Embattled airline Flybe ceases trading again

Regional carrier Flybe has ceased trading again and all scheduled flights have been cancelled, authorities have said.

The Civil Aviation Authority (CAA) announced this morning that the company had gone into administration and urged those with booked Flybe flights not to travel to airports.

It comes after Flybe returned to the skies in April following an earlier collapse. It was pushed into administration in March 2020 with the loss of 2,400 jobs as the pandemic destroyed large parts of the travel market.

Bank expected to hike interest rates again

The Bank of England is expected to push interest rates higher on Thursday in what analysts believe will be one of the last in a cycle of successive hikes.

Markets think the Bank’s monetary policy committee will raise interest rates to four per cent from the current rate of 3.5 per cent.

Some experts expect it to be the penultimate base rate rise before rates peak at 4.5 per cent or 4.25 per cent then fall back down again.

Tax cuts for businesses will be prioritised when possible, says chancellor

Tax cuts for businesses may be prioritised over personal taxes before the next general election, the chancellor has signalled.

In an interview with The Times, Jeremy Hunt strongly suggested that taxes for businesses would come down before those for workers.

‘As soon as we have the headroom I want to bring down taxes,’ he told the paper. ‘My priority would be business taxes, because I want people to know that we’ve got a plan for the long-term prosperity of this country.’

Fuel retailers refuse to pass on wholesale price drops, says RAC

Fuel retailers failed to fully reflect huge falls in wholesale costs, with drivers of diesel vehicles suffering the most, according to new analysis.

The RAC said wholesale diesel costs plummeted by 32p per litre in the eight weeks to December 11 but average pump prices only fell by 20p per litre during that time.

For petrol, wholesale costs tumbled by 23p per litre over a similar period but it took another month for average pump prices to drop by a total of just 18p per litre.

Forty-four per cent of working-age households ‘behind on or struggling with housing costs’

More than two in five (44 per cent) working-age households reported being either behind on or struggling with housing-related costs in November, according to a think tank.

The proportion of those who have fallen behind or are struggling has jumped from 26 per cent during the depths of the coronavirus pandemic in January 2021, according to the Resolution Foundation’s figures.

Its November YouGov survey of nearly 8,000 working-age people aged 18 to 65 was compared with a YouGov survey in January 2021 of more than 6,300 18-to-65-year-olds.

Gunman kills seven near synagogue in east Jerusalem

A Palestinian gunman opened fire outside an east Jerusalem synagogue yesterday, killing seven people and wounding three others before police shot and killed him, officials said.

The attack, which took place on Holocaust Memorial Day, came a day after an Israeli military raid killed nine people in the West Bank.

Officers identified the attacker as a 21-year-old east Jerusalem resident who apparently acted alone.

Record rainfall in Auckland leaves at least three dead

Authorities said today that three people had died and at least one was missing after record levels of rainfall pounded New Zealand’s largest city, causing widespread disruption.

Prime minister Chris Hipkins flew to Auckland on a military plane after a state of emergency was declared in the region.

‘Our priority is to ensure that Aucklanders are safe, that they’re housed and that they have access to the essential services that they need,’ he said.

Audi’s Activesphere concept is a luxury EV designed for off-road use

Audi has rounded out its series of ‘sphere’ concepts with the new Activesphere.

Following on from the Skysphere and Urbansphere concepts, the new Activesphere can switch into a pick-up-like design at the touch of a button, opening a cargo bed that can be used to carry extra equipment such as e-bikes or winter gear.

It has a range of more than 372 miles, while the futuristic interior can be operated with a virtual reality headset.

Jay Leno breaks bones in motorcycle crash months after being burned in fire

US comedian Jay Leno suffered broken bones when he was knocked off a motorcycle two months after undergoing surgery for serious burns.

The former Tonight Show host and vintage vehicles enthusiast told the Las Vegas Review-Journal that he broke his collarbone and two ribs as well as cracking his kneecaps on January 17.

In November, he suffered burns to his face, hands and chest in a petrol fire while repairing the fuel line on a vintage car. Last week, he was testing a 1940 motorcycle when he ran into a wire strung across a parking lot without a flag hanging from it.

Friday’s headlines on Car Dealer you might have missed

• Official: Tesla Model Y loses £14k in four months as EV prices tank further in January
• Arnold Clark owner facing £92.7m tax bill as largest car dealer tax payers revealed
• Motorpoint reveals strong Q3 trading but plummeting used electric car values dent performance
• Used car dealer handed director ban over fraudulent £50,000 Bounce Back Loan
• Toyota boss standing down as automotive giant undergoes major restructure at the top
• Peugeot rules out introducing cheaper EVs
• Sponsored: Here’s how Sentience Automotive Solutions improved a client’s profitability by more than £100,000

Market movements

The FTSE 100 closed up 4.04 points yesterday to end the week on 7,765.15. The Cac 40 was up 1.22 points at 7,097.21, the Dax was up 17.18 points at 15,150.03, and the Dow Jones was up 28.67 points at 33,978.08.

Weather outlook

It’ll be mainly dry and bright for much of Northern Ireland and Scotland today with some patchy clouds, says BBC Weather. Meanwhile, patchy light rain and low cloud will move across England and Wales.

Sunday will see rain ease in the north, with blustery showers and sunny spells. It’ll be cloudy but drier in the south with brighter periods.

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The post Jan 28: Flybe downed again; Fresh interests rate woe; Business tax cuts signal; Audi Activesphere concept appeared first on Car Dealer Magazine.