6:50 am, December 9, 2024
Rachel Reeves tells small business owners: ‘We are trying to help’
Chancellor Rachel Reeves told a shop owner the Government was ‘trying to help’ as she visited independent retailers ahead of Small Business Saturday.
Ms Reeves toured the Leeds Corn Exchange on Friday where Deborah Bellamy, owner of Hidden Wardrobe, told her that businesses had found it ‘very tough’ in recent years with rising costs and minimum wage increases, and had to let some staff go.
The Chancellor said: ‘I know it’s tough and there are a lot of costs but we are trying to help.’
Direct Line backs £3.6bn takeover move by rival Aviva
Direct Line has said it plans to back a takeover move by rival insurance firm Aviva.
The firms said they have reached an initial agreement over a cash-and-shares deal valuing Direct Line at £3.61bn, or 275p per share.
Aviva made the sweetened approach after seeing a £3.3bn takeover tilt rebuffed last month.
£500m Hitachi deal will ‘relieve anxiety’
Sir Keir Starmer has said a deal struck by Hitachi which has given a lifeline to hundreds of jobs at a Co Durham train factory will relieve the anxiety of workers.
Hitachi’s £500m deal with rail operator FirstGroup will see its Newton Aycliffe plant build 14 new trains, with an option for an additional £460m investment.
Uncertainty had surrounded the future of the plant and the 700 people employed there due to declining orders.
Tens of thousands still without power in Storm Darragh aftermath
Tens of thousands of people are facing a second night without power on Sunday after the widespread disruption caused by Storm Darragh.
A yellow wind warning for the whole of England and Wales remained in place until 6pm last night (Sunday), with the Met Office warning further strong winds of up to 70mph could cause possible short-term loss of power.
The Energy Networks Association said around 161,000 customers were still without power as of 2pm on Sunday due to the damage caused by the storm, but added that 91% of affected customers had now had their connection restored.
What have you missed from Car Dealer?
Tesla Model 3 was November’s fastest-selling used car as EVs and SUVs fly off forecourts
The Tesla Model 3 was Motors’ fastest-selling used car in November, averaging 14.7 days to sell, followed by the MG HS (15.1 days) and MG ZS (15.5 days). Electric vehicles like the MG4 and Hyundai Kona also ranked high, showcasing demand for well-priced EVs. The overall market average was 30 days. SUVs dominated the top 10 list.
Briefing: Unhappy Lookers staff speak out, Tavares exits and Constellation’s huge losses
Catch up on the motor trade’s biggest stories with James Baggott’s Car Dealer Weekly Briefing on Substack. This week, he covers Lookers’ staff concerns, Constellation’s £50.5m loss, and the exit of a top car exec. Dive into updates on the ZEV mandate, used car warnings, and more. Subscribe now for expert insights and your first newsletter free!
Market hits ‘peak petrol’ as numbers of ICE cars expected to tumble in next decade
Auto Trader predicts the UK has reached ‘peak petrol’, with the number of petrol cars expected to drop from 18.7m to 11.1m by 2034, while EVs rise from 1.25m to 13.7m. Used EVs are now at price parity with petrol/diesel models, with one-third priced under £20,000. Demand for EVs is growing, with middle-aged models selling 11 days faster than average.
Union calls on Stellantis to reverse Luton closure after Tavares departure
Trade union Unite has urged Stellantis to reconsider closing its Luton plant after CEO Carlos Tavares’s sudden departure. Unite criticised Tavares’ strategies and plans to present counterproposals while demanding Stellantis withdraw redundancy notices. Stellantis confirmed CEO replacement plans and its commitment to ongoing projects, including transferring jobs to Ellesmere Port. The government expressed concern for affected workers while emphasising ongoing support for the automotive sector.
Polestar’s 3 gains new single motor variant with 438 miles of range
Polestar has added a new, more efficient electric motor specification to its 3 SUV that can deliver up to 438 miles of range from a single charge.
Available to order now and priced from £69,900, the Polestar 3 Long range Single motor model brings the longest range of any ‘3’ models thanks to a large 111kWh battery pack. It also has 250kW fast charging capability, which could see a 10 to 80 per cent charge conducted in 30 minutes.
In terms of customisation, buyers of the 3 can choose from six exterior colours, five interior shades and four-wheel options.
Man charged with causing explosion of Ulez camera could face trial in 2026
A man charged with causing the explosion of an ultra-low emission zone (Ulez) camera in south-east London may face trial in 2026.
Kevin Rees, of Harcourt Avenue, Sidcup, was arrested by counter-terror police after a low-sophistication improvised explosive device (IED) damaged the camera in Willersley Avenue, Sidcup, at about 6.45pm on December 6 last year, the Metropolitan Police said.
Lawyers discussed his case at a hearing at the Old Bailey on Friday, but Rees was absent.
The markets
London’s top stock market index retreated on Friday, with utilities dragging on the index after reports that embattled Thames Water could be brought under French leadership in a £5bn rescue bid.
The FTSE 100 moved 40.77 points lower, or 0.49%, to close at 8,308.61.
Meanwhile, in France, the Cac 40 jumped 1.31% after a stronger day of trading for the country’s top share index.
Weather outlook…
The UK the UK will today see a cold, frosty start with icy conditions in places.
Wintry showers are likely in northern and coastal areas, with sunshine developing later as showers ease.
Temperatures will range between 1°C and 6°C with winds gradually calming, improving conditions by afternoon.
