6:39 am, October 16, 2024
Inflation expected to fall below target for first time in three years
UK inflation is expected to drop below the 2% target rate for the first time since April 2021.
The Office for National Statistics (ONS) will unveil the latest monthly Consumer Price Index (CPI) inflation reading on Wednesday morning. The economic data is predicted to reveal inflation of 1.9% for September, according to a consensus of economists.
A reading of 1.9% or lower would be expected to add pressure onto Bank of England rate-setters to cut interest rates further.
Growth ‘driven by private sector’, chancellor tells small business bosses
The chancellor has met with small business leaders at Downing Street as the government continues its drive to attract fresh investment into the UK economy.
Rachel Reeves gathered chief executives, investors and founders at No 11, a day after London’s International Investment Summit which saw businesses commit to invest £63bn across various deals.
Reeves was set to say that she was ‘under no illusions’ that growth in the economy is ‘driven by the private sector, and by entrepreneurs like those in the room tonight’. The summit was partly intended to give small businesses and female entrepreneurs an opportunity to network with leaders from the investment community as well as government and trade body bosses.
Hyundai reveals a more rugged version of the Inster with the Cross
Hyundai has revealed a more rugged off-road version of its baby EV – the Inster Cross.
The car gets wider and more angular front and rear bumpers with black cladding, side rocker panels, front and rear skid plates and 17-inch alloy wheels. A roof rack comes as standard and there is a special paint option of Amazonas green matte.
Hyundai hasn’t yet revealed whether the Cross will be available with its smaller 42kWh battery pack, but it will come with the long range 49kWh drivetrain that offers up to a claimed 223 miles between trips to the plug. No prices have been revealed but deliveries are expected to start at the beginning of 2025.
The markets
A sharp drop in oil prices saw miners and energy firms drag on the FTSE 100 on Tuesday, after an influential outlook for global oil demand was lowered. The UK’s top stock market index was down 43.38 points, or 0.52%, to close at 8,249.28.
Meanwhile, investors were in low spirits over in Paris where the Cac 40 dropped 1.05% at close. In Frankfurt, the Dax dipped 0.11%. In New York, the S&P 500 was down about 0.5%, while Dow Jones was about 0.4% lower.
The pound was up around 0.2% against the US dollar at 1.31, and 0.3% higher against the euro at 1.2.
Kemi Badenoch says Tories have ‘one chance’ to select right leader
Conservative leadership candidate Kemi Badenoch has said the party has ‘one chance’ to select the right leader and warned that ‘there’s not going to be a party’ if the ‘wrong’ choice is made.
Shadow minister Badenoch is up against Robert Jenrick in the race to succeed Rishi Sunak, with members due to cast their ballots in the coming days.
Speaking to The Telegraph, Badeonoch said the ‘endless tossing out of leaders’ had ‘damaged the party brand’. She said: ‘If we get this wrong, there’s not going to be a party. There’s no second chance. We have one chance to get this right.’
MPs to debate driving test availability amid 19-week waits
Learner drivers have travelled more than 100 miles away from home for their tests in a bid to overcome lengthy waits, an MP has warned.
Labour Bracknell MP Peter Swallow said he has heard from constituents who travelled from his Berkshire patch to Wales and the Isle of Wight for their licences, as the average waiting time for a car practical test hit 19 weeks in September, according to the Driver and Vehicle Standards Agency (DVSA).
The DVSA said it is buying back annual leave from examiners and had begun efforts to recruit 450 more in a bid to reduce the gap between theory and practical tests.
Tuesday on Car Dealer
Chinese car maker MG pays out £23.9m dividend as car sales rocket to £1.4bn in 2023
MG UK’s sales surged by 59% in 2023, generating £1.4bn in revenue, despite a 67% drop in pre-tax profit. The company benefited from fleet deals, new models like the MG4, and dealership expansion. MG anticipates future growth in electric vehicles despite short-term demand challenges.
As brands turn backs on agency, expert asks where it all went wrong for controversial model
The agency sales model, aimed at streamlining car sales by reducing dealership roles, failed to meet automaker expectations due to dealer resistance, misjudging customer preferences, and operational complexities, professor David Bailey has said. Writing for Car Dealer, he said customers valued traditional dealerships’ flexibility, personalised services, and negotiation opportunities, thereby hindering agency adoption.
Cotswold Motor Group clocks up £4.4m pre-tax profit as industry returns to ‘normality’
Cotswold Motor Group, a BMW and Mini specialist, reported a £4.4m pre-tax profit in 2023, down 40% from £7.8m in 2022. Turnover rose 10% to £235m, but profit margins declined as vehicle supply normalised. No dividend was declared for 2023.
Brindley Group ends 30 years of Nissan sales in Cannock as it swaps brand for Hyundai
Brindley Group is ending new Nissan sales in Cannock after 30 years, transitioning the site into a Hyundai ‘halo’ showroom. While Nissan aftersales will continue, the move aligns with Brindley’s growth strategy, including consolidating their MG dealership into Wolverhampton
The Paris Motor Show is back and these are the exciting new cars which have caught our eye
Click the link above to see the stars of the Paris Motor Show
Weather
A very mild day, reports BBC Weather, but there will be spells of rain, heavy in places. Brighter in the south-east but rain will push in later. Highs of a very unseasonal 22 degrees.
The rain will push north-eastwards tonight, leaving most areas clear.
