6:46 am, November 20, 2024
Inflation set to rebound after jump in energy bills
UK inflation is expected to swing back above the Bank of England’s target due to higher energy prices.
The Office for National Statistics (ONS) will unveil the latest monthly Consumer Prices Index (CPI) reading on Wednesday morning. The data is expected to show a significant rebound in inflation in October after it dropped to a three-year low of 1.7% in the previous month.
The economic data – which shows how much the prices of goods and services have increased or decreased – is predicted to reveal inflation of 2.2% for September, according to a consensus of economists.
PM defends employer tax hike as retailers warn of ‘inevitable’ job losses
Sir Keir Starmer insisted he was ‘absolutely’ confident in the chancellor’s financial plans as he came under pressure from retailers warning of job cuts and price rises as a result of Budget tax hikes.
The prime minister said the previous Tory government had ‘refused to take a single difficult decision’ as he defended the move to increase employers’ national insurance contributions. Asked whether he still had confidence in the government’s financial plans, he said: ‘Absolutely. We have to stabilise the economy, we have to deal with the £22bn black hole, and we need to invest in the future of our country.’
More than 70 businesses, including Tesco, Asda and Sainsbury’s, have told Rachel Reeves in an open letter that the changes announced in last month’s Budget mean price hikes are a ‘certainty’.
New Mercedes CLA will come with hybrid and electric setups
The next-generation Mercedes CLA (pictured top) will offer a choice of hybrid and electric powertrains using 800V technology for ultra-rapid charging.
Yet to be fully revealed, the new CLA will come with a new hybrid petrol engine that uses 48V technology combined with an electric transmission, and come in three different power outputs. The EV version will use 800V tech, having a charging capability of up to 320kW.
There will be design cues from the EQXX concept car, while the inside will feature Merc’s new MBUX operating system. A full reveal will take place early next year.
The markets
The FTSE 100 fell slightly on Tuesday, mostly recovering from afternoon lows caused by worries over escalating tensions around Russia’s invasion of Ukraine. London’s blue-chip index fell by 10.3 points, or 0.13%, to end the day at 8,099.02.
At the end of the day in Europe, Frankfurt’s Dax index fell 0.67%, while the Cac 40 in Paris retreated 0.67%. In New York, the S&P 500 had gained 0.20%, while the Dow Jones was 0.22% lower.
On currency markets the pound was trading 0.026% lower against the dollar at 1.2675 and had risen 0.089% against the euro at 1.1977.
Government accused of ‘hammer blow’ to farmers as thousands protest in London
The government has been accused of dealing a ‘hammer blow’ to farmers as 13,000 people protested in Whitehall over the Budget’s impact on farming.
TV presenter and journalist-turned-farmer Jeremy Clarkson made the comments as he joined thousands of people in central London to protest against changes to inheritance tax for farm businesses and other measures in last month’s Budget.
The rally, which was attended by an estimated 13,000 people, according to police, was held alongside a mass lobby of MPs by members of the National Farmers’ Union (NFU).
Starmer defends G20 trip to Brazil amid domestic concerns
Sir Keir Starmer has defended his trip to Brazil amid domestic concerns as he insisted there was a “direct link between the work I do internationally and the impact back at home”.
The prime minister told Good Morning Britain that it is ‘very important’ to hold discussions that could ‘trigger’ money into the economy, having spent the last two days at the G20 summit in Rio de Janeiro.
It comes amid concerns about the impact of Budget measures on jobs and farms, and changes to the winter fuel payment.
Tuesday on Car Dealer
Cyber attack dents Arnold Clark’s profits but group will face ‘no further action’
Arnold Clark’s 2023 profits fell 33% to £116m due to a Christmas 2022 cyber-attack, disrupting operations for six months. Despite rising revenues, car sales dropped, but finance arm profits grew. Security measures and cautious optimism shape its 2024 outlook.
Hallucinogenic sci-fi movie: Inside the rather bizarre relaunch of Jaguar
Read editor-in-chief James Baggott’s behind-the-scenes blog on the relaunch of Jaguar.
Jaguar dealership network confirmed to shrink to ‘around 20’ showrooms
Jaguar will reduce its UK dealer network to around 20 outlets, focusing on affluent areas as it transitions to an EV-only luxury brand. A London brand store and revamped dealerships will enhance service, aligning with Jaguar’s reimagined identity.
Jaguar’s new logo combines upper and lower case letters as it doubles down on electric future
Jaguar has unveiled a reimagined brand identity with a new ‘JaGUar’ logo, barcode-like ‘Strikethrough’, vibrant colours, and an updated ‘leaper’ emblem. We’ll get to see the design concept of its first EV under its new brand identity next month.
Subaru importer International Motors to roll out Chinese Xpeng to UK
Xpeng, a Chinese EV maker, will enter the UK market in 2025 through International Motors. Launching with the G6 electric coupe-SUV, it aims to rival Tesla’s Model Y, offering advanced AI-driven features, fast charging, and innovative design.
Weather
Blustery snow showers for far northern Scotland, reports BBC Weather, while the rest of the UK will have a mixture of bright spells and wintry showers. Temperatures will be between two and eight degrees.
Tonight will be a similar picture to today, with wintry showers in the far north. Dry in other parts although some rain and hill snow will fall in the far southwest later. A cold night.
