10:31 pm, September 17, 2024
Inflation set to remain above 2% target in August, say experts
UK inflation is expected to remain above the 2% target when official figures for August are released amid a resurgence in price pressures across the key services sector.
Most economists are predicting that the latest data from the Office for National Statistics (ONS) will show Consumer Prices Index (CPI) inflation unchanged at 2.2% last month, after rising for the first time this year in July, up from 2% in June.
The figures are set to reveal a marked jump in services inflation – covering prices in areas such as hotels, package holidays, hospitality and culture – with a possible impact of the last leg of Taylor Swift’s UK tour.
Pret A Manger annual sales surge past £1bn but growth slows in 2024
Pret A Manger has said it notched up more than £1bn in global sales for the first time last year as it ramped up overseas expansion, but revealed sharply slowing sales growth so far in 2024.
The sandwich chain said £1 in every £4 is now spent by Pret customers outside the UK after it opened a record 81 new shops in 2023, with more than half of those in overseas markets such as the US, Canada, India, Greece and Spain.
It reported worldwide system sales of £1.1bn, up 22% in 2023, which helped drive a 12% rise in underlying earnings to £166m and saw the group meet its target to double the size of the business three years early.
Ed Miliband says Labour will take on clean energy ‘blockers’
Net Zero Secretary Ed Miliband has vowed to ‘take on the blockers, the delayers, the obstructionists’ to build clean energy infrastructure.
Speaking at trade body Energy UK’s annual conference in London, he said the renewable energy transition is the ‘economic justice, energy security and national security fight of our time’.
He said switching to clean energy is not just about climate change, but that ‘dependence on fossil fuels leaves us deeply vulnerable as a country, and the Government’s view is that we simply can’t go on like this’.
MG contemplates sporty sub-brand for electric cars
MG is mulling over introducing a sporty sub-brand in the UK to give its core electric model range a more ‘sporting’ and ‘aggressive’ look.
Over the last decade, the Chinese-owned British brand has worked hard on building up a reputation for making good value family cars, latterly electric models boasting long ranges and competitive prices.
Now though, the marque, which is celebrating its 100th anniversary this year, is keen to leverage its sporting character it has been known for since the 1920s.
Peugeot announces long-range version for its E-3008 and E-5008 electric SUVs
Peugeot has announced that its new E-3008 and E-5008 electric SUVs will be available with a new long-range variant, giving them some of the best electric ranges in their classes.
At present, both cars get a 73kWh battery which brings a range of up to 326 miles for the E-3008, while a battery of the same size is utilised in the larger E-5008, delivering a slightly lower range of up to 310 miles per charge.
However, the new powertrain available on both models will feature a larger 96.9kWh battery pack and a more powerful electric motor that now produces a total of 233bhp.
Ovo hit with £2.37m penalty for customer complaint failures
Nearly 1,400 Ovo customers are to receive compensation after the energy firm was hit with a £2.37m penalty by the industry watchdog for complaint handling failures.
Ofgem said that 1,395 Ovo customers were affected by lengthy delays in seeing their complaints addressed – in some cases up to 18 months.
It said there were also delays in Ovo actioning the Energy Ombudsman’s decision when complaints were progressed.
The markets
Global stock markets were moving higher on Tuesday as investors await the US’s interest rate decision with bated breath.
London’s FTSE 100 made steady gains, helped by B&Q owner Kingfisher soaring by more than a tenth. The blue-chip index was up by 31.42 points, or 0.38%, to close at 8,309.86.
Meanwhile Paris, the Cac 40 was up 0.51% and in Frankfurt, the Dax closed 0.52% higher. The pound was down about 0.4% against the US dollar at 1.3165, and down 0.3% against the euro at 1.184.
Tuesday on Car Dealer
Automotive industry reacts to 2030 U-turn as bosses welcome closer government engagement
The UK automotive industry has responded to the government’s U-turn on the 2030 ban on petrol and diesel cars. Many welcomed the delay, citing the need for better EV infrastructure and smoother transition, but there are concerns about long-term strategy and market stability. The move signals increased government engagement with the industry.
Video: I’ve finally found a pitch for my used car dealership – and some help
Our very own James Baggott shares his excitement in his latest video about finally securing a pitch for his dealership, as well as receiving assistance to get things started. The video showcases the journey of setting up the business, highlighting the challenges faced and the help received to make the dealership a reality.
Used electric cars and hybrids accelerated in popularity in August – Dealer Auction
In August, the demand for used electric vehicles (EVs) and hybrids saw a notable rise, according to Dealer Auction. This trend reflects the growing popularity of eco-friendly cars, as consumers increasingly turn to pre-owned EVs and hybrids. The shift is attributed to factors such as affordability and environmental consciousness.
Dealer group Vertu honours ‘stalwart’ master technician as he racks up 45 years of service
Vertu Motors has honoured a master technician for 45 years of service in the dealership group. Recognised as a ‘stalwart’ of the company, David Crowe has contributed significantly to the business over nearly five decades. Vertu says his long-term dedication showcases the strong relationships and employee loyalty within the company.
Weather outlook…
The UK will largely experience a warm and sunny day today, with early morning fog patches in the east and south quickly clearing
Cloud cover in the east will also lift, leaving widespread sunshine, while northern Scotland may remain cloudier.
No significant rainfall is expected, and temperatures will feel unusually warm for the time of year.
