UK interest rates to fall more slowly than expected after Budget – OECD

UK interest rates will fall by less than expected over the next two years after the autumn Budget’s significant spending and borrowing plans, according to an influential report.

In its annual economic survey, the Organisation for Economic Co-operation and Development (OECD) said UK inflation will also surpass previous forecasts next year, and upgraded growth projections for the economy, because of a budget boost.

The OECD said the global economy would ‘remain resilient’ over the coming years but that ‘risks and uncertainties are high’. The global economy is predicted to grow by 3.2% this year and 3.3% next year, the organisation said. Meanwhile, UK gross domestic product (GDP) is predicted to rise by 0.9% this year.

National insurance hike ‘biggest issue’ after Budget, Bank chief says

The boss of the Bank of England has said the way businesses react to the national insurance hike is currently the ‘biggest issue’ after the Budget, as he warned that economic uncertainty is rising in the UK and globally.

Andrew Bailey, speaking at the Financial Times’ Global Boardroom, said it is not yet clear what effect the tax change could have on UK inflation.

Bailey said: ‘The level of uncertainty is rising at the moment. Certainly, some of that is domestic and some of that is global. I think the biggest issue now in the immediate future is the response to the national insurance change; how companies balance the mixture of prices, wages, the level of employment, what is taken on margin, is an important judgment for us.’

Genesis set to make endurance racing debut with GMR-001 hypercar

Genesis is set to field a new endurance racing team that will compete in motorsport with a striking new hypercar.

Under the banner of Genesis Magma Racing, the South Korean firm will make its first key move into endurance racing with additional support from Hyundai Motorsport.

It will allow Genesis to enter the World Endurance Championship in 2026 and the IMSA SportsCar Championship the year after. It’ll see Genesis take a car to events such as the 24 Hours of Le Mans and the Daytona 24.

The markets

London’s FTSE 100 has been outperformed by European peers on Wednesday, after a new survey suggested the UK’s services firms were knocked by Budget worries last month. The blue-chip index was down 23.6 points, or 0.28%, to close at 8,335.81.

In Frankfurt, the Dax continued its recent rally having surpassed the 2,000 mark for the first time in its history on Tuesday, and closed 1.08% higher. Over in New York, the S&P 500 was up about 0.4%, and Dow Jones 0.6% higher, by the time European markets closed.

The pound was up about 0.3% against the US dollar, at 1.271, and up around 0.1% against the euro, at 1.207.

PM to promise police officer for every community in landmark ‘Plan for Change’

The prime minister is set to promise a named, contactable police officer for every neighbourhood in England and Wales as he lays out his ‘plan for change’ on Thursday.

In a speech billed as setting out the ‘next phase’ of his government, Sir Keir Starmer is expected to detail ambitious ‘milestones’ for achieving the five missions laid out in Labour’s manifesto.

He will say: ‘My government was elected to deliver change, and today marks the next step. People are tired of being promised the world, but short-term sticking plaster politics letting them down.’ But Conservative leader Kemi Badenoch has already branded the speech an ’emergency reset’ after a challenging five months in office.

South Korea’s parliament impeaches four officials as presidential vote looms

South Korea’s parliament had voted to impeach four officials as a vote on impeaching president Yoon Suk Yeol over his martial law declaration looms.

The main opposition Democratic Party and other small opposition parties submitted a joint motion to impeach Mr Yoon on Wednesday over his martial law declaration the previous night.

On Friday, the Democrats and other opposition lawmakers voted to impeach Choi Jae-hae, chairman of the country’s board of audit and inspection, and three top public prosecutors, including Seoul Central District Prosecutors’ Office chief Lee Chang-soo. The four will be suspended from their duties until the Constitutional Court rules whether to remove them from office.

Wednesday on Car Dealer

Staff say Lookers has scrapped Christmas parties and accuse firm of overseeing ‘back street garage conditions’

Lookers staff face another year without Christmas parties, pay freezes, and worsened conditions under Canadian ownership. Employees cite mass redundancies, increased workloads, poor resources, and cost-cutting measures, calling the situation ‘back street garage conditions’ with no improvement in sight.

Video: I bought a used car from Wheeler Dealer Mike Brewer

James Baggott buys a car from Mike Brewer for The Clever Car Collection. See the latest in our video series here.

Small family-run car dealership suddenly closes down with liquidators set to be appointed

Swanson Motor Company, a family-run used car dealership in Newton Abbot, has unexpectedly closed due to unforeseen circumstances. Liquidators are set to meet with creditors on December 9. The business faced significant debts, including loans over £1.5m.

Vertu Motors signs up to ‘multi-year strategic partnership’ with Birmingham City

Vertu Motors has partnered with Birmingham City FC in a multi-year deal, featuring stadium branding, community initiatives, and support for the Primary Schools Cup. The partnership aligns with Birmingham’s regeneration and strengthens Vertu’s West Midlands presence.

Judge blocks Musk’s $56bn Tesla pay package after accusing carmaker of ‘misstatements’

A US judge has again blocked Elon Musk’s £44bn Tesla pay package, citing conflicts of interest and shareholder misstatements. Despite 75% shareholder approval, the court deemed the deal unfair. Tesla plans to appeal, calling the decision ‘wrong’.

Weather

The day will start dry with bright spells but cloud will build, reports BBC Weather. Frequent heavy showers are expected later. A windy day but mild at 14 degrees.

Rain will clear to the east tonight, leaving a night of clear spells for most.

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