6:32 am, March 30, 2023
Ministers unveiling plan to ‘power up Britain’ with boost for offshore wind
Carbon-capture technology and a boost for offshore wind will form a central plank of a plan to ‘power up Britain’, as the government today unveils the first step of its response to Joe Biden’s multi-billion-dollar investment in green technology.
Pitched as a plan to guarantee the UK’s energy security while also avoiding the ‘distortive’ impact of the US Inflation Reduction Act, the new strategy comes with no new government spending and is likely to be closely scrutinised by climate campaigners.
Energy security secretary Grant Shapps said the full plan would set out how the government plans to ‘fix’ the problem of securing cheap and reliable energy. More than £380m will go towards increasing the number of EV charge points.
Private sector contracts for eighth consecutive quarter
The UK’s private sector shrank for the eighth quarter in a row at the start of 2023, according to new data.
Fresh data from the Confederation for British Industry showed that activity across the private sector contracted by around four per cent over the three months to March.
But the Office for Budget Responsibility said the UK economy was on track to avoid a technical recession, which means two consecutive quarters of decline.
Shell pays first UK tax for five years
Shell paid around £7m in UK taxes last year and a further £8m in fees, in spite of the government’s plans to tax the oil giant’s record profit of £71.1bn.
The company was able to write down its tax bill by around £34m because of the money it is spending in the country.
Despite the low bill, it’s the first time since 2017 that Shell has paid more in tax than it was able to write off.
Asda’s profits take a hit
Asda’s profits dipped in 2022 because of accelerating cost inflation but sales edged higher.
The UK’s third-largest supermarket chain said adjusted earnings declined by almost a quarter to £886m last year as it absorbed higher costs in its supply chain.
Meanwhile, total sales rose by 0.1 per cent to £20.45bn compared with 2021, although like-for-like sales were 0.2 per cent lower.
DVLA workers to strike
Fresh strikes have been announced by workers at the DVLA in the long-running civil service dispute over jobs, pay, pensions and conditions.
The Public and Commercial Services union said more than 700 of its members at the Driving and Vehicle Licensing Agency’s call centre in Swansea will walk out on April 11 and 12.
The union said the strike is likely to cause disruption to those making inquiries about their driving licences.
Around £21bn lost to fraud since start of pandemic, says watchdog
Some £21bn has been lost by the government due to fraud since the start of the pandemic, according to the National Audit Office.
The spending watchdog also warned that it was ‘very unlikely’ that most of the taxpayers’ money will be recovered.
The auditing body said that of the £21bn, just over £7bn relates to some of the schemes introduced by the government during the pandemic.
Mazda joins biomass research body
Mazda has joined a research body to look into the use of biomass as well as efficient production of bioethanol fuel for cars in the push for a carbon-neutral society.
The Japanese manufacturer said it was honoured to have been invited to join the Research Association of Biomass Innovation for Next-Generation Automobile Fuels.
Hiroyuki Yamashita, senior principal engineer responsible for technological research at Mazda, said: ‘We will make every effort to increase the potential of carbon-neutral fuels as a promising option for achieving a carbon-neutral society.’
Driving test backlog to be tackled by changes to booking system
Learner drivers should soon be able to access tests more easily following changes to the booking system that aim to tackle the backlog caused by lockdowns.
The DVSA said it was altering the system to discourage drivers from booking tests before they’re ready, freeing up slots for those who are.
It plans to extend the period that those who fail their test have to wait before booking another test from 10 to 28 days, and extend from three to 10 days the notice period during which a cancelled car test will result in a lost fee.
Lamborghini’s new Revuelto is a 1,000bhp hybrid supercar
Lamborghini has unveiled its new flagship supercar – the Revuelto.
It’s equipped with the Italian firm’s first plug-in hybrid V12 engine, which combines the 12-cylinder petrol engine with three electric motors coupled to a 3.8kWh battery.
The setup produces 1,000bhp and results in a 0-60mph time of under 2.5 seconds and a top speed of 217mph. It’ll also manage nought to 124mph in seven seconds flat. A price is yet to be announced, but expect it to far exceed the £365,000 for the previous equivalent, the Aventador.
Yesterday’s headlines on Car Dealer you might have missed
- Exclusive: Electric cars dominate top 10 biggest fallers list in March, while petrol convertibles rocket in value
- Exclusive: Door ‘closed’ to new dealers at Ineos Automotive as firm begins roll-out of Grenadier
- Skoda honours the best of its UK dealer network at special ceremony
- McLaren New Forest to battle it out for luxury supercar manufacturer’s global dealership title
- Online auction sales may be majority of our business now but physical is still important as it gives dealers choice – Manheim
- Auction delivery team racks up 150,000 miles in Nissan electric minibus
Market movements
The FTSE 100 closed up 80.02 points yesterday to end on 7,564.27. The Cac 40 was up 98.65 points at 7,186.99, the Dax was up 186.76 points at 15,328.78 and the Dow Jones was up 323.35 points at 32,717.60.
Weather outlook
Today will see sunny spells and scattered showers in most areas, with rain staying in the far north, says BBC Weather. Central and eastern areas will have heavy, thundery showers later and it’ll be windy in the south-west by the end of the day.
Friday will be another cloudy and dull day for many with outbreaks of rain, heaviest across the south of England and Wales. North-west Scotland will have the best of any sunshine.
