’s Dax index hit a new all-time high and surpassed the 20,000 mark for the first time in its history. The index closed 0.42% higher. In France, the Cac 40 edged up 0.26%, while in the US, the S&P 500 down 0.15%, and Dow Jones about 0.4% lower by the time European markets closed.
The pound was up about 0.15% against the US dollar, at 1.267, and more or less flat against the euro at 1.205.
South Korea’s leader urged to resign or face impeachment over martial law decree
South Korea’s main opposition party on Wednesday urged president Yoon Suk Yeol to resign immediately or face impeachment, hours after Yoon ended short-lived martial law that prompted troops to encircle parliament before lawmakers voted to lift it.
On Tuesday night, Yoon abruptly imposed the emergency martial law, vowing to eliminate ‘anti-state’ forces after he struggled to push forward his agenda in the opposition-dominated parliament.
But his martial law was effective for only about six hours, as the National Assembly voted to overrule the president. The declaration was formally lifted about 4.30am during a cabinet meeting.
Prison plans could cost ‘extra £4bn and be short of 12,400 cell spaces by 2027’
Government plans to boost prison capacity could fall short by thousands of cell spaces within two years and cost the taxpayer billions of pounds more than anticipated, Whitehall’s spending watchdog has warned.
The National Audit Office (NAO) said current expansion plans are ‘insufficient to meet future demand’ amid a projected shortage of 12,400 prison places by the end of 2027, with costs expected to be at least £4bn higher than initially estimated.
The prisons overcrowding crisis is down to the failure by the previous Conservative government to make sure policy changes bringing in longer jail sentences and boosting police numbers matched the space available in prisons to hold criminals, according to a report published on Wednesday.
Volkswagen factory workers walk out over proposed pay cuts and plant closures
Volkswagen workers in Germany initiated two-hour warning strikes at nine factories, opposing proposed 10% pay cuts, job losses, and potential plant closures due to reduced European demand and rising competition. Talks with union IG Metall resume December 9.
Revealed: Most and least reliable superminis on the market with Toyota Yaris on top
The Toyota Yaris was named the UK’s most reliable supermini, with a 3.6% warranty claim rate, outperforming rivals like the Aygo (5.88%). Japanese brands dominated the rankings, while Citroën C3 and Peugeot 208 ranked lowest for reliability.
‘You’re that guy that does the videos’: How a used car dealer became a social media star
James McConville from Solo Cars joins the Car Dealer Podcast, and discuss how a good social media strategy can help transform a used car business and put dealers in front of a huge customer base.
Cox Automotive warns used car dealers to expect only ‘modest growth’ over coming years
The UK used car market is forecast to grow modestly, with transactions rising from 7.4 million in 2024 to 7.9 million by 2027, Cox Automotive has said. Challenges include economic pressures, supply constraints, and a shrinking car parc, while EV adoption accelerates.
Weather
A day of bright spells and variable cloud for most, reports BBC Weather. Northern Ireland will see some rain, which will push eastwards across the UK later. Temperatures will be around eight degrees.
The rain will push across the country tonight bringing milder temperatures. It’ll become confined to the south-east of England towards dawn.
