5:48 am, March 13, 2025
FCA drops plans to routinely ‘name and shame’ firms under investigation
The UK’s financial watchdog has confirmed controversial plans have been ditched to routinely ‘name and shame’ firms facing investigations in the wake of mounting pressure over the proposals.
The Financial Conduct Authority (FCA) said it would drop proposals to apply a new public interest test for announcing investigations into regulated firms ‘given the lack of consensus’ over the plans.
The regulator will instead keep its current policy to apply an ‘exceptional circumstances’ test.
UK disappointed at US tariffs, business secretary says
The UK business secretary has described Donald Trump’s decision to impose global tariffs on steel and aluminium as ‘disappointing’ and said ‘all options’ are on the table to respond in the national interest.
Britain has resisted taking immediate retaliatory action against the move, while the European Union has already announced it will introduce counter-measures on American goods.
The tariffs came into effect at midnight in the US, around 4am GMT, and raise a flat duty on steel and aluminium entering America to 25%.
Toyota reveals its third electric model with the C-HR+
Toyota has unveiled its third battery-electric model with the C-HR+ SUV.
It’ll come with a choice of two battery packs – 57.7kWh and a larger 77kWh. The former comes with front-wheel-drive, while the latter can be specified with all-wheel-drive. Toyota says that the maximum driving range is 373 miles.
The newcomer features a similar coupe-SUV design to the regular hybrid C-HR, and will sit between the new Urban Cruiser and bZ4x. Prices will revealed later before an order books open later this year.
The markets
London’s FTSE 100 Index has rallied following sharp falls on Tuesday as global stock markets were sent reeling by US president Donald Trump’s moves to impose hefty tariffs on steel and aluminium.
At close, the FTSE 100 was 44.98 points higher, or 0.53%, at 8,540.97.
It was a similar picture across Europe, with the Dax in Germany rebounding by 1.56% and France’s Cac 40 by 0.59% when markets closed.
PM to attack ‘cottage industry of blockers’ as he vows to cut red tape
Sir Keir Starmer will promise to slash the cost of red tape as he sets out his plan to reshape the state to cope with an “era of instability”.
In what Downing Street has described as an ‘intervention’ on Thursday, the prime minister is expected to argue that global uncertainty means the government must ‘go further and faster in reshaping the state to make it work for working people’.
As well as vowing to cut the cost of regulation for businesses by 25%, Sir Keir will use his remarks to say he will refocus the state on his key missions and create ‘an active government that takes care of the big questions, so people can get on with their lives’. He will also take aim at a ‘cottage industry of checkers and blockers slowing down delivery for working people’, continuing his criticism of regulation in the UK.
Russia mulls Ukraine ceasefire proposal as G7 foreign ministers meet in Canada
G7 foreign ministers are to meet in Canada as Russia considers a proposal for a ceasefire in Ukraine.
Peace in Ukraine is likely to top the agenda for Thursday’s meeting in Charlevoix, Quebec, with UK foreign secretary David Lammy stressing the need to ensure Kyiv is ‘in the strongest possible position’.
The meeting, which will also be attended by US secretary of state Marco Rubio, comes as the Kremlin considers a proposal for a 30-day ceasefire put forward after talks between the US and Ukraine. A Kremlin spokesman said Moscow was still awaiting ‘detailed information’ on the proposal.
Wednesday on Car Dealer
Luxury car dealer group Harwoods swings to devastating £11.8m loss
Harwoods posted an £11.8m pre-tax loss for 2023, down from a £5.6m profit in 2022, blaming a used car price crash and rising interest rates. It dropped Land Rover sites, added BYD, and launched a used car platform to recover.
Volkswagen forecasts challenging year ahead – but profits set to increase
Volkswagen predicts a tough year, focusing on cost-cutting, EV expansion, and trade tensions. It aims to save €1bn in Germany, offsetting China’s earnings drop. The U.S. market remains key, with Cupra’s potential entry. Profit margins are expected to rise slightly.
Toyota plans UK production of battery-powered electric models
Toyota plans to produce EVs in the UK while maintaining hybrid and hydrogen models. Its Burnaston plant will be key for EV production. It announced new electric models and remains committed to hybrids. Toyota also upgraded profit forecasts after strong 2024 sales.
Posh Mini Hatch gives used car dealers best margin in sub £10k market
Dealer Auction’s February 2025 data showed the Mini Hatch had the highest sub-£10,000 profit margin (£2,050), while the Discovery Sport led above £10,000 (£3,850). The Ford Kuga and Kia Sportage performed well across both categories, highlighting their strong market appeal.
Weather
Showers will continue today, mainly in the north and east, with snow on some hills, reports BBC Weather. Sunny spells will develop, especially in the south. Temperatures will struggle to better nine degrees.
Tonight, thick cloud will bring showers to the north, with hill snow, while the south remains dry and mostly clear.
