6:28 am, February 7, 2025
Bargain-hunting shoppers give retailers welcome January boost
Bargain-hunting shoppers gave retailers a welcome boost in January following a disappointing festive period, figures show.
Total UK footfall increased by 6.6% year on year in January, a significant jump from December when retailers saw 2.2% fewer shoppers than the previous Christmas, according to British Retail Consortium (BRC)-Sensormatic data.
High street footfall increased by 4.5%, while visits to retail parks and shopping centres were up 7.9% and 7.4% respectively.
Engineering group IMI latest UK firm to be hit by cyber attack
Engineering firm IMI revealed it has been hit by a cyber attack just a week after rival Smiths Group said hackers had gained access to its global systems.
Birmingham-headquartered IMI declined to disclose what data had been accessed in the attack, but systems in a number of its locations worldwide are understood to have been impacted.
It has isolated certain systems while it deals with the hack and is working with externally-hired cybersecurity specialists.
DS No8 goes on sale priced from £50,790
DS’ new range-topper has officially launched in the UK with prices starting from £50,790.
The No8 comes with two battery capacities – 73.7kWh and 97.2kWh – come fitted to the entry-level car and Long Range versions respectively. DS claims that you should be able to get up to 341 miles from the smaller-battery No8, while those equipped with the larger battery can return up to 466 miles in front-wheel-drive variants. Four-wheel-drive versions see this range drop to 427 miles instead.
Prices start at £50,790 for a DS No8 in Pallas front-wheel-drive configuration, rising to £63,290 for a top-spec Etoile car with all-wheel-drive and the long-range battery.
The markets
The FTSE 100 reached a record high on Thursday after the Bank of England announced that it is cutting interest rates. It gained 104 points to finish the day at 8,727, or a 1.2% rise.
In Europe, France’s Cac 40 rose 1.5%, and in Frankfurt the Dax was also up 1.5%. On Wall Street, the S&P 500 was 0.2% up and the Dow Jones was down 0.3%.
Off the back of the interest rate cut by the Bank of England and a gloomy outlook issued, the fell more than 1.1% against the dollar before recovering to about 0.6% down at the close of trading, at 1.244. It was 0.3% down against the euro at 1.199.
Gloomy growth forecast adds to Rachel Reeves’ woes
A gloomy growth forecast from the Bank of England has piled the pressure on Rachel Reeves ahead of a verdict from the Budget watchdog in March.
The Bank of England cut interest rates but halved its growth forecast in a decision a week after the chancellor made a key speech on growth.
Bank of England governor Andrew Bailey was supportive of Reeves’ plans but said they would ‘take time’ to have an effect. Time is not on the chancellor’s side, however, as she looks ahead to economic and fiscal forecasts from the Office for Budget Responsibility in March.
No rewind on Brexit, minister says following reset talks
There will be no ‘rewind’ on Brexit, a minister has said, as he pledged to reject the ideological past and work with the European Union in the UK’s national interest.
In a statement on UK-EU relations, Cabinet Office minister Nick Thomas-Symonds said the government intends to make Brexit work in a ‘ruthlessly pragmatic’ way.
This comes after Sir Keir Starmer met EU leaders in Brussels on Monday as part of plans to reset relations, with the Prime Minister committing to reducing trade barriers.
Thursday on Car Dealer
Vertu warns profits will be slashed and jobs axed as ZEV Mandate and NI costs begin to bite
Vertu Motors expects profits for 2025 to be significantly below market expectations due to the ZEV Mandate, rising national insurance, and economic challenges. Workforce reductions, Sunday closures, and restructuring costs aim to offset rising expenses. Despite market struggles, aftersales remain strong, and a £12m share buyback was announced.
Evans Halshaw confirms fresh wave of dealership closures as Lithia wields the axe once again
Lithia is closing six Evans Halshaw sites as part of its UK dealer network downsizing, following its Pendragon acquisition. Affected locations include Renault, Dacia, and Vauxhall dealerships. The firm cites strategic realignment, with job losses unclear. Arnold Clark finalised its Edinburgh Vauxhall dealership takeover.
Dodgy car dealer facing jail for fraud campaign which saw him pocket more than £40,000
Car dealer Joe McStein faces jail after stealing over £40,000 while working at Evans Halshaw Ford Northwich in 2023. His fraud was uncovered after a flagged transaction, leading to his firing. He also admitted to 11 more fraud charges linked to Williams Group BMW.
Stellantis confirms Vauxhall’s historic Luton factory will close in April
Stellantis will close Luton’s historic Vauxhall van factory in April, citing the UK’s EV shift and ZEV Mandate. Machinery will move to Ellesmere Port, where £50m will be invested. The closure affects 1,100 jobs, sparking criticism from unions and local officials.
Used car dealers stocked record numbers of hybrids and EVs in January – Motors
Hybrids and EVs made up 17% of dealers’ stock in January, a record high, with hybrids rising to 11% and EVs to 6%. ICE vehicle share declined. Falling EV prices boosted demand, with some models selling quickly. Dealers are increasingly confident in stocking EVs.
Weather
The south will become increasingly cloudy with showers, possibly mixed with sleet or snow, reports BBC Weather. The north will remain dry and bright – it’ll be slightly warmer than the south with highs of seven degrees.
Tonight, Wales, southern, and central England will see rain, turning wintry over hills, while elsewhere stays dry with some patchy cloud.
