6:58 am, May 7, 2020
- Here’s your business, motoring and news round-up for Thursday, May 7
PM to review lockdown restrictions today
Pub and cafe gardens could be opened up as part of the PM’s plan to ease restrictions on Sunday.
Boris Johnson will review the lockdown today with ministers at a Cobra meeting and has hinted some freedom will return as early as Monday.
Reports suggest changes could include unlimited exercise, the return of some sports, park picnics, and the opening of pub and cafe gardens – but people would still be required to remain two metres apart.
The government may also ditch its ‘stay home’ slogan and encourage people to wear facemasks on public transport and crowded places. It comes as the PM promises 200k tests by the end of the month.
How the changes may effect car dealers can be found here.
[28 second video]
Elon Musk set for £600m payday
Tesla chief executive Elon Musk looks set to receive a £600m boost to his wealth after his company hit its targets.
The electric car maker ended with an average market value of $100.4bn (£81 billion) for the past six months on Wednesday, according to data drawn from FactSet Research.
That was the final hurdle Tesla needed to clear for Musk to receive nearly 1.69m stock options priced at $350.02 (£285). Tesla’s stock closed at $782.58 (£635) on Wednesday, equating to a pre-tax gain of about $730m for Musk.
Government scraps next year’s business rates rise
The government has agreed to scrap a planned revaluation of business rates after retailers warned the current rules risk piling more pressure on firms.
Ministers said they would postpone the tri-annual revaluation, which determines how much each business pays.
With high streets closed across the country, retailers were concerned that the revaluation by HMRC officials from April 2019 is now wildly out of date.
JLR boss predicts dealers will open on May 18
Guidelines car dealers will need to follow to get back to work were signed off by the SMMT Car committee yesterday – and are likely to mean appointments only for customers.
Jaguar Land Rover UK managing director Rawdon Glover told Car Dealer that the meeting agreed the proposals and they have been returned to the government.
He also said he thinks car dealers will be allowed back to work on May 18, but dealerships will have to offer on an appointments-only basis for now. Read our exclusive story here.
[2:27 Car Dealer video interview here]
Bank to decide on more quantitative easing
The Bank of England will decide whether to launch fresh emergency action today as it looks at the economic destruction caused by coronavirus.
Rates have already been slashed to 0.1 per cent and £200bn of quantitative easing (QE) has been unleashed as part of the Bank’s measures to try and keep the economy afloat.
The Bank has largely exhausted its ability to cut interest rates, but most experts believe it will hold off on further QE – for now.
Lotus unveils four Classic Heritage Edition Elise models
Lotus is paying tribute to its racing history with four new limited Classic Heritage Edition versions of its Elise.
Four colour combinations will be available with each harking back to an original livery used by Lotus’ racing teams including cars driven by Emerson Fittipaldi, Graham Hill, Nigel Mansell, Mario Andretti and Sir Stirling Moss.
Just 100 will be made and all are based on the Lotus Sport 220, but receive enhanced interior features and a unique build plaque.
EU forecasts recession of ‘historic proportions’
The European Union has predicted a recession of ‘historic proportions’ with a drop in output of more than seven per cent.
The 27-nation EU economy is predicted to contract by 7.5 per cent this year, before growing by about 6 per cent in 2021, according to the union’s first official forecast of the damage the pandemic is inflicting.
‘Europe is experiencing an economic shock without precedent since the Great Depression,’ EU economy commissioner Paolo Gentiloni said.
Ocado boss Tim Steiner gets £54m bonus
Ocado founder and chief executive Tim Steiner has been given the green light by shareholders for a £54m bonus.
At the online supermarket and logistics annual general meeting on Wednesday shareholders voted by 70 per cent in favour of the plans.
The result was published late on Wednesday afternoon, after stock markets closed. A sizeable revolt of 30 per cent against is to be felt in the boardroom and follows similar dissent a year ago over the huge amounts handed to executives.
New Hyundai i20 N prototype winter testing
In the latest picture released by manufacturer press offices with little to do we get this – a Hyundai1 i20 N in the snow.
Like all these pictures it tells us very little apart from the fact the maker is working. In all seriousness, it does prove the i20 N is in the final stages of shakedown and is the first photo Hyundai has released of the car.
The i30 N was largely hailed as a huge hot hatch success for the firm and dealers will be hoping the baby brother follows in its footsteps.
Half of firms prepared to return to pre-crisis levels after lockdown
Fewer than half of British businesses think they will be able to operate at pre-crisis levels if the economy opens up with social distancing rules still in place.
In a questionnaire by the Institute of Directors, one-in-six business leaders said they would be able to operate at less than half pre-lockdown levels.
The survey found that 6 per cent of firms believe they will be unable to operate viably with social distancing in place and 23 per cent said they would be able to operate at between 50 and 100 per cent of previous levels.
Third of restaurant and pubs intend to permanently close
A third of restaurant and pub bosses have said they expect to permanently close as a result of the pandemic.
The CGA business confidence survey of 120 senior executives for pub, bar and restaurant companies found 32 per cent said they will need to shut for good.
The survey also revealed bosses in the sector remain ‘deeply pessimistic’ about the future of the hospitality market and their own businesses. Only 36 per cent said they believe they will eventually re-open all of their sites for trading.
Car Dealer Live today: Simon Webb from Langley Prestige live at midday
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