6:48 am, November 6, 2024
Primark boss says weight of Budget tax rises ‘falling on high street’
The boss of Primark said the ‘weight of tax rises’ in the autumn Budget has fallen on the high street, as he revealed the employer national insurance hike will send the retailer’s bills up by hundreds of millions of pounds.
George Weston, the chief executive of Associated British Foods, which owns Primark alongside food and sugar brands, said it was preparing for a big jump in business costs due to an increase to the rate of employer national insurance from April next year.
Weston said that change means the national insurance bill for AB Foods will ‘go up by tens of millions’, but he stressed that Primark has ‘no intention’ of raising prices throughout the rest of the year.
Vodafone and Three £15bn merger could get green light, UK watchdog says
The £15bn merger between Vodafone and Three in the UK has the potential to be ‘pro-competitive’ if the mobile networks commit to investing in the country’s infrastructure and avoid early price hikes, the regulator has said.
The Competition and Markets Authority (CMA) indicated that it could give the tie-up the green light, having been investigating the deal since it was announced last year.
The watchdog had concerns that the merger could lead to higher prices for customers, but on Tuesday, the CMA said it had outlined certain actions to be taken by the combined group that were likely to address its concerns. This included committing to plans to upgrade the UK’s mobile network infrastructure over the next eight years, which would become a legal obligation overseen by regulators.
The Dacia Spring Cargo will be the cheapest electric van on sale
Dacia has unveiled Britain’s cheapest new van with its Spring Cargo.
To make this new van version, Dacia has removed the standard Spring’s rear seats and also the rear windows. A mesh bulkhead has been fitted, with loadspace now standing at 1,085 litres – 81 more than the standard car. Payload, meanwhile, stands at up to 370kg.
The 26.8kWh battery and 65bhp electric motor remains meaning a 186-mile range, and prices start at £14,995 excluding VAT.
The markets
London’s top index was a touch lower on the back of slumps for AstraZeneca and Schroders as global trading was again dominated by caution ahead of the US election result. The FTSE 100 finished 11.85 points, or 0.14%, lower to end the day at 8,172.39.
In the US, Wall Street started trading in a positive mood as voters went to the polls. he Cac 40 ended 0.48% higher for the day and the Dax index was up 0.55%.
The pound was up 0.51% at 1.302 US dollars and up 0.15% at 1.192 euros.
Badenoch to grill Starmer in first PMQs for new-look opposition
Kemi Badenoch will face off against Sir Keir Starmer at Prime Minister’s Questions for the first time as Tory leader.
The former minister is preparing for her debut battle at the despatch box on Wednesday in a closely watched exchange that will mark the beginning of a new style of opposition.
Sir Keir will be braced for a grilling on policies announced in last month’s Budget, which included fresh inheritance tax measures that have since prompted a fallout among farmers.
Planned strike by Tube drivers suspended
Planned strikes by London Underground drivers over pay have been suspended.
Members of Aslef were due to walk out on Thursday and again next Tuesday – which would have crippled Tube services.
The Rail, Maritime and Transport union had already called off strikes by its members after resolving a dispute over pay.
Tuesday on Car Dealer
Banks face downgraded credit ratings as a result of car finance scandal
Fitch Ratings warns the UK motor finance crisis, though smaller than the PPI scandal, could impact banks’ credit ratings. Stronger banks like Lloyds and Santander have resilience, but high-risk lenders face possible downgrades if prolonged remediation costs affect profitability.
Supercar salesman wins unfair dismissal case after asking boss ‘do you want to fight me?’
Lamborghini salesman Gregory Dunning won his unfair dismissal case after a tribunal ruled he wasn’t physically aggressive when asking his boss if he ‘wanted to fight’. Dunning, feeling threatened, was awarded £4,085 in compensation for wrongful dismissal.
BEVs enjoy strong month of growth despite new car market falling in October – SMMT
UK new car registrations fell 6% in October, with private, fleet, and business purchases declining. Petrol and diesel sales dropped, while BEV registrations rose 24.5%, capturing a 20.7% market share. The Kia Sportage led October sales, followed by the Ford Puma.
IMDA celebrates seventh birthday as membership passes 1,500 independent car dealers
The Independent Motor Dealers Association (IMDA), founded by Umesh Samani on November 5, 2017, celebrates seven years. With 1,500+ members, it provides legal, DVLA, and aftersales support, expanding by over 30% last year. Samani received a Lifetime Achievement award from Car Dealer at last year’s Used Car Awards for his contributions to the motor trade.
More Budget fallout as family-run dealer groups warned over inheritance tax bombshell
The proposed UK inheritance tax cap on Commercial Property Relief (CPR) could impose high tax burdens on family-owned dealer groups, tax experts Sarah Whalley and Ian McMahon from specialist firm Cooper Parry said on the latest Car Dealer Podcast. Estates above £1m would receive only 50% CPR, risking steep bills for heirs without funding, especially affecting business succession and pension assets.
China lodges official complaint with World Trade Organisation as EV tariff row continues
China has filed a WTO complaint against the EU’s recent 35% tariffs on Chinese EV imports, calling the measures ‘protectionist’ and a misuse of trade remedies. The EU claims the tariffs aim to prevent price undercutting, supporting European carmakers.
Fraudster narrowly avoids jail for bogus car insurance claim as industry helps police investigate
A 43-year-old man narrowly avoided jail for falsely claiming his BMW was stolen and crashed, aiming to secure an insurance payout. Due to his guilty plea and personal circumstances, his 12-week sentence was suspended, with compensation ordered.
Hybrids and EVs take biggest ever share of used car market as MG3 flies off the forecourts
Hybrids and EVs hit a record 14% of the UK used car market in October, with hybrids alone at 9.6% of listings. The MG3 Hybrid was the fastest seller, averaging 8 days. Used car prices rose 2% to £17,899.
Weather
Thick cloud for all today, reports BBC Weather. The north-west will also have a few spots of rain, but this should clear this afternoon. It’ll be brightest in the north-east. Temperatures up to 16 degrees in the brightest areas.
A cloudy night for the south, while the north will see some clearer areas. A dry night for all.
