6:32 am, November 18, 2024
Reeves ‘not satisfied’ as economic growth slows in third quarter
Chancellor Rachel Reeves has said she is ‘not satisfied’ after official figures showed that economic growth slowed in the months after Labour won the election, and even contracted in September.
The UK economy grew by 0.1% between July and September, versus 0.5% growth in the previous quarter, the Office for National Statistics (ONS) said.
The estimate was behind economists’ predictions of 0.2% and covers the months before the Budget in October, in which Labour unveiled a rise in spending and business taxes. It comes as a blow to Labour, which has made growth a key part of its pitch to the general public, a strategy which helped the party win by a landslide in July.
Typhoo Tea on brink of collapse, with more than 100 jobs at risk
Typhoo Tea is set to fall into administration after more than 120 years in business, in a move which would put more than 100 jobs at risk.
The company filed a court notice to appoint administrators following several years of declining sales, mounting debts and even a break-in at its Wirral factory last year. Typhoo’s latest company filings showed that it made a £38m loss last year, while sales fell by a quarter to £25.3m. It had 116 employees as of late 2023.
In August 2023, Typhoo suffered a further blow when trespassers broke into the company’s former factory in Merseyside and occupied the site for several days. Typhoo said at the time that they caused ‘extensive damage’ and made the site ‘inaccessible’.
General Motors lays off about 1,000 workers worldwide
General Motors is laying off about 1,000 workers worldwide, shedding costs as it tries to compete in a crowded global car market.
The workers, mostly white collar, were notified about the decisions early on Friday.
The company confirmed the layoffs in a statement but gave few details. ‘We need to optimise for speed and excellence,’ the statement said. ‘This includes operating with efficiency, ensuring we have the right team structure and focusing on our top priorities.’
The markets
Top European markets ended the week in the red, with sentiment slipping as new figures showed UK economic growth slowed to a near-standstill in the third quarter.
London’s FTSE 100 struggled to maintain gains from earlier in the day and closed 7.58 points lower, or 0.09%, at 8,063.61. In Paris, the Cac 40 dropped 0.58%, and in Frankfurt, the Dax closed 0.27% lower.
Over in the US, the S&P 500 moved 1.2% lower as the index weakened following a rally over the past week. The Dow Jones was also down about 0.7% on Friday afternoon. The pound was down about 0.3% against the US dollar at 1.262, and was down 0.5% against the euro at 1.197.
‘Full support’ of Ukraine at top of British agenda at G20, Starmer says
Sir Keir Starmer has said ‘we need to double down’ on support for Ukraine as it was reported Joe Biden has given the green light to Kyiv to use US-supplied long-range missiles to strike inside Russia.
The prime minister pledged that Ukraine was ‘top’ of his agenda at this week’s G20 summit of world leaders and told reporters that ‘there’s got to be full support as long as it takes’.
Meanwhile, US president Biden has authorised the use of US-supplied long-range missiles by Ukraine to strike inside Russia for the first time, AP reported on Sunday evening, citing a US official and three people familiar with the matter.
Keir Starmer: Vast majority of farmers will not be hit by inheritance tax change
Sir Keir Starmer has said he is ‘absolutely confident’ that the ‘vast majority of farms and farmers’ will not be affected by changes to inheritance tax announced in the Budget.
The row over the taxes for farms worth more than £1m has rumbled on as the prime minister said on Sunday that the money the government has put into the sector is ‘not to be overlooked’.
A protest is expected in Westminster on Tuesday as farmers rally on Whitehall against the changes announced in last month’s Budget, while separately the National Farmers’ Union will hold a mass lobby of MPs in their efforts to get the government to rethink.
Latest on Car Dealer
Could the government be about to reform ZEV Mandate and bring back electric car grants?
UK car industry leaders and ministers will discuss potential reforms to the ZEV Mandate, which requires 22% of car sales to be electric, with £15,000 fines for non-compliance. Options include consumer EV subsidies, factory emissions offsets, and export incentives. Stellantis has warned of UK production cuts without government support.
Car Dealer Live is back for 2025 as early bird tickets go on sale today
Car Dealer Live 2025, sponsored by Auto Trader, will take place on March 13 at the British Motor Museum. Featuring expert panels, headline interviews with industry leaders including Dr Andy Palmer and John O’Hanlon, and networking opportunities, early bird tickets are now available, supporting charity Ben.
BYD outlines ambitious UK plans from budget EVs to luxury Yangwang brand arriving
BYD is expanding in the UK with three new PHEV models arriving in 2025, alongside the Shark 6 pick-up. It plans a budget EV below the Dolphin and a luxury Yangwang brand launch by 2026, targeting premium and entry-level markets.
Snows Motor Group agrees partnership to help champion local produce in Hampshire
Lexus Hedge End has partnered with Hampshire Fare to support local food, drink, and craft producers. The collaboration includes event hosting, showcasing Lexus vehicles, and shared community initiatives. A luxury hamper competition marks the partnership’s launch, celebrating shared values and local excellence.
Car dealers are consumers’ preferred source of finance according to new report
New research by Motors shows 69% of car buyers prefer dealer-provided finance, rising to 71% when funding options are shown online. Monthly finance usage has increased, and interest in all-inclusive car subscriptions grew from 42% to 47% since 2022.
Top Irish car dealer increases stake in Vertu as total share in group reaches 5%
Gavin Hydes, CEO of Joe Duffy Motors, has increased his stake in Vertu Motors to 5%, valued at around £10m. Through Nivag Holdings, Hydes has steadily grown his investment since 2023, reflecting confidence in the UK dealership group.
‘Couple will get money back when I sell it’, claims car dealer at the centre of caravan scandal
Adrian Carron, director of Braeside Car Sales, pledged to repay £23,972.21 to customers who claimed they were mis-sold a caravan. However, repayment is delayed until the caravan is resold. The High Court and Trading Standards have ordered the refund.
Batchelors of Ripon becomes authorised service centre for Renault and Dacia
Batchelors of Ripon has become an authorised Renault and Dacia service centre, enhancing its service capabilities in North Yorkshire. This partnership provides manufacturer-trained technicians, genuine parts, and advanced diagnostics, strengthening its existing Renault and Dacia operations acquired in 2022.
Finance and Leasing Association appoints new board member as commissions scandal rolls on
The Finance & Leasing Association (FLA) has appointed Richard Hoggart, founder of DSG Finance Group, to its board. Hoggart’s extensive motor sector and consumer lending expertise will support the FLA as it addresses challenges like the recent car finance crisis.
Weather
Western and southern England, along with Wales and Northern Ireland, will be cloudy this morning with rain pushing in later. A chilly day with sunny spells in other parts of the country – around eight degrees in England and four degrees in Scotland where there will be the chance of snow on higher ground.
The rain will move into central areas tonight. Cloudy in the south, clearer and colder in the north.
