6:32 am, February 15, 2023
Insolvencies jump by seven per cent
The number of firms falling into insolvency rose in January against the same month last year, according to official figures.
Total company insolvencies in England and Wales hit 1,671 over the first month of 2023, the Insolvency Service said.
It represented a seven per cent rise against January 2022 and was 11 per cent above pre-pandemic levels from 2020.
Life insurance ads featuring Harold Shipman joke banned
Ads for a life insurance firm that joked about serial killer Harold Shipman have been banned for causing serious and widespread offence and distress.
The Facebook and Instagram ads for DeadHappy, seen on January 23, featured images of Shipman and the text: ‘Life insurance… Because you never know who your doctor might be.’
Shipman murdered between 215 and 260 of his patients during his time as a GP in Greater Manchester. The Advertising Standards Authority said it received 115 complaints. DeadHappy apologised, while Facebook and Instagram acknowledged the complaints but made no comment.
Inflation set to ease back for third month in row
UK inflation is expected to be shown easing back for the third month running in December, when the latest official figures are released today.
The Office for National Statistics is set to show that the rate of consumer prices index inflation fell to 10.3 per cent last month from 10.5 per cent in December, thanks to ongoing price drops on fuel forecourts.
This would mark a further decline from the eye-watering peak of 11.1 per cent seen last October, caused by soaring energy prices.
Waitrose to invest £100m in cutting prices of own-brand groceries
Waitrose is to invest £100m in cutting prices on hundreds of its own-brand products amid intense competition in the sector as consumers battle record inflation.
The upmarket grocer is reducing the prices of almost a third of its lowest-priced Essential Waitrose range by an average of 14 per cent, while almost a quarter of the cuts, which come into effect from today, will be 20 per cent or more.
The supermarket’s announcement follows grocery price inflation hitting a record 16.7 per cent in the four weeks to January 22 – the highest level since analysts Kantar started tracking the figure in 2008.
Online sellers exploiting energy crisis with dangerous heaters, warns charity
Online sellers are exploiting the cost-of-living crisis to push dangerous heaters to UK consumers, a safety charity has warned.
Electrical Safety First found all three heaters it bought via online ads – branded Keilini, HeatPal and InstaHeat – posed a serious risk of electric shock, with mains plugs not meeting UK safety standards.
The charity tested the heaters after seeing ads claiming they would help households save on their energy bills. It bought them via links within the ads.
More life-changing prizes added to Premium Bonds draw from March
More life-changing prizes will be added to the Premium Bonds draw from March.
Savings giant NS&I said the Premium Bonds prize fund rate will increase from 3.15 per cent to 3.30 per cent from the March 2023 draw, meaning about £15m more in prizes.
The change is the fifth increase that NS&I has made in the past year. The odds of each £1 bond winning a prize will remain at 24,000:1, but the number of prizes worth £50 to £100,000 will increase.
Amigo Loans dodges £73m fine
Troubled sub-prime lender Amigo Loans has been let off a £73m fine by the City watchdog because of its financial woes – despite failing to carry out proper affordability checks on vulnerable borrowers.
The Financial Conduct Authority brought its investigation into Amigo to a close by announcing it was publicly censuring the lender for the failings that led to a ‘high risk of consumer harm’.
The regulator said it would have hit Amigo with a £72.9m fine but that would have caused the lender ‘serious financial hardship’, threatening its ability to pay out compensation to customers under a High Court-sanctioned scheme.
Citroen’s C4 and C5 X gain new tech and extra assistance systems
Citroen has introduced a raft of improvements for its C4, electric e-C4 and C5 X models.
The C4 and e-C4 now benefit from Citroen’s latest Drive Plus infotainment system. It incorporates a 10-inch high-definition touchscreen that uses a ‘more responsive’ interface with customisable ‘widgets’.
Citroen has also updated its flagship C5 X, adding upgraded driver-assistance systems.
London is world’s slowest city to drive in
London is the world’s slowest city to drive in, according to new research.
It took an average of 36 minutes and 20 seconds to travel 10km (6.2 miles) in the centre of the capital in 2022, geolocation technology specialist TomTom said.
That was one minute and 50 seconds slower than 2021 and the longest time for a journey of that distance last year out of all the 389 cities in 56 countries analysed.
King’s Singers US college gig allegedly cancelled over sexuality concerns
British acapella group The King’s Singers say they are ‘deeply saddened’ after a concert at Pensacola Christian College in Florida was allegedly cancelled because of ‘concerns related to the sexuality’ of its members.
The vocal group said it was the first concert cancellation in its 55-year history, apart from bad weather, the global pandemic or war.
The statement added: ‘We have performed at Pensacola Christian College before and we entered into the engagement in the knowledge that this is a fundamentalist Christian institution. Our belief is that music can build a common language that allows people with different views and perspectives to come together.’
Tuesday’s headlines on Car Dealer you might have missed
- Used car sales soared in January as the Top 200 most-stocked dealers are revealed in our exclusive list
- Ford to axe 1,300 jobs in UK as part of major European restructuring plans
- Controversial MoT delay could see 225,000 dangerous cars on UK roads
- Revealed: The most-clocked used cars of 2022 – and German makes don’t come out of it well
- Van-tastic! Nissan dealership provides roofing firm with new Townstars in business first
- Isuzu dealer tells of joy and honour at receiving special award from brand
Market movements
The FTSE 100 closed up 6.25 points yesterday to end the day on 7,953.85. The Cac 40 was up 5.22 points at 7,213.81, the Dax was down 16.78 points at 15,380.56, and the Dow Jones was down 156.66 points at 34,089.27.
Weather outlook
Today the east will start off sunny but rain will spread across the UK, says BBC Weather, turning lighter as it pushes south-east, while the north-west will see blustery showers. It’ll be a breezy day.
Thursday will be dull for most with showers in the south gradually clearing, but it’ll be brighter in the far north with some showers. The afternoon will see rain and cloud drift into the north-west.
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