6:46 am, February 20, 2025
Inflation jumps to 10-month high, knocking chance of early interest rate cut
UK inflation jumped more sharply than expected at the start of the year, posing a dilemma for the Bank of England as it considers further interest rate cuts amid weak economic growth.
The Office for National Statistics (ONS) said on Wednesday that Consumer Prices Index (CPI) inflation rose to 3% in January from 2.5% in December.
This marks the highest reading since March last year.
HSBC reveals plans to cut jobs amid bid to slash costs by £1.2bn
Banking giant HSBC has revealed it is kicking off a round of jobs cuts in the UK and worldwide as it seeks to slash costs by 1.5 billion US dollars (£1.2bn) by the end of 2026.
The group said it will look to reduce its global staff costs by 8%, with senior managers and those in its newly merged wholesale corporate and institutional arm set to be in the line of fire.
HSBC warned that the UK head office is likely to bear the brunt of the cuts, but declined to give details of how many jobs will go, or provide a breakdown by country.
McLaren celebrates F1 team’s ninth constructors championship win with special editions
McLaren has revealed special edition variants of its Artura and 750S supercars to celebrate its F1 team’s ninth Constructors’ World Championship win.
Both cars will feature bespoke livery created by the McLaren Special Operations team– featuring Papaya Orange and Anthracite paintwork. Special details include a bespoke Lando Norris and Oscar Piastri.
Both models’ engines remain the same as in the standard models with the Artura coming with a 3.0-litre V6 hybrid and the 750S equipped with a 4.0-litre twin-turbocharged V8. No prices have been revealed.
The markets
The FTSE 100 slumped on Wednesday after UK inflation figures came in higher than expected and one of the index’s biggest firms said it could leave. It fell 54 points to finish the day at 8,713, or a 0.6% fall.
In Europe, France’s Cac 40 fell 1.2%, and in Frankfurt the Dax fell 1.8%. Stateside, the S&P 500 was 0.1% in the green while the Dow Jones had fallen 0.2% as UK markets were closing.
Sterling was down 0.4% against the dollar at 1.2575, while it was 0.02% behind the euro at 1.2080.
Starmer backs Zelensky after Trump calls Ukrainian leader ‘a dictator’
Sir Keir Starmer backed Volodymyr Zelensky in a phone call on Wednesday after Donald Trump claimed the Ukrainian president was ‘a dictator without elections’.
In the call, the prime minister gave Zelensky his support ‘as Ukraine’s democratically elected leader’ and said it was ‘perfectly reasonable to suspend elections during war time as the UK did during World War Two’, according to a Downing Street spokesperson.
Zelensky was elected as president of Ukraine in May 2019. Elections were previously scheduled to go ahead in 2024, but they were not held as a result of martial law being in place.
Nandy to announce millions in funding for museums, libraries and arts venues
Lisa Nandy is set to announce millions of pounds in extra funding for arts and cultural venues on Thursday, including a 5% budget increase for all national museums and art galleries.
The culture secretary is expected to use a speech in Stratford-upon-Avon, birthplace of William Shakespeare, to announce a new £27m Arts Everywhere Fund to help organisations in urgent need of financial support.
The announcement marks 60 years since the first arts white paper, issued by Labour arts minister Jennie Lee, that promised a vision of ‘arts for everyone, everywhere’.
Wednesday on Car Dealer
Cut VAT on EVs and bring back grants – Stellantis boss calls for help to drive electric car sales
Ahead of his appearance at Car Dealer Live next month, Stellantis UK boss Eurig Druce has urged government support to meet tough ZEV targets. He has called for VAT cuts, better charging infrastructure, and EV incentives. He warns sales won’t meet goals naturally and stresses the need for coordinated, cost-effective policies.
More job losses on the way at BCA as staff in Grimsby are left facing redundancy
BCA is consulting on redundancies at its Grimsby remarketing centre due to process changes, impacting a small number of staff. The company aims to offer alternative roles but job losses remain possible. This follows a major site closure in Chipping Warden.
Family-run car dealer Hawkins Motors bucks industry trends to post improved profits in 2024
Hawkins Motors defied industry trends, posting a 13.5% profit increase to £3.78m for 2024. Record sales and stable margins boosted turnover to £117.16m. The Cornish dealer expanded, adding a Kia showroom, while staff numbers and wages also grew.
Auto Trader reveals February’s ‘hottest’ used cars as surprise models struggle to sell
Auto Trader’s latest data shows Kia’s Ceed and Carens as February’s fastest-selling used cars, while three of the five slowest sellers were EVs. Despite EVs remaining the fastest-selling powertrain overall, retailers remain cautious about stocking them.
Somerset car dealership celebrates 25 years of Nissan partnership
FJ Chalke celebrates 25 years with Nissan, receiving a long service award from Nissan’s Matt Duncan. The Yeovil dealership, led by Mark Swain, has grown since 1999, with managing director Steve Fowler praising staff and Nissan’s strong market position.
Weather
The day starts cloudy with rain moving east, followed by afternoon bright spells, reports BBC Weather. Heavy showers return to the west later, with blustery conditions throughout. Temperatures will be a very mild 11 degrees.
Tonight will be mostly dry with clear spells, but rain arrives in western areas by early morning. Windy.
