6:50 am, February 10, 2025
Bank of England chief economist downplays fears over inflation surge
The Bank of England’s chief economist has played down fears over an expected rise in inflation, saying the causes are ‘largely mechanical’.
Huw Pill said that despite forecasts of inflation climbing to 3.7% in the second half of the year, it is ‘unlikely’ to have longer-lasting effects on everyday prices.
He said this is mainly because the causes are things like rising energy and water bills, school fees and bus fares.
TSB posts stronger profits despite ‘challenging’ mortgage market
High street lender TSB has revealed a jump in profits for the past year, despite facing a ‘challenging mortgage market’.
The Spanish-owned bank recorded a pre-tax profit of £290.4m for 2024, up 22.4% on the previous year.
It said the rise was driven by reductions in the firm’s operating expenses and impairment costs for the year.
Royal Enfield celebrates Icon Motosports collaboration with limited-edition Shotgun 650
Royal Enfield has created a new limited-edition version of its Shotgun 650 middleweight motorcycle.
Built in collaboration with custom motorcycle and rider-wear firm Icon Motosports, the small-run Shotgun 650 will be limited to just 100 units worldwide, with 25 on sale throughout Europe.
Priced at £7,399, the limited-edition bike gets a number of styling tweaks and changes to help differentiate it from the standard Shotgun 650. Many of these take direct inspiration from the Icon ‘Always Something’ motorcycle showcased at the EICMA and Motoverse shows last year.
FTSE 100 eases back from record highs
he FTSE 100 has ended the week in the red, falling back from the record highs set earlier in the week.
London’s biggest stock index fell 27 points on Friday to finish the day at 8,701, or a 0.3% drop. It had reached a record closing high earlier in the week, after the Bank of England cut interest rates.
In Europe, France’s Cac 40 fell 0.4%, and in Frankfurt the Dax was also down 0.6%. On Wall Street, the S&P 500 was 0.7% in the red and the Dow Jones had fallen 0.6%.
WhatsApp group investigated after Labour minister sacked over messages
A WhatsApp group in which MP Andrew Gwynne posted ‘completely unacceptable’ messages is being investigated, a minister has said.
Housing minister Matthew Pennycook could not say if others in the chat, which reportedly included another Labour MP, will be suspended, but suggested the Prime Minister could take action based on what the investigation finds.
Mr Gwynne said the messages were ‘badly misjudged’ after Sir Keir Starmer sacked him as health minister and suspended him from the Labour Party.
Farmers to stage fresh tractor protest against inheritance tax changes
Farmers will stage another tractor protest outside Parliament on Monday as they continue their campaign against changes to inheritance tax rules.
The tractor rally, organised by Save British Farming, comes as MPs debate an e-petition with more than 148,000 signatures calling to keep the current inheritance tax exemptions for working farms.
Labour has insisted it will not make a U-turn on its plans to introduce a 20% inheritance tax rate on farms worth more than £1m.
The weekend on Car Dealer
BMW honours its UK dealer network at glitzy annual awards ceremony
BMW’s Retailer of the Year Awards celebrated top UK dealers, with Sytner Sheffield winning the overall BMW prize and Grassicks Mini taking Mini Retailer of the Year. Winners excelled in sales, customer service, used cars, and electric vehicle performance.
Big Motoring World looks to raise cash by putting state-of-the-art national prep centre up for sale
Big Motoring World is selling its £14.28m Peterborough prep centre in a sale-and-leaseback deal to raise funds. The move follows an 80% profit drop and rapid expansion. The site remains crucial to operations, with a 20-year leaseback at £1m annually.
Theives target family-run car dealership just a day after firm celebrates centenary
Lincolnshire Police are appealing for information after WH Brand, a 100-year-old MG dealership, was raided by thieves. Stolen items include gearboxes, wheels, and tyres. The theft occurred in broad daylight, dampening centenary celebrations.
Briefing: Shock Vertu profit warning and Evans Halshaw closes sites
If you’re struggling to keep up with the motor trade news, Car Dealer editor in chief James Baggott’s briefing for time poor motor trade bosses is back with the latest headlines.
Interest rates cut a ‘welcome development’ for motor trade – Cox Automotive
Cox Automotive welcomes the Bank of England’s 0.25% interest rate cut, saying it could boost confidence in the motor trade after a tough January. However, challenges remain, with economic stability crucial for long-term automotive recovery amid stagnating employment and rising prices.
Cold, grey weather to continue through the working week
Cold and grey weather will linger over most of Britain during the coming week, the Met Office has said.
Today will be only slightly cooler than average but the 4C or 5C highs will feel close to freezing in the ‘fairly brisk’ easterly winds, according to forecasters.
Clearer skies brought the sunniest weather and lowest temperatures to the north and north-west of the UK during the weekend.
We’ll be under the influence of a Scandinavian high during the coming week
What does that mean for you❓
Find out with our five day overview 👇 pic.twitter.com/IDqrHzdAuq
— Met Office (@metoffice) February 9, 2025
