6:41 am, January 28, 2025
PM and chancellor to meet top executives as government continues to seek growth
Sir Keir Starmer and Rachel Reeves will meet top executives from some of Britain’s major businesses on Tuesday as they continue their quest for economic growth.
The meeting will see the prime minister and chancellor seek to persuade bosses from businesses including Tesco, BT, Unilever and Lloyds Bank that they are committed to helping the private sector thrive as they attempt to attract more investment to the UK.
It will also see the announcement of further changes to pension rules designed to increase the amount of money available for investment in the UK.
Uncertainty for WH Smith high street shops as private equity firms ponder deal
Thousands of WH Smith workers face uncertainty as private equity suitors eye a deal to take control of the retailer’s high street shops.
It comes after the historic UK business confirmed over the weekend that it has held talks about potentially selling its 500-strong high street store business. The company said it is assessing options for the division as it seeks to focus on its larger travel operation.
It is understood private equity groups Hilco and Alteri are among parties to raise interest over a possible takeover move for the business, after WH Smith launched the process late last year.
Audi’s Q6 e-tron offroad concept is a go-anywhere EV
Audi’s new Q6 e-tron offroad concept has been created to showcase the future of adventure electric cars.
Though sharing some features with the standard Q6 e-tron, the offroad concept benefits from a 160mm boost in ride height and a 250mm increase in track. Clever portal axles help to boost the level of torque being sent to the wheels and though that does reduce the car’s top speed to 108mph from the production model’s 130mph, it means that the car can tackle gradients of up to 45 degrees.
Audi claims that the offroad concept can develop a total of 13,400Nm of torque. Styling tweaks include upgraded LED lighting elements as well as a full light bar on the roof. Chunky snow-ready tyres help the offroad concept to conquer more difficult terrain, too.
The markets
The FTSE 100 recovered to close marginally higher amid a positive session for consumer and pharmaceutical stocks. It finished 1.36 points, or 0.02%, higher to end the day at 8,503.71.
Elsewhere in Europe, the other main markets were relatively downbeat, despite an improvement in business morale in Germany. The Cac 40 ended 0.27% lower for the day and the Dax index was down 0.54%.
The pound was down 0.07% at 1.247 US dollars and was flat at 1.189 euros when London’s markets closed.
Food prices see fastest monthly jump since April last year
Food prices have seen their fastest monthly jump since April last year in an ‘early sign of what is to come’, latest figures show.
Food prices overall increased by 0.5% between December and January, while the price of ambient food saw a 1% jump as prices spiked for sugary products, chocolates and alcohol, according to figures provided to the PA news agency by the British Retail Consortium (BRC).
Inflation figures show food prices were 1.6% higher in January than a year before, easing from 1.8% in December, according to the BRC-NielsenIQ Shop Price Index.
Public inquiry into Omagh bomb to begin hearings
The public inquiry into the Omagh bombing is to hold its first substantive hearings.
Bereaved families and survivors are expected to gather at the Strule Arts Centre in the Co Tyrone town on Tuesday for the inquiry which will examine whether the atrocity could reasonably have been prevented by UK authorities.
Scottish judge Lord Turnbull is overseeing the probe into the 1998 Real IRA bombing which claimed 29 lives, including a woman pregnant with twins. Commemorative and personal statement hearings will be held over the next four weeks.
Monday on Car Dealer
Former Volkswagen boss Alex Smith appointed chair of dealer group Lookers
Former Volkswagen UK MD Alex Smith has joined Lookers as chair amid efforts to recover from controversy under Canadian-backed Global Auto Holdings. Smith’s leadership, with deep automotive expertise, aims to drive growth and improve the dealer group’s reputation.
Criminals sentenced in car clocking scam after removing more than two million miles from vehicles
Kent Trading Standards prosecuted three men for removing over two million miles from used cars, affecting 22 customers. Suspended sentences, community service, and £32,500 compensation were ordered. The extensive fraud investigation uncovered dangerous vehicles and fraudulent trading practices.
HMRC names and shames automotive tax dodgers as car dealers owe more than £300,000
HMRC named four car dealers fined £200,637 for unpaid taxes totaling £311,625. Offenders include Emtiaz Akbar, Kane Tex Ashley Shaw, Leeway Motor Company Ltd, and BM Generation Ltd, all penalised for deliberate tax defaults exceeding £25,000.
Brits being turned off from Tesla because of Elon Musk
A survey by Electrifying.com reveals 59% of EV buyers avoid Tesla due to Elon Musk, while 61% favour Chinese brands like BYD. Tesla’s dominance faces challenges as affordable, high-quality Chinese EVs reshape the competitive market landscape.
Police investigating stolen BMW carry out raid after discovering illegal chop shop in Essex
Essex Police shut down a Wickford-based illegal chop shop linked to stolen cars and parts. Officers recovered a stolen BMW, van, and dismantling equipment. The raid highlights efforts to combat organised vehicle crime impacting local communities.
Snows Motor Group’s ‘Big Quiz’ raises over £5,000 for automotive charity Ben
Dealer group Snows raised £5,566.44 for automotive charity Ben at its annual ‘Big Quiz’. Staff, family, and friends joined the event, featuring prizes and a company-wide auction. Organisers praised the community’s generosity and aim to surpass this success next year.
Weather
The UK will see showers and mostly cloudy skies today, with occasional afternoon sunshine, reports BBC Weather. It will be windy in the south and west. Highs of 10 degrees.
Tonight, patchy clouds will bring clear spells, with showers in Scotland, including hill sleet or snow, and occasional showers elsewhere. Winds will ease overnight.
