6:46 am, February 14, 2025
Government faces VAT challenge as Trump announces more tariffs
The government faces questions on how it will respond to US president Donald Trump’s latest trade announcement, which threatens to impose tariffs as a retaliation for charging VAT on US goods.
Trump announced on Thursday that he would impose ‘reciprocal tariffs’ on all other countries, charging the same amount as levies imposed on American exports, claiming it was ‘fair to all’.
The impact of the announcement on the UK was not immediately clear, but the policy published by the White House included VAT as a target for reciprocal tariffs.
Economic growth ‘severely hindered’ without spending review boost, councils warn
A major opportunity to boost inclusive economic growth will be lost unless a looming £8bn funding gap in council finances is not addressed in the forthcoming spending review, the government has been warned.
A new analysis highlighting the ‘vital role’ councils play in the government’s pledge to reform local services and improve living standards concludes that ‘impossible decisions’ will be required on services people rely without urgent action by the chancellor.
In its submission to the Treasury ahead of the spending review later this year, the Labour-led Local Government Association (LGA) said councils would not be able to deliver on the government’s priorities without ‘necessary financial headroom’.
Ayrton Senna’s Team Lotus Honda Dax heading to auction
A 1980 Honda Dax ST70 once used as pit transport by Formula One star Ayrton Senna and several other professional racing drivers is heading to auction.
The ex-Team Lotus ST70 is kitted out in the recognisable JPS livery that was also applied to the team’s race car for the 1985 Formula One Championship. Prior to its current look, the Dax had been painted in the Essex Wire colours of the then-team sponsor before it gained its JPS livery. Auction house Iconic Auctioneers say that some of these original colours can be seen underneath the bike’s seat, too.
Imported by the team from Monte Carlo, it still wears its original plates and is said to carry just 1,115km on its odometer, or around 693 miles. It’s set to go under the hammer at the Iconic Sale at MCN London Motorcycle Show on Sunday, February 16, accompanied by an estimate of between £6,000 and £8,000.
The markets
Weak earnings by a host of major UK firms dragged the FTSE lower, despite the economy reporting surprise growth in the final quarter of last year. The FTSE 100 finished 42.72 points, or 0.49%, lower to end the day at 8,764.72.
The Cac 40 ended 1.52% higher for the day and the Dax index was up 2.09%. Stateside, the US markets opened higher amid gains from gambling stocks.
The pound was up 0.66% at 1.252 US dollars and was up 0.26% at 1.201 euros when London’s markets closed.
Lammy to meet Western allies in Munich as Trump touts Ukraine peace talks
David Lammy is set to meet G7 allies on Friday as the West reels from Donald Trump’s telephone conversation with Vladimir Putin.
The foreign secretary will travel to the Munich Security Conference, where he is expected to attend a G7 meeting and a dinner with his counterparts from the US, France, Italy and Germany – the so-called ‘Quint’.
But while he may have expected to discuss the Middle East and migration as well as European security, it will be Ukraine that features at the top of the conference agenda as Europe responds to Trump’s discussion of a peace deal with the Russian president.
Strikes by Avanti West Coast train managers over next three Sundays suspended
Strikes planned by Avanti West Coast train managers over the next three Sundays have been suspended to allow negotiations in a long-running dispute over rest day working.
Members of the Rail, Maritime and Transport union (RMT) have already taken industrial action and were due to walk out again on the coming Sundays.
RMT general secretary Mick Lynch said: ‘This breakthrough has been achieved through the strength and determination of our members, whose industrial action has forced Avanti to engage seriously with this dispute. As a result, strike action has been suspended to allow space for constructive talks.’
Thursday on Car Dealer
Cinch and We Buy Any Car owner Constellation Automotive Group ups its stake in Vertu
Constellation Automotive Group has increased its stake in Vertu to over 10%, owning 33,146,043 shares. Market analysts see this as a strategic investment rather than a takeover. The move follows Vertu’s profit warning and aligns with Constellation’s history of automotive acquisitions.
Stellantis-backed Chinese EV brand Leapmotor plans 80 dealers by end of 2025
Stellantis-backed Leapmotor plans to have 80 UK dealerships by 2025. The brand aims to offer the best-value EVs, launching with the T03 city car (£15,995) and C10 SUV (£36,500), emphasising high specs and affordability.
Two used car dealers added to the line-up at Car Dealer Live for special Q&A session
Car Dealer Live on March 13 at the British Motor Museum will feature independent dealers discussing used car market challenges. Speakers include Farhad Tailor and Malcolm Beattie, alongside industry leaders like Dr. Andy Palmer and Nicole Melillo-Shaw in panel discussions and interviews.
Family-run car dealership doing its bit for Ukraine with supply of heavy duty vehicles to front line
British car dealers continue supporting Ukraine, with Humphries and Parks leading efforts by donating trucks and SUVs through Car4Ukraine. The firm provides workshop facilities and a vehicle hub, ensuring ongoing shipments. Volunteers and charities remain dedicated to aiding the war effort.
Nissan and Honda abandon merger talks after failing to agree terms on $58bn deal
Honda and Nissan have abandoned their proposed $58bn merger after failing to agree on terms, with Honda pushing for dominance. Despite ending talks, both firms will collaborate on EV technology, aiming to stay competitive against Chinese rivals like BYD.
Heycar renews partnership with top rugby podcast for Six Nations 2025
Heycar has renewed its sponsorship of The Good, The Bad & The Rugby podcast for the third year during the 2025 Six Nations. Featuring in the Mystic Mike segment, it enhances brand visibility through predictions, videos, and engaging content with fans.
Weather
The UK will experience variable cloud cover and mostly dry conditions today, reports BBC Weather, except for south-west areas where rain will move northeast, reaching south-west Scotland by evening. Highs of around five degrees, so another chilly day is in store.
Tonight, rain will spread across southern Scotland and England, turning wintry over hills in southern Scotland and northern England.
