6:50 am, November 22, 2024
Households set to learn energy bills to rise again from January
Households are set to learn that their energy bills are to rise again from January with the regulator expected to make its second consecutive winter-time increase to the price cap.
Energy consultancy Cornwall Insight said it expects Ofgem to reveal on Friday that the typical household’s energy bill will rise by 1%, or £19, to £1,736 from £1,717 on January 1.
Cornwall Insight had previously predicted a 1% fall to £1,697, but said this was now no longer the case, coming as a blow after prices rose by 10% in October.
Royal Mail owner says it cannot rule out job cuts after £120m Budget hit
The group behind Royal Mail has warned it cannot rule out job cuts or price hikes in the face of a £120m hit from the autumn Budget national insurance changes.
Martin Seidenberg, chief executive of parent firm International Distribution Services (IDS), said measures from Rachel Reeves’ maiden Budget last month will ‘hit us harder compared to our competitors’.
The firm said a £134m write-down linked to the national insurance increase has stopped it returning to profit for the past six months.
Government borrowing hits higher-than-forecast £17.4bn in October
UK Government borrowing has surpassed forecasts on the back of soaring debt interest and recent public sector pay rises.
Borrowing rose to £17.4bn last month marking the second highest October figure since monthly records began, according to official figures.
The Office for National Statistics (ONS) said public sector net borrowing was £1.6bn higher than the same month last year.
JD Sports warns over profit hit after October trading woes
Retailer JD Sports Fashion has seen shares tumble after warning over a hit to profits following a sales slump in October.
Shares in the sportswear firm plunged as much as 17% in morning trading on Thursday after it said underlying annual profits are now expected at the lower end of its previous guidance for between £955m to £1.04bn.
It follows tough trading in October, with UK sales hit by mild weather and higher promotional discounts elsewhere in the sector, while JD Sports said North American sales were likely to have been affected by uncertainty ahead of the US election.
Hyundai unveils its biggest model yet with the Ioniq 9 SUV
Hyundai has revealed its largest car yet while expanding its EV line-up even further with the new Ioniq 9.
This new family-friendly SUV will come as standard with a 110.3kWh battery pack that Hyundai claims can help the Ioniq 9 to do up to 385 miles on a single charge.
Thanks to DC rapid charging, the Ioniq 9 can also go from 10 to 80 per cent charge in 24 minutes.
DS previews new model with 466-mile electric range
DS has showcased an upcoming model that could bring a range of up to 466 miles between electric top-ups.
The new car, which will be fully revealed ‘before the end of the year’, according to the brand will bring a fastback design but with an aerodynamically-efficient finish which should allow it to cut through the air as effectively as possible.
There’s a long wheelbase to the car with a windscreen that is moved back, while the bonnet has been positioned lower down than you’d usually find with a ‘traditional’ SUV.
Our next flagship is on the road after over a million km of testing. Its camouflage reveals a key detail: 750km electric range, setting a new standard in its segment.
Stay tuned to discover our new creation, blending electric driving pleasure with the ease of an ICE car.… pic.twitter.com/Alg3LoBRmQ
— DS Automobiles (@ds_automobiles) November 21, 2024
Thursday on Car Dealer
Jaguar faces heavy flak for new look as it reveals teaser image of concept car
Jaguar’s rebrand, featuring a new logo and futuristic adverts with no cars, has drawn sharp criticism for alienating loyal customers and shifting from its heritage. The brand plans to sell electric-only models from 2026, costing over £100,000, with its dealer network shrinking to 20 UK showrooms. Social media reactions, including Elon Musk’s sarcastic query, highlight widespread confusion and debate. Despite backlash, Jaguar claims the bold reimagining marks a “renaissance” and aims to redefine its luxury identity.
Nissan calls for ‘urgent action’ on ZEV mandate as industry bosses meet with ministers
Nissan has urged the UK government to revise the ZEV mandate, citing risks to domestic car manufacturing, jobs, and investment. The company proposed a two-year review period and more flexibility in borrowing credits to meet EV sales quotas. Industry leaders voiced concerns about the mandate’s impact during discussions with ministers, who pledged to support the EV transition. Critics argue the measures threaten market stability, while the government highlights growth in zero-emission vehicles and ongoing funding initiatives.
How automotive AI is transforming UK dealership performance
Available Car partnered with Impel AI to enhance lead management, increasing appointment rates by 62% year-over-year. The AI platform provides 24/7 responses via email and SMS, pre-qualifying prospects and engaging with over 7,000 leads in three months. It helped convert 30% of leads after hours, addressing market challenges like inventory shortages and boosting productivity and sales. Impel AI’s precision supports dealerships in optimizing customer interactions, securing appointments, and navigating tough market conditions effectively.
Santander puts aside £295m to deal with motor finance crisis as FCA considers new dates
Santander has allocated £295m to cover potential payouts and legal costs tied to the motor finance scandal, raising the total industry provisions to nearly £1bn. This follows a Court of Appeal ruling that increased disclosure standards for dealer commissions. Santander disputes the ruling and supports appealing to the Supreme Court. Meanwhile, the FCA is consulting on extending complaint deadlines to ensure proper compensation processes. Santander’s Q3 results reflect a significant financial hit due to this crisis.
Silverware marked with AA badge for motoring pioneer set to go on sale
A piece of decorated silverware made for a ‘pioneer’ of British motoring which was stolen but later found in a jeweller’s shop window is set to go on sale.
The George V silver presentation charger crafted in 1922 features the badges of the Automobile Association (AA) and the Motor Union in tribute to Sir William Joynson-Hicks, the chairman of the AA from 1907 to 1922.
It was part of the family’s silver collection until it was stolen from their home decades ago, later to be found in a shop window and returned to the family around 30 years ago.
Pothole compensation claims double in a year
The number of pothole compensation claims made to councils in Britain doubled in a year, according to new analysis.
RAC research found 20,432 claims were submitted to 18 local authorities with the largest road networks in 2023, compared with 8,327 in 2022.
Of the councils which provided data, Surrey County Council saw the biggest increase in claims, from 734 to 3,418.
The markets
The FTSE 100 rose on Thursday as investors bought shares in oil firms and mining stocks, amid fears over escalations in Russia’s invasion of Ukraine.
London’s blue-chip index gained 64.2 points, or 0.79%, to end the day at 8,149.27.
At the end of the day in Europe, Frankfurt’s Dax index rose 0.74% while the Cac 40 in Paris gained 0.21%.
Britons wake from chilly night to warnings of snow and ice ahead of Storm Bert
Many Britons again faced freezing temperatures overnight ahead of a frosty and icy morning on Friday and the arrival of Storm Bert on the weekend.
The storm is set to reach the UK on Saturday and the Met Office is expecting it to bring ‘heavy rain, strong winds and disruptive snow to parts of the UK through the weekend’, potentially causing travel disruption and flooding.
Overnight on Thursday, the Met Office said much of the UK experienced temperatures near freezing, with the mercury falling as low as minus 6C at Tulloch Bridge in Scotland.
