6:34 am, January 15, 2025
Ministers await inflation data as Reeves defends response to market turbulence
Chancellor Rachel Reeves is awaiting inflation data as the Treasury continues to grapple with rising borrowing costs and market turmoil.
The latest indicator of the economy’s health is expected on Wednesday morning, and December’s rate is likely to remain at 2.6%, the same as the previous month.
The chancellor is dealing with a period of turbulence in the UK financial markets, as the value of the pound has dropped sharply and the cost of government borrowing has risen to decades-high levels. Her problems have been further compounded by the resignation of one of her ministers at the Treasury, Tulip Siddiq, following an investigation into links to her aunt’s political movement in Bangladesh.
Two thirds of leading retailers warn Budget will force them to hike prices
Two thirds of leading retailers warned they will be forced to hike prices to cope with the increase to National Insurance costs amid mounting pressure on the chancellor.
Two thirds (67%) of 52 chief financial officers surveyed for the British Retail Consortium (BRC) said they would raise prices in response to increases in employers’ National Insurance Contributions from April.
Just over half (56%) said they would be reducing their paid number of hours and overtime, while 46% said they have to reduce headcount in stores and 31% said the increased costs would lead to further automation.
1970 Ferrari 512 M could fetch up to £10m at auction
A 1970 Ferrari 512 M will go under the hammer at auction next month when it could fetch up to £10m.
This particular Ferrari 512 M was supplied new in May 1970 to the Belgian racing team, Ecurie Francorchamps. It was the last sports prototype to be used by the team and was raced twice at the 24 Hours of Le Mans endurance event – achieving fifth place in the 1970 season. Also, this example was the only 512 M to be supplied in the Giallo yellow paintwork.
RM Sotheby’s auction will take place in Paris from February 4 to February 5 and will see countless high-end vehicles go up for auction. The two-day event takes place in Les Salles du Carrousel in the Louvre Palace, right in the heart of the French capital.
The markets
The FTSE 100 closed at its lowest level since the turn of the year on Tuesday as market caution continued. It finished 22.65 points, or 0.28%, lower to end the day at 8,201.54. It marked the lowest closing reading since December 31.
The Cac 40 ended 0.2% higher for the day and the Dax index was up 0.69%.
The pound was down 0.52% at 1.217 US dollars and down 0.61% at 1.183 euros when London’s markets closed.
Paid bereavement leave should cover miscarriage, say MPs
Women and their partners should be entitled to paid bereavement leave if they experience a miscarriage, MPs have recommended.
Sick leave is an ‘inappropriate and inadequate form of employer support’ for couples after such a pregnancy loss, the Women and Equalities Committee said.
Since April 2020 employees can be eligible for statutory parental bereavement leave and pay if there is a stillbirth after 24 weeks of pregnancy, but there is no specific leave for a pre-24 week loss in the form of miscarriage. The committee said the two-week leave period should be also made available to those bereaved as a result of pre-24 week pregnancy loss.
Cost of pothole damage hits record high
The total cost of repairing vehicles damaged by potholes hit a record high last year, new figures show.
Common problems caused by potholes include damaged shock absorbers, broken suspension springs and distorted wheels.
The AA said the total cost of fixing vehicles it attended in the UK which had broken down because of poor road surfaces in 2024 was £579m. That is compared with £474m during the previous 12 months and is the highest total on record.
Tuesday on Car Dealer
Family-run car dealer closes down at Christmas as 24 people lose jobs over festive period
Blackdown Motor Company, a family-run car dealer in Somerset, suddenly ceased trading after 50 years, citing challenging conditions. Liquidators were appointed after a £150,000 deficit was revealed, resulting in 24 redundancies days before Christmas.
Dealer group Arnold Clark launches luxury sub-brand aimed at selling prestige used cars
Arnold Clark has launched a luxury sub-brand, Arnold Clark Luxe, offering high-end used cars from prestigious manufacturers. Initial showrooms in Manchester and Glasgow will feature exclusive models, including Aston Martin and Lamborghini, plus new Corvettes through a recent dealership deal.
Snows Volvo Southampton reveals refreshed sales team for busy 2025
Snows Volvo Southampton has introduced a refreshed sales team, led by Jaimie Maddison and assistant Aidan Rutland, ahead of an expectedly busy 2025. The dealership is preparing for new Volvo models, including the refreshed XC90 and EX90 SUVs.
Weather
Overnight fog across England and Wales will clear this morning leading to bright skies, reports BBC Weather. The south-east of England will remain cloudy, as will the north west of Scotland. Highs of 11 degrees.
Fog will spread across southern England tonight, with the rest of the country staying dry and clear.
