Farmers call for inheritance tax U-turn ahead of crunch talks with ministers

Reversing plans to charge inheritance tax on farms is ‘the only sensible course of action’, the head of the National Farmers’ Union has said as he prepares for crunch talks with the Environment Secretary.

NFU president Tom Bradshaw is to meet Steve Reed on Monday amid a growing furore over the chancellor’s decision to make farms subject to inheritance tax. It will be charged at 20% on farms worth more than £1m, although in some cases the threshold could in practice be around £3m.

But writing in the Daily Telegraph, Bradshaw said the prospect of being unable to pass their businesses on to their children would be ‘the final straw’ for many farmers.

US buy now, pay later giant Affirm launches in the UK

A US buy now, pay later giant run by a co-founder of PayPal has launched in the UK, as its boss sets his sights on the market led by brands like Klarna and ClearPay.

Affirm, which was founded in 2012 by Max Levchin, will start offering its credit options to UK consumers. It means shoppers will be able to split the cost of a purchase into several payments, with some interest-free deals and other items charging interest.

Levchin, who was one of the founders of PayPal, said there is a gap in the buy now, pay later market for longer-term credit options.

Alfa Romeo reveals hybrid version of its Junior will be coming to the UK

Alfa Romeo has revealed that its petrol-electric version of the Junior will be coming to the UK, alongside order books opening for the hot Veloce electric model.

Badged Junior ‘Ibrida’, the car gets a 134bhp 1.2-litre turbocharged three-cylinder and 48-volt mild-hybrid system – the same you’ll find in the Vauxhall Mokka, Peugeot 2008 and Jeep Avenger. Prices Will be revealed later.

Meanwhile, Alfa Romeo has also put the Junior Veloce on sale. It’s the hottest of the electric Juniors with a 276bhp electric motor – prices start at £42,295.

The markets

London’s equity markets recovered significant ground at Friday closing, after Thursday’s sell-off linked to higher yields on gilts. The FTSE 100 finished 67.05 points, or 0.83%, higher to end the day at 8,177.15 – it was one of the strongest days in recent months.

The Cac 40 ended 0.8% higher for the day and the Dax index was up 0.92%. Stateside, stocks were higher at the start of trading as weaker-than-expected hiring data suggested there was scope for more interest rate cuts.

The pound was up 0.41% at 1.295 US dollars and up 0.73% at 1.193 euros.

Starmer to pledge more cash for border command in blitz on small boats

The Border Security Command is set to see its funding doubled as Sir Keir Starmer fixes his sights on ending small boat crossings.

The prime minister is expected to use a speech to the Interpol General Assembly in Glasgow on Monday to kick off a week-long blitz on the issue that will see him travel to Hungary for talks on tackling people smuggling.

Monday’s speech will see Sir Keir pledge another £75m for his new border command, taking its total funding to £150m over two years. The money will be used to fund high-tech surveillance equipment and 100 specialist investigators who will target criminals engaged in people smuggling.

Watchdog urges deadline to make buildings covered in dangerous cladding safe

A target date must be set for work – costing billions – to make thousands of buildings covered in dangerous cladding safe, Whitehall’s spending watchdog has said.

Up to 7,229 buildings across England are yet to be identified and some might never be, the National Audit Office (NAO) said, as it warned completing works to make all buildings safe at an estimated cost of £16bn might not be achieved in the next decade.

The NAO has also warned of the need to ensure taxpayer costs are kept down and that developers pay under a new levy which is not expected to start collecting until next autumn. Of the 4,821 buildings identified, only half had either started or completed remediation works.

Latest on Car Dealer

Could car finance commissions case become the next PPI ‘scandal’?

The Court of Appeal’s ruling on undisclosed car finance commissions may lead to billions in payouts, with banks and dealers adjusting practices to meet legal standards. Claims management firms see a ‘PPI-scale’ opportunity, potentially impacting the finance industry significantly.

Tesla’s self-service test drives could remove the need for dealers in future

Tesla’s new self-service test drive allows potential buyers to book, drive, and return vehicles via app without interacting with sales staff. Limited to 30 minutes, the system targets tech-savvy customers, emphasising convenience and removing traditional dealership interactions.

Stellantis reports massive £10bn sales slump as European collapse continues

Stellantis reported a 27% revenue drop due to declining European car sales and supply chain delays. The company, transitioning to EVs, blamed slowed production, yet shares rose as the results met expectations. Stellantis is also resisting stringent EU electric mandates.

Used car retail prices up in October but average drops 7.4% compared to 2023

The used car market saw a 1% price rise in October, reflecting strong demand and low supply, despite a 7.4% year-on-year decline. Electric vehicles showed robust demand, with rapid sales and slight monthly price increases, boosting market confidence.

FCA needs to answer serious questions over car finance Court of Appeal decision

The Financial Conduct Authority (FCA) faces scrutiny after a Court of Appeal ruling required finance brokers to disclose commissions, causing finance firms to halt operations and disrupting car sales. The Finance Leasing Association is asking for answers, stressing members relied on FCA’s previous rules.

Consumer confidence in car buying remains positive despite tax-heavy Autumn Budget

Despite the recent Budget’s £40bn tax hikes, car-buying sentiment remains strong, with 64% of consumers unchanged in their plans. Many still intend to buy within the year, while EV and hybrid interest grows, driven by running-cost savings.

Weather

A dry and cloudy day for most with some bright spells limited to the south-east and the west later on, reports BBC Weather. The north might see some showers developing under the cloud. Temperatures will be around 14 degrees.

Tonight will largely mirror today with plenty of cloud covering most areas of the UK. Some light showers and patches of fog and mist in the north.

• Weekly Briefing: Read our editor’s take on the news
• Join our breaking news WhatsApp group
• Sign up for daily email Car Dealer news bulletins
• Listen to the latest Car Dealer Podcast
• Read the latest digital issue of Car Dealer Magazine

The post Nov 4: Farmers want tax U-turn; More cash for small boats blitz; Alfa Junior now with hybrid appeared first on Car Dealer Magazine.