7:24 am, May 30, 2020
- Here’s your motoring, business and news round-up for Saturday, May 30
Businesses told to start paying furlough bill from August
Chancellor Rishi Sunak announced plans to allow furloughed staff back to work part time from July 1 yesterday – but bosses will have to contribute towards their pay in a stepped approach.
National insurance and pension contributions will have to be covered by the employer from August – a contribution of around five per cent towards the scheme.
In September, employers will be asked to pay 10 per cent towards the costs, and in October that will rise to 20 per cent. Read the full story here.
Final self employment grant announced
A final self-employment coronavirus grant is to be made available alongside the furlough scheme, the government has announced.
Freelancers will be able to claim up to £6,570 from August, giving those workers access to a total coronavirus grant of up to £14,070 each.
Scientists say it’s too early to ease lockdown
Government advisers have voiced concerns the easing of lockdown measures from Monday will come too soon and could cause a spike in the spread of coronavirus.
Scientists Sir Jeremy Farrar and Professor John Edmunds, both members of the Scientific Advisory Group for Emergencies (Sage), said ministers were taking risks by following their current plans.
They expressed concern at allowing the gradual reopening of shops and schools and larger gatherings to meet in private while the number of new cases each day remains ‘relatively high’.
Global markets slump
Global markets retreated as traders became increasingly anxious over relations between the US and China.
The London markets fell into the red before a briefing by President Donald Trump, with protests in Hong Kong and Minneapolis both helping to unsettle traders.
The FTSE 100 closed 142.19 points lower at 6,076.6p at the end of trading yesterday. The German Dax decreased by 1.34 per cent, while the French Cac moved 1.23 per cent lower.
Jay Leno drives Musk’s Tesla Cybertruck
Elon Musk has let TV star Jay Leno get behind the wheel of Tesla’s forthcoming Cybertruck – and it gives us a glimpse of what the wedge-shaped monster will be like.
In the video, we get a look inside the Tesla for the first time where there’s an uncluttered interior and the traditional infotainment screen dominating the dash, and Leno takes it for a short road test.
Musk says: ‘We are going to use armoured glass for the car and the door panels are so tough they are effectively bullet proof to a hand gun. It’s bad ass and super cool.’ Watch the video here.
New entry-level Golf revealed with 1.0-litre petrol engine
Volkswagen is introducing a new entry-level version of its new Golf hatchback.
Priced from £23,300, it is powered by a 109bhp 1.0-litre petrol engine with a six-speed manual gearbox, and is offered exclusively with the Life trim level.
With this engine, the Golf is capable of going from 0-60mph in 10 seconds with a top speed of 126mph. Fuel economy is registered between 49.6 and 53.3mpg, while CO2 emissions are 121-129g/km.
Toyota offers online car buying service
Toyota is the latest car manufacturer to adapt its sales process in the wake of the Covid-19 pandemic.
The Japanese firm has taken its sales process fully online, with buyers able to choose a new model, its specification, powertrain and colour, and organise a finance package to pay for it. They will even be able to value a vehicle for trade-in.
The process was already being trialled at the end of 2019 with the Aygo and Yaris at select dealers, but has now been expanded across the whole UK dealer network and the ‘vast majority’ of its cars.
Nearly 1.5m payment holidays handed out
Almost 1.5m payment holidays have been handed out to customers facing temporary financial difficulties due to the coronavirus crisis, according to the banking trade body.
Credit card companies have also granted payment freezes on 877,800 customer accounts – increasing by 26 per cent since the start of the month, UK Finance said.
The group, which represents most UK banks, added its members have given almost 608,000 payment holidays on personal loans – up 30 per cent.
Nationwide books £100m hit from coronavirus
Nationwide reported a 40 per cent fall in profit as it booked a hit of more than £100m from the coronavirus pandemic.
The building society said that underlying profit before tax dropped to £469m in the year ending April 4. It was £788m the year before. It came on underlying income of just over £3bn, down around four per cent.
‘While the coronavirus impacted our profitability in the last few weeks of the year, there was pressure on margins even before it hit,’ said chief executive Joe Garner.
EasyJet and Carnival poised to exit FTSE 100
Budget airline easyJet and cruise operator Carnival are set to tumble out of the FTSE 100 after being battered by travel restrictions during the pandemic.
Despite a slight lift in value in recent weeks amid optimism about loosening restrictions, both firms have more than halved in value over the past three months.
The travel operators could also be joined on their way out on Wednesday by aerospace parts firm Meggitt and British Gas owner Centrica, in what could be the biggest reshuffle since the 2008 financial crisis.
Yesterday’s briefing: Car factory output plummets; Nissan protests; Lego Lambo
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