6:50 am, October 9, 2024
Transport Secretary says Government ‘aware’ of challenges with EV transition
Transport Secretary Louise Haigh said the Government is aware of the challenges over the transition to EVs.
The Cabinet minister said it is ‘giving clarity’ to manufacturers amid a global drop in demand for EVs.
Speaking to the PA news agency, she said ministers will announce plans for a consultation on ending the sale of new petrol and diesel cars from 2030 after the previous government pushed back the deadline to 2035.
Number 10 dismisses concerns fiscal rule change could trigger Truss-style chaos
Downing Street has dismissed concerns that a potential change to the borrowing rules in the Budget could trigger a Liz Truss-style meltdown.
Number 10 insisted the Government would ‘absolutely deliver’ on its pledge to restore economic stability amid speculation Rachel Reeves is preparing to overhaul the fiscal regime to unlock billions in additional spending.
It comes as investors warn that the Chancellor must ‘walk a tightrope’ in the statement expected at the end of the month, to avoid upsetting the markets and prompting a gilt sell-off.
Uber boss says EVs are ‘just plain better’ amid firm’s transition drive
Uber’s chief executive has claimed EVs are ‘just plain better’ as the firm unveiled plans to further drive its green transition.
Speaking at Uber’s annual green event at the Science Museum in London on Tuesday, Dara Khosrowshahi said that the ride-hailing app giant is doubling down on accelerating to be fully electric in the UK despite the global drop in EV demand.
Mr Khosrowshahi also said that while EVs have become a political wedge issue as hundreds of countries go to the polls this year, ‘better is better’.
Plans to ‘modernise pensions market’ set out by Government
Plans to broaden access to a new type of pension scheme allowing savings to be pooled have been set out by the Government.
Collective defined contribution (CDC) pension schemes have the potential to deliver reliable returns for savers, while ensuring more predictable costs for employers, the Government said. It launched a six-week consultation on Tuesday into expanding the scheme.
CDC schemes offer another option in addition to defined contribution (DC) schemes, where employees bear the risk as individuals as to how much money they end up with in retirement, and defined benefit (DB) schemes, which promise pension savers a certain income in retirement based on their salary.
Channel 4 reports record £52m deficit for 2023 amid advertising slump
Channel 4 has reported a record deficit of £52m for 2023 but has ruled out turning to the Government for assistance.
The broadcaster’s annual report published on Tuesday said it had ambitious plans at the beginning of the year, but challenges due to inflation and high interest rates impacted business confidence and investment in TV advertising.
Its expenditure over the year included a £663m investment in content, with £520m spent on original content.
Tuesday on Car Dealer
Motorpoint returns profitability in ‘solid’ first half of the year for used car supermarket group
Motorpoint has returned to profitability with a pre-tax profit of £2m in the first half of its 2025 financial year, compared to a £3.7m loss in the same period last year. Retail volume grew by 17%, and the company reduced its vehicle turnover time to 41 days from 47. Motorpoint also completed a £5m share buyback and plans to open a new site in Norwich. Full interim results will be announced on November 27.
Bangers4Ben 2024: Fundraising hits £32,000 as the teams tick off the Swiss Alps and Nurburgring
The Bangers4Ben charity rally continues its journey across Europe, recently hitting the Swiss Alps and the Nürburgring. So far, the teams have raised £32,300. After a tyre blowout, the Lawgistics and Automotive Compliance teams eventually found a donated tyre in Switzerland. Meanwhile, the Lightning McQueen Mazda from First4Cars broke down due to engine failure but got a lift home. Donations are still open to support the cause.
Carwow Group acquires Gridserve EV leasing business to further grow its offering
Carwow Group has acquired Gridserve Car Leasing, a broker specialising in electric vehicles (EVs), as part of its strategy to become a leading “online car changing marketplace.” The acquisition will see Gridserve’s focus expand to include plug-in hybrid (PHEV) and internal combustion engine (ICE) vehicles when the brand is relaunched in Q4 2024 with a new identity. Rob Buckland will continue to lead the business as an independent unit. This follows Carwow’s recent acquisitions and funding, furthering its expansion plans in the automotive leasing market.
Close Brothers Motor Finance appoints John Cassidy as new managing director of sales
Close Brothers Motor Finance (CBMF) has appointed John Cassidy as its new managing director of sales. Cassidy, who has been with CBMF since 2009, previously held senior roles such as head of sales and operations and director of commercial partners. In his new role, he will focus on continuing CBMF’s transformation, addressing industry changes like the shift from internal combustion vehicles and evolving consumer behaviours.
Harwoods and Alan Day become latest dealer groups to partner with BYD in south of England
BYD has expanded its UK dealer network by opening three new showrooms in the south of England. Partnering with Harwoods Group, BYD opened sites in Crawley on October 7 and will launch in Coulsdon on October 11. Meanwhile, Alan Day Group also opened a flagship BYD store in New Southgate. These dealerships focus on electric vehicles, marking significant steps in BYD’s UK presence.
Finance and Leasing Association boss Stephen Haddrill to retire next summer
Stephen Haddrill, director general of the Finance and Leasing Association (FLA), has announced his retirement for next summer, after leading the organisation for five years. Haddrill guided the FLA through several significant challenges, including the Covid pandemic and the cost-of-living crisis. Before joining the FLA, he held senior roles at the Financial Reporting Council and the Institute for Employment Studies. The process of finding his successor will soon begin, and Haddrill expressed pride in the FLA’s achievements during his tenure.
Mini adds to Cooper line-up with new Convertible
Mini has completed the latest generation of its Cooper models with a new Convertible variant.
Priced from £26,200 – ahead of deliveries commencing early next year – production of the Cooper Convertible returns to Mini’s Oxford plant for the first time since 2015.
Petrol-powered from launch, the Cooper Convertible will be available with two engine choices. The first, in the Cooper Convertible C, gets a 1.5-litre turbocharged petrol engine with 154bhp,
Fair deal on fuel needed for motorists, according to Ed Miliband
Motorists must receive a fair deal on fuel, Ed Miliband said as he suggested the Government is ‘very sympathetic’ on progressing PumpWatch.
The Energy Secretary was also asked whether the Government will continue the previous Tory administration’s fuel duty freeze, although he declined to comment ahead of the Budget on October 30.
In January, the last government opened a consultation on a new PumpWatch scheme designed to make it easier for drivers to shop around for the cheapest petrol and diesel.
New Volkswagen California to start from £63,376
Volkswagen’s new California will cost from £63,376 when it goes on sale later this month.
The latest incarnation of the popular camper brings with it a range of changes and tweaks over its predecessor, including sliding doors on both sides – rather than just one, as before.
Similar to the previous-generation California, the new version will be available in an eye-catching two-tone colour scheme, with three colourways there to choose from. In addition, there are 11 single-tone colours to pick between.
Consultation planned on speed limit changes amid concern over rising road deaths
The Scottish Government is to consult on changing the speed limit for drivers amid concerns about rising road deaths.
Transport Secretary Fiona Hyslop announced the move as she revealed road fatalities in 2024 so far are ‘tracking 26% above the same period last year’.
It comes after statistics from Transport Scotland showed a decrease in road deaths in 2023, down 16 from the previous year to 155.
Cleverly surges to first place in Tory leadership race as Tugendhat eliminated
James Cleverly has surged into first place in the Conservative leadership contest while Tom Tugendhat has been eliminated in the third round of voting by MPs.
Mr Tugendhat, the shadow security minister, secured the support of just 20 of his fellow MPs while former home secretary Mr Cleverly received 39 votes after what had been seen as a strong performance at last week’s party conference.
Former front-runner Robert Jenrick fell to second place with 31 votes, one ahead of Kemi Badenoch.
The markets
The UK’s FTSE 100 tumbled to a nearly one-month low on Tuesday, as oil prices retreated and housebuilder Vistry suffered a bruising session after warning investors over its profits.
The blue-chip index fell 113.01 points, or 1.36%, to close at 8,190.61, the lowest level since September 11.
For equity markets elsewhere in Europe, it was a weak session with Germany’s Dax down 0.17% and France’s Cac 40 closing 0.72% lower.
Weather outlook…
The UK is expected to see a mix of unsettled weather today, especially in central, southern, and eastern regions, where rain could be more persistent.
Parts of Scotland may experience colder conditions, with frost overnight and potentially some snow in higher elevations.
Winds will increase, particularly in northern areas, while rain in the south could lead to localised flooding concerns.
