5:45 am, September 20, 2024
Consumer confidence falls sharply as households ‘nervously’ await Budget
Consumer confidence has fallen sharply in ‘not encouraging news’ for the government as households ‘nervously’ await next month’s autumn Budget, according to a long-running survey.
GfK’s Consumer Confidence Index fell seven points in September to minus 20, with significant drops in predictions for personal finances and the general economy over the coming year.
Expectations for the general economy over the next 12 months fell by 12 points to minus 27, while the forecast for personal finances is down nine points to minus three. The major purchase index, an indicator of confidence in buying big ticket items, is down 10 points on last month to minus 23, five points higher than a year ago.
Next warns over store closures after losing equal pay case
High street giant Next has warned of possible store closures after losing a landmark legal case over equal pay.
The retailer is planning to appeal against the decision last month that saw more than 3,500 former and current workers at the group win their pay claim after a six-year legal battle. An employment tribunal ruled that Next failed to demonstrate that the lower basic wage paid to sales consultants compared with warehouse operatives was not the result of sex discrimination.
Next – which is led by chief executive Lord Wolfson – cautioned that while it is confident of winning its appeal, if it did not, it could be forced to shut shops due to soaring costs.
The Lotus Theory 1 is an ‘immersive’ electric concept car with three seats
Lotus has released a new concept car which aims to act as a showcase for the brand’s new design direction.
The Theory 1 incorporates a three-seater setup, with the driver occupying a central position in the vehicle with a passenger on each side behind. With a claimed 986bhp being produced from its twin electric motors, the Theory 1 could go from 0-60mph in under 2.5 seconds before heading to a top speed of 199mph.
Despite this performance, Lotus says that the Theory 1’s 70kWh battery could return up to 250 miles of range, mainly due to the car’s low weight of under 1,600kg.
The markets
Global stock markets have enjoyed a rally with investors in high spirits after interest rates in the US were cut for the first time since 2020, while the pound surged on the news that UK rates were staying the same.
The UK’s FTSE 100 index was up 75.04 points, or 0.91%, to end the day at 8,328.72. In Paris, the Cac 40 soared 2.3% and in Frankfurt, the Dax climbed 1.54%.
Over in New York, trading got off to a strong start with the S&P 500 up about 1.7%, rising above its recent all-time highs. The Dow Jones was also up 1% by the time European markets closed.
Fresh sex assault claim against Mohamed Al Fayed after investigation
A new sex assault claim has been made against Mohamed Al Fayed after an investigation into the former Harrods owner was published.
The woman believes police nearly arrested him over her allegations just days before he died in August 2023, she told the BBC.
More than 20 female former employees have spoken to the broadcaster as part of a special investigation, coming forward with allegations of assault and physical violence at properties in London and Paris.
Reform to begin conference with plan to win next general election
Reform UK will begin its party conference on Friday saying it plans to win the next general election.
The party, which secured five seats at this year’s general election, is set to begin its two-day conference in Birmingham with speeches from party leader Nigel Farage, deputy leader Richard Tice, chairman Zia Yousuf and MPs Lee Anderson, Rupert Lowe and James McMurdock.
Anderson, Reform’s chief whip, is expected to target significant gains at next year’s local elections and general election victory in 2029 in his conference address on Friday afternoon.
Thursday on Car Dealer
Jon Wakefield leaves dealer group Harwoods with immediate effect
Jon Wakefield has stepped down as CEO of Harwoods, with Archie Harwood returning to the role. Wakefield, who joined in January 2023 after leaving Volvo, departed without explanation. Harwoods acknowledged his leadership during challenges and will make no further comments.
Cox Automotive welcomes ‘stability’ for car dealers as interest rates stay at 5%
The Bank of England’s decision to maintain interest rates at 5% provides stability for the UK motor trade, according to Cox Automotive. While a rate reduction would boost consumer confidence, the current balance of stable inflation fosters cautious optimism moving forward.
Supercar dealer says winning at the Used Car Awards shows you’re ‘at the top of the game’
Tom Jaconelli of Romans International has highlighted how winning at the 2023 Car Dealer Used Car Awards reaffirmed the dealership’s leading position. He encourages others to participate, noting the awards’ impact on brand recognition, whether for established businesses or newcomers.
Automotive workers balloted over strike action which would impact the likes of JLR and Aston Martin
Around 200 workers at Llanelli Gestamp, a supplier for major automakers, are voting on strike action over pay. Unite union highlights that some staff earn near minimum wage, with wages lower than those at a sister site. The ballot closes October 9.
European BEV sales tumble as electric registrations see biggest drop since 2017
European BEV sales dropped 36% in August, marking the biggest decline since 2017, according to JATO Dynamics. Cost concerns and reduced incentives are cited as key reasons for falling demand. Major carmakers, including Renault, Tesla, and Stellantis, saw significant drops.
Family-run Vindis Group sees profits wiped out but bosses ‘satisfied’ with performance
Vindis Group’s 2023 pre-tax profits dropped 98.9% to £107,146 due to market challenges and 2022’s inflated figures from property sales. Despite the decline, turnover improved to £436.05m, and directors remain satisfied, attributing the result to volatile conditions and increased costs.
Weather
Patchy drizzle for the north while the south will be sunny with scattered showers, which could be heavy and thundery at times, reports BBC Weather. Dry and sunny elsewhere with highs of 23 degrees.
Thick cloud will redevelop in the north-east tonight. Thundery showers for the far south. Clearer elsewhere.
