6:21 am, October 10, 2024
Government’s plans to boost workers’ rights to be unveiled
The government will today announce details of new rights for workers, including plans to ban exploitative zero-hours contracts and ‘unscrupulous’ fire and rehire practices which it said will benefit millions of workers.
Ministers described the Employment Rights Bill as the biggest boost to pay and productivity in the workplace in a generation.
Unions warmly welcomed the measures as a ‘seismic shift’ from the low pay, low productivity economy they accused the previous Conservative government of presiding over. There are 28 separate changes in the Bill, with most of them not expected to be implemented before the autumn of 2026.
Reeves may need tax increases worth £25bn – IFS
Rachel Reeves may need to raise up to £25bn from tax increases if she wants to keep spending rising with national income, the Institute for Fiscal Studies (IFS) estimates.
Even if the chancellor changes the debt rule she inherited from the Tories, this would do ‘almost nothing’ to ease the challenge on public service funding, the IFS said as it released its Green Budget report.
Because of her promise to meet day-to-day spending out of revenues, Reeves would still need to turn to tax rises to avoid spending cuts and meet her pledge to borrow only to invest. IFS director Paul Johnson said Reeves’ first Budget, which she will deliver on October 30, could be ‘the most consequential since at least 2010’.
Skoda’s Enyaq RS Race is a motorsport-inspired concept with a focus on sustainability
Skoda’s motorsport department has released a new racing concept version for the firm’s Enyaq vRS electric SUV.
Though it uses the same basic powertrain as the road-going car, it gets a 70mm drop at the rear while the body itself has been made 72mm wider at the front and 116mm wider at the back. It’s also 316kg lighter than the road car it is based on, and there’s a focus on sustainable materials.
Underneath you’ll find an 82kWh linked to twin electric motors bringing 335bhp. Skoda says that the Enyaq RS Race can go from 0-60mph in under five seconds before heading onwards to a top speed 112mph.
The markets
London stocks recovered ground on Wednesday, driven by stronger utilities firms.
London’s top flight finished 53.13 points, or 0.65%, higher to end the day at 8,243.74. Elsewhere in Europe, the other main markets opened lower amid continued worries about the Chinese economy but improved as focus turned towards the US.
The Cac 40 ended 0.52% higher for the day and the Dax index was up 1%. Stateside, the main markets ticked slightly higher amid a quiet day for earnings updates as traders looked towards Thursday’s key inflation data.
Tory leadership race enters final stretch after shock result in ballot of MPs
The first full day of campaigning for the remaining two Conservative leadership candidates begins, following a shock result in the last ballot of MPs on Wednesday.
Kemi Badenoch and Robert Jenrick will start making their pitch to Conservative Party members on Thursday, as they go head to head in the contest to succeed Rishi Sunak as Tory leader.
James Cleverly was unexpectedly knocked out of the competition on Wednesday, having been the bookmakers’ favourite after the previous round of voting.
More than 2 million without power as Hurricane Milton slams Florida
Hurricane Milton crashed into Florida as a Category 3 storm on Wednesday, pounding the coast with ferocious winds of more than 100mph (160kph) and producing a series of tornadoes around the state.
The cyclone had maximum sustained winds of 120mph (205kph) as it roared ashore 8.30pm local time near Siesta Key, the Miami-based National Hurricane Centre said.
More than 2 million homes and businesses were without power on Wednesday night in Florida. About 125 homes were destroyed before the hurricane even made landfall, many of them mobile homes in communities for senior citizens.
Wednesday on Car Dealer
Big Motoring World posts slashed profits in last full year under the control of Peter Waddell
Big Motoring World’s profits fell by nearly 80% in 2023, with pre-tax profit dropping to £2.24m, despite increased turnover. Constrained supply and a pricing correction impacted profits. Founder Peter Waddell is also facing legal battles over his dismissal after misconduct allegations.
Amari Supercars sees profits dip as income from luxury vehicle sales takes a slide
Amari Supercars’ profits dropped by 15% in 2023, with a pre-tax profit of £1.67m, down from £1.97m in 2022. Turnover also fell slightly to £31.44m. Despite reduced vehicle sales and profit margins, the workforce expanded, and director remuneration increased.
Average discounts on EVs are now almost double what they are on ICE vehicles
EV buyers are receiving nearly double the discounts of ICE vehicle buyers, with average discounts of £5,006 compared to £2,652 for petrol and diesel vehicles. EV discounts rose 53% over the past year, driven by heightened competition, demand, and regulatory pressures.
New data shows consumer car finance new business volumes and values fell in August
New figures show consumer car finance new business fell by 2% in August 2024, with value down 1%. However, new car business grew 13% in value and 7% in volume, while used car finance saw a 7% decline in value and 4% in volume.
More than half of car dealers don’t think bringing back the Capri name is a good idea
More than half of car dealers oppose the revival of the Ford Capri name for an electric SUV, a new survey has found. Some 42% supported the idea, while 39% believed it should be reserved for a sports car, and 16% didn’t remember the original Capri.
How a good chatbot can be essential for car dealers and why legislation may soon be changing
Car dealers may soon be required to disclose AI chatbot usage on websites, predicts James Leese of Impel. Speaking on the latest Car Dealer Podcast, Leese suggests dealers use female chatbots, as research shows higher engagement. He notes that customers generally accept AI if it effectively meets their needs.
Weather
A sunny and breezy day, reports BBC Weather. Sunny spells for most although the south will start off with a few showers in the morning. The north will see more downpours later on. Cooler than of late with highs of 12 degrees.
A chilly night is in store with a few showers for Scotland. Clear elsewhere.
