6:50 am, March 26, 2025
Reeves gets budget watchdog’s verdict as she hunts for elusive economic growth
Rachel Reeves will acknowledge she needs to go ‘further and faster to kickstart growth’ as she scrambles for savings to help balance the nation’s books without hiking taxes.
The Chancellor will be forced to take action to stick to her rule of meeting day-to-day spending through tax receipts, rather than extra borrowing, in response to gloomy forecasts from the budget watchdog.
The Office for Budget Responsibility (OBR) is widely expected to slash its forecast for economic growth, following similar recent revisions by the Bank of England and Organisation for Economic Co-operation and Development (OECD).
Shell boss sees pay jump as group vows to boost investor returns on cost savings
Shell has revealed boss Wael Sawan’s pay package swelled to £8.6m last year despite sharply lower profits as it outlined plans for higher shareholder returns amid cuts to costs and spending.
The group’s annual report, published ahead of the oil giant’s capital market day event for shareholders, showed Mr Sawan’s total pay lifted by 9% from £7.9m in 2023 as he landed a £2.9m annual bonus and £3.9m in long-term share awards.
The pay boost came in spite of Shell’s annual results in January revealing a 16% drop in profits for 2024, with earnings coming in at $23.7bn (£18.4bn), down from $28.3bn (£21.9bn) in 2023.
Aston Martin broadens Vanquish appeal with new drop-top Volante
Aston Martin has created its ‘most powerful open-top series production’ car to date with the new Vanquish Volante.
Utilising the same 5.2-litre V12 engine as the hard-top Vanquish, the Volante can manage 0-60mph in 3.2 seconds and will carry onwards to a top speed of 214mph.
Incorporating a revised chassis setup to help it cope with different weight distribution to the standard hard-top car, the Volante uses a lightweight K-fold roof which can be opened in 14 seconds or closed in 16 seconds at speeds of up to 31mph via a button on the centre console. Additionally, the roof can be operated remotely via the key.
FTSE makes gains after boost from positive Shell shares
London’s top stocks swung higher on Tuesday, amid a boost from Shell’s fresh strategy update.
Shell shares closed 1.5% higher at 2,765p after the update was welcomed by shareholders. It helped to push London’s top index into the green, finishing 25.79 points, or 0.3%, higher to end the day at 8,663.8.
Meanwhile, in Europe, the Cac 40 ended 1.08% higher for the day and the Dax index was up 1.1%.
Tuesday on Car Dealer
Vehicle finance sector represents major ‘untapped market’ for car dealers – Experian
Experian’s latest research highlights a major opportunity in automotive finance, revealing that 70% of the UK population hasn’t engaged with car finance in the past decade. Despite financing 90% of new car sales, Experian says the sector remains an ‘untapped market’ for dealers.
Tesla registrations continue to nosedive – down another 44% in February – JATO
Tesla’s European sales continued to plummet in February, dropping 44% as competition from Chinese brands and Renault surged. JATO Dynamics data shows Tesla’s market share fell to 9.6%, its lowest in five years, while brands like BYD and Polestar posted major gains.
EV repair costs currently 25% higher than ICE vehicles as Land Rover named least reliable brand
A new study by Warranty Solution Group (WSG) has found that repairing a used EV costs, on average, 26.78% more than fixing an ICE vehicle. The most common EV issue was 12v battery failure, while Hyundai ranked as the most reliable EV brand.
‘The employee that never takes time off’: How AI can help dealers offer round-the-clock service
AI technology is revolutionizing customer service in the automotive industry, allowing dealers to engage with customers 24/7. Appearing on the Car Dealer Podcast, Impel’s Ben Cooper highlighted how AI chatbots can book appointments, follow up on leads, and provide meaningful interactions outside business hours.
Finance workers to stage fresh strikes in dispute over pay
Finance workers are to stage fresh strikes in a dispute over pay.
Members of Unite working for Capita’s Life and Pensions division in Glasgow and Manchester will walk out on Wednesday until April 7, then taking further action for the following few weeks.
The workers went on strike earlier this year.
US hints Russia sanctions could ease after Moscow and Kyiv agree Black Sea pause
Ukraine and Russia have agreed to pause hostilities in the Black Sea following ceasefire negotiations with the US in Saudi Arabia, the White House has announced.
Both nations have committed to ensuring ‘safe navigation’ and eliminating ‘the use of force’ in the sea, where the Russian navy has sustained heavy losses since the resumption of hostilities in 2022.
The announcement follows separate talks between US negotiators and their Ukrainian and Russian counterparts on Monday aimed at securing at least a partial ceasefire.
Weather outlook…
The UK is expected to experience partly cloudy skies with temperatures ranging from lows of 6°C (43°F) to highs of 13°C (55°F).
Most regions will remain dry, with some areas enjoying sunny spells.
Overall, anticipate a mild and pleasant day across the country.
