Nov 5 round-up: Chancellor’s economic boost; England enters lockdown; PM promises Dec 2 end

Time 6:42 am, November 5, 2020

  • Here are the headlines on Thursday, November 5

Sunak to unveil new economic boost 

A new economic boost for the economy in the wake of the Covid-19 pandemic is reportedly set to be unveiled today.

Chancellor Rishi Sunak and the Bank of England will announce the measures, The Daily Telegraph said, adding the move would lead to £100bn being pushed into the economy.

The Chancellor is set to confirm employees on furlough will receive 80 per cent of their salaries if their employers have been made to shut down in Scotland, Wales and Northern Ireland too. The Bank of England is also considering setting negative interest rates.

England wakes up to second national lockdown

Car dealers have closed once again as people in England wake up to familiar coronavirus restrictions.

Pubs, restaurants and non-essential shops have once again been forced to close their doors and members of the public are ordered to stay at home for the next four weeks in a bid to reverse the spread of Covid-19.

Last night, MPs voted by 516 to 38 – a government majority of 478 – for the new restrictions, which are due to expire on December 2.

PM promises lockdown will end on December 2

Boris Johnson has apologised to businesses for the ‘nightmare’ Covid situation and vowed that England’s second national lockdown will last no longer than a month.

In a pre-recorded speech to the Confederation of British Industry (CBI) conference, the Prime Minister said the new restrictions will expire on December 2 following speculation that the shutdown could be extended.

‘I want to apologise to all of you who are experiencing the frustrations and the nightmare of the Covid world,’ he said.

Biden on brink of White House

Joe Biden won the battleground prizes of Michigan and Wisconsin yesterday reclaiming a key part of the ‘blue wall’ that slipped away from Democrats four years ago.

By early on Thursday morning, neither candidate had cleared the 270 electoral college votes needed to win the White House.

But Biden’s victories in the Great Lakes states left him at 264, meaning he was one state away – any state – from crossing the threshold and becoming president-elect.

Markets hopeful of a Biden presidency

Investors in London were optimistic that Joe Biden could take the White House as markets closed on Wednesday.

The FTSE 100 had a rocky day, bouncing up and down – as much as one per cent off at points – as new data and results emerged from the US, but eventually closed out up 96.49 points, or 1.7 per cent, at 5,883.26.

German and French traders were equally optimistic, with the French Cac 40 closing up 2.4 per cent, and Frankfurt’s Dax 30 climbing 2 per cent.

Ferrari’s line-up might never be fully electric

Electric cars might be the future of the car industry, but this is creating a problem for performance car brands where the evocative sound of their engines is a key selling point.

Ferrari is one such company, and in a recent earnings call, CEO Louis Camilleri said he doesn’t expect the Italian supercar maker to ever have a fully electric model line-up.

He said: ‘There should be cost savings longer term as battery technologies improve as well. However, my own sense is that, you know, to sort of say 100 per cent electric, that’s pushing things. I really don’t see Ferrari ever being at 100 per cent EV.’

China suspends entry for residents of Britain

China is suspending entry for most foreign passport holders who reside in Britain, reacting to a new surge of coronavirus cases in the United Kingdom.

The suspension covers those holding visas or residence permits issued prior to November 3, with exceptions for diplomats and some others.

Foreign nationals wishing to visit China for emergency needs may apply for special case visas.

Sainsbury’s to cut more than 3,000 jobs

Sainsbury’s is to announce it is cutting more than 3,000 jobs as England enters its second national lockdown, according to reports.

Reports suggest a large number of roles will go from Sainsbury’s subsidiary Argos, which it took over in 2016.

Job losses are also reported to be likely at Sainsbury’s stores, with the potential closure of delicatessens as well as fresh fish and meat counters.

Second supermarket cuts fuel prices

A second supermarket giant is cutting fuel prices following a reduction in wholesale costs.

Sainsbury’s announced on Wednesday it will drop its prices by up to 3p per litre for diesel and 2p per litre for petrol.

This followed a similar move by Asda on Tuesday. RAC fuel spokesman Simon Williams said the cuts were reminiscent of March, with prices falling ‘just at the point when we’re all driving less as a result of a coronavirus lockdown’.

Sunny spells but chilly

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The BBC says it will be a misty and foggy start in Wales and southern England. It will be mainly dry for all, with cloud in northern Wales, north-west England and Northern Ireland, but sunny spells elsewhere.

Tonight, it will be dry for all with mist and fog patches developing widely across the UK. A few clear spells are possible along the south coast and the far east of Scotland. 

Tomorrow will see a misty and foggy start for all. This will persist in Scotland for most of the day, but it will lift elsewhere in the UK, with plenty of sunny spells in the afternoon.

James Baggott's avatar

James is the founder and editor-in-chief of Car Dealer Magazine, and CEO of parent company Baize Group. James has been a motoring journalist for more than 20 years writing about cars and the car industry.

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