6:50 am, September 30, 2024
Statutory maternity pay is ‘excessive’, says Badenoch
Maternity pay is ‘excessive’ and people should exercise ‘more personal responsibility’, Kemi Badenoch has said.
In an interview with Times Radio, the Conservative leadership contender and shadow communities secretary appeared to criticise statutory maternity pay as she said the Government was doing ‘too much’.
Describing statutory maternity pay as ‘a function of tax’, she said: ‘Tax comes from people who are working, we’re taking from one group of people and giving to another. This, in my view, is excessive.’
Government to overhaul rules on ministers declaring hospitality
The rules on ministers accepting hospitality will be overhauled to ensure they are more transparent about what is being provided, the Government has announced.
Senior Cabinet Office minister Pat McFadden said the rules will be changed to bring them in line with what shadow ministers and backbench MPs must declare, as he described the current requirements as a ‘Tory loophole’.
Under the current arrangements, introduced by David Cameron in 2015, details of hospitality received by ministers in their ministerial capacity are published by departments.
Judge approves Nationwide’s £2.9bn takeover of Virgin Money
Nationwide’s £2.9bn takeover of rival Virgin Money has been approved by a judge.
Lawyers for the lenders secured the sanctioning of the deal at a specialist companies court in London on Friday.
It comes after the building society agreed to the takeover of its London-listed rival in March.
McLaren confirms ‘W1’ name for P1 and F1 successor
McLaren has confirmed that its next supercar to follow on from the F1 and P1 models will be called ‘W1’.
Said to ‘celebrate McLaren’s World Championship mindset’, the car’s reveal next week will coincide with the 50th anniversary of the Woking-based firm winning its first Formula 1 Constructors’ World Championship and Emerson Fittipaldi winning the 1974 World Drivers’ Championship with the brand.
Michael Leiters, chief executive officer, McLaren Automotive, said: ‘The McLaren W1 is defined by real supercar principles and is the ultimate expression of a McLaren supercar. Born of our rich racing history and World Championship mindset, W1 pushes the boundaries of performance and is worthy of the ‘1’ name. Like its predecessors, the F1 and McLaren P1, W1 defines the rulebook of a real supercar.’
What have you missed from Car Dealer?
Car dealer group Parkway is the latest retailer to see profits wiped out as firm takes 75% hit
Parkway has seen its pre-tax profit drop by nearly 75% in 2023, despite a significant revenue increase. The group’s pre-tax profit was £1.45m, down from £5.77m the previous year, while turnover grew to £227.97m from £184.57m. The profit reduction is attributed to shrinking margins, supply chain issues, and the impact of the cost-of-living crisis. Despite challenges, the group remains positive, continuing to focus on growth and increasing staff.
‘It gave us the boost we needed after a pretty rotten year’: What it means to win a Used Car Award
Estelle Miller, co-founder of EV Experts, highlighted the positive impact of winning at last year’s Used Car Awards, describing it as a much-needed boost after a challenging year for electric vehicle sales. Despite the instability in the used EV market, their recognition for excellent customer service provided them with hope and motivation. Miller is now encouraging other dealers to participate in the upcoming 2024 awards, with nominations closing today (Sep 30).
Pandemic ‘glory days’ are long gone but why are dealers’ profits now taking such a battering?
Peter Smyth believes dealers are facing worsening conditions due to rising interest rates, shrinking profit margins, and the cost-of-living crisis. Dealers such as Listers, Vindis, and Vospers have reported falling pre-tax profits despite increased turnover. Experts highlight the ongoing challenges of managing EV sales, used car value fluctuations, and increasing operational costs. However, some dealers remain optimistic by focusing on improving business efficiency and adjusting to market shifts.
Eastern Western sees profits slide as Mercedes’ agency sales model sucks £50m from revenue
Eastern Western Motor Group saw profits decline by over 31% in 2023, with pre-tax profit dropping to £18.92m from £24.94m the previous year, despite increased turnover reaching £857.83m. The group’s directors attributed the fall in profits to inflationary pressures, including rising energy and salary costs, and the significant costs of launching new Toyota and Lexus dealerships. Mercedes’ switch to an agency sales model also cost the firm £50m in revenue, further contributing to the decline.
Average used car price rises to £17,445 as Motors publishes latest Market Insight report
The average price of a used car has risen to £17,445, reflecting a stable market with a monthly increase of £95, according to Motors’ latest Market Insight report. Regional differences were notable, with London seeing a 3% increase to £24,441, while prices in the north-east dropped 14% year-on-year to £15,190. Electric vehicles experienced a £408 rise to £28,180, their third consecutive monthly increase, though still 14% lower than last year. Stock levels remained steady at around 51 units per retailer.
Pierce Brosnan’s ‘Die Another Day’ promotion Aston Martin heads to auction
A 2001 Aston Martin Vanquish used by Pierce Brosnan to promote the James Bond film ‘Die Another Day’ is set to go under the hammer at auction.
Loaned by Aston Martin to EON Productions, this particular Vanquish was used by Brosnan during a photoshoot at Pinewood Studios to help boost interest in the upcoming – and twentieth – Bond film.
While the photoshoot car is finished in the same Tungsten Silver exterior colour as the car which stars in the movie, it lacks its silver-screen equivalent’s numerous gadgets, including machine guns and rocket launchers.
Voters will have to accept pylons or higher taxes, says Starmer
Voters will have to accept new pylons if they want lower energy bills as burying cables underground is too expensive, the Prime Minister has said.
Sir Keir Starmer drew criticism last week after saying pylons were a necessary ‘trade-off’ for clean energy during his speech to the Labour Party conference, with campaigners against new pylons in East Anglia saying he had thrown the region ‘under a bus’.
But the Prime Minister insisted this was not the case, saying the country had “shied away from these trade-offs for too long”.
Defence chiefs acquire chips factory after closure fears
UK defence chiefs have taken on a semiconductor factory near Darlington after fears its closure could leave projects in the lurch.
Defence Secretary John Healey visited the site on Friday, which the Ministry of Defence has said is the only secure facility with the capability to produce gallium arsenide chips, used in electronic devices.
The Telegraph reported in August that Italian aerospace company Leonardo was among the previous firm Coherent’s customers, alongside Apple, which had ceased orders with the business and left the plant’s future in doubt.
The markets
The FTSE 100 rose on Friday, buoyed for a second consecutive day after news that China is launching a raft of measures to boost its economy, which in turn pushed global stocks higher.
London’s premier index rose 35.85 points, or 0.43%, to end last week at 8320.76.
As markets closed in Europe Frankfurt’s Dax index rose 1.26%, while the Cac 40 in Paris closed up 0.64%.
Weather outlook…
Today’s weather is expected to be unsettled, with rain and stronger winds moving in from the west.
While the northern regions may see drier, more settled conditions, the southern half of the country will likely experience heavier rain and potentially thunderstorms.
Temperatures should remain mild, with highs around the low to mid-teens in most areas.
