6:35 am, September 6, 2022
Truss must take ‘decisive action’ to help firms over inflation, say trade bodies
Business groups have called for ‘decisive action’ from Liz Truss as PM to avoid company failures as they tackle rocketing energy bills.
Truss promised supporters a ‘bold plan’ to cut taxes and deal with the energy crisis after winning the Tory leadership race ahead of Rishi Sunak yesterday.
The new leader of the Conservative party, who will meet the Queen today for her formal handover to become prime minister, has previously outlined plans to scrap Sunak’s proposed corporation tax and implement other tax reductions for firms.
More than £8bn of bounce back loans in arrears
Businesses are either in arrears or have defaulted on £8.4bn of government-backed Covid loans, according to figures released yesterday.
New numbers from the Department for Business, Energy & Industrial Strategy show a big jump in claims on the government guarantee from dozens of British banks.
Consumer spending slows
Britons slowed their spending habits in August amid the looming spike in household energy bills, according to new figures.
Data from the British Retail Consortium and KPMG revealed that total sales grew by one per cent over the month, compared with three per cent over the same month last year.
It comes after 2.3 per cent retail sales growth in July.
National Lottery handover to Allwyn set to go ahead after Camelot drops appeal
Outgoing National Lottery operator Camelot has dropped its appeal against a legal ruling that would have prevented the handover of the contract to rival Allwyn.
Allwyn said late yesterday that Camelot had withdrawn its legal challenge to an earlier court ruling that would have seen it go to the Court of Appeal next week.
In return, Allwyn has dropped its counter-claim against Camelot for damages caused by delaying the transfer of the £6.4bn contract. The new licence period starts in February 2024.
New HS2 station will bring in 1,000 jobs, says mayor
A new £370m HS2 station will bring around 1,000 jobs to the West Midlands, the region’s mayor Andy Street has said.
Construction work preparing the land for the Birmingham Interchange station serving the NEC, Birmingham Airport and Solihull has already begun, but the hub won’t open until 2026.
Situated on the east side of the M42, across the motorway from the NEC, it will have direct transport links to the existing Birmingham International station and airport.
HSBC, First Direct and Metro Bank join anti-scam phone service
HSBC UK, First Direct and Metro Bank have become the latest firms to join an anti-scam service that allows people to quickly reach their bank when they receive a suspicious or fraudulent phone call.
Called 159, the scheme is backed by banking, tech and telecoms firms and enables users to quickly and securely connect with their bank if they believe they have received an unexpected, suspicious or fraudulent phone call about a financial matter.
Operated by Stop Scams UK, it aims to stop scams at the source.
Inquest into death of mum-of-five after eating Pret wrap to begin
An inquest into the death of a mother-of-five who had a fatal allergic reaction to food she bought from Pret a Manger will begin today.
Dental nurse Celia Marsh, 42, from Melksham, who suffered from a severe dairy allergy, died on December 27, 2017 after eating a super-veg rainbow flatbread at the chain’s store in Bath.
The wrap had contained yoghurt that was supposed to be vegan but was later found to have traces of dairy protein in it.
One suspect sought over 10 stabbings found dead
One man suspected of killing 10 people in a series of stabbings has been found dead and his injuries aren’t self-inflicted, Canadian police have said.
They said his brother, also a suspect, may be injured and remains on the run. The duo are suspected of killing 10 people and injuring 18 in an indigenous community and a nearby town.
Regina police chief Evan Bray said Damien Sanderson, 31, had been found dead and that they believe Myles Sanderson, 30, is in Regina, Saskatchewan.
Cupra boosts Leon engine line-up
Cupra has introduced a new, cheaper range of engines for its Leon hatchback and estate.
The Leon will now be available with a 1.5-litre turbocharged petrol engine with 148bhp, mated to an automatic or manual gearbox. A 187bhp 2.0-litre turbocharged petrol is also available with a sole automatic gearbox option.
Prices are yet to be revealed but are expected to bring a considerable saving on the £33,100 starting price of the current five-door hatchback and £37,980 for the estate. Orders will open from early October.
Monday headlines you might have missed
- New car market finally rises after five months of decline and ahead of plate change
- SMMT says reducing cost of doing business must be priority for Liz Truss as new PM
- Group 1 Automotive acquires Fairfield BMW
- Revealed: The 10 used models that lost the most value in August
- Van market suffers worst August sales performance since 2017
- Aston Martin launches £575m rights issue backed by Saudi Arabia’s PIF
- Honda Jazz is named UK’s most reliable used car in list dominated by Asian brands
Market movements
The FTSE gained 6.24 points yesterday to close on 7,287.43. Meanwhile, the Cac 40 lost 74.29 points, ending on 6,093.22, the Dax was down by 289.49 points, finishing on 12,760.78, and the Dow Jones slid by 337.98 points to 31,318.44.
Weather outlook
Tuesday will be wet and cloudy in eastern Scotland while the rest of the UK will have another unsettled day, says BBC Weather. Sunny spells will develop for some but thundery and heavy showers will move in from the south.
Overnight rain will slowly clear from Scotland during Wednesday morning, but cloud will build up again from the south-west of England later, bringing more showers, some of them heavy and thundery.
