UK retail bosses warn of ‘inevitable’ job losses, closures amid Budget changes

A group of Britain’s largest retailers has warned jobs will be lost and prices will rise due to the national insurance rise announced in October’s Budget.

More than 70 businesses including Tesco, Asda and Sainsbury’s voiced their concerns in an open letter to chancellor Rachel Reeves, saying the changes mean price hikes are a ‘certainty’.

Reeves revealed a £25.7bn change to employers’ national insurance contributions in last month’s Budget, which would increase the rate of the tax and the threshold at which firms must pay.

UK business openings fall to lowest level since 2010

New business openings across the UK hit their lowest rate in more than a decade last year, official figures show.

Data from the Office for National Statistics (ONS) shows 316,000 new businesses were created in 2023, down from 337,000 the year before. This means the rate of new businesses opening hit its lowest level since 2010, at 11% of all active firms. This was a fall from 11.5% a year earlier.

Anna Leach, chief economist at the Institute of Directors, blamed poor financial conditions after the pandemic, a ‘relatively weak’ growth environment and skill shortages.

New Mini Cooper Convertible production begins at Oxford plant

Mini has revealed that production of its Convertible has begun at its Oxford plant after a nine-year absence.

This latest model sits alongside the three and five-door hatchback variants and includes a revised exterior and an interior that features a variety of sustainable materials such as a 2D knitted dashboard.

The Oxford plant built a total of 160,000 Mini Convertibles from 2004 to 2008 and a further 165,000 of the second-generation car that ran from 2009 to 2015. Production for the third-generation moved to the VDL Nedcar factory in The Netherlands with over 150,000 produced – until production came to a close in 2023.

The markets

The FTSE 100 rose on Monday with gains among commodity stocks helping it outperform its European counterparts. London’s blue-chip index rose 45.71 points, or 0.57%, to end the day at 8,109.32.

At the end of the day in Europe, Frankfurt’s Dax index fell 0.11%, while the Cac 40 in Paris rose 0.12%. In New York a little while after markets had closed in Europe the S&P 500 had gained 0.47%, while the Dow Jones was 0.01% lower.

On currency markets the pound was trading 0.32% higher against the dollar at 1.2657 and had fallen 0.13% against the euro at 1.1962.

Rachel Reeves has been straight with the public, says No 10 amid CV questions

Downing Street has defended Rachel Reeves’ record of being ‘straight with the public’ amid claims the chancellor has embellished her CV.

Newspapers over the weekend contested Reeves’ claim in an interview with Stylist magazine from 2021 that she had spent a decade at the Bank of England, when her LinkedIn account described it as a six-year period between 2000 and 2006.

Several media outlets also reported a change to her profile on the networking site which removed a role as an economist at Halifax Bank of Scotland. Asked whether the chancellor had exaggerated her CV, No 10 defended her record in office.

Government facing calls to scrap ‘family farm tax’ as farmers march on Whitehall

The government is facing calls from farmers and opposition parties to scrap its changes to agricultural inheritance tax ahead of protests in Westminster.

The National Farmers’ Union (NFU) is holding a mass lobby of MPs with 1,800 of its members – three times as many people as originally planned – to urge backbenchers to stand up to the government’s plans to impose inheritance tax on farms worth more than £1m.

And thousands more are expected to join a separate rally in Whitehall as they protest against last month’s Budget, which also sped up the phase out of EU-era subsidies as funding is switched to nature-friendly farming schemes.

Monday on Car Dealer

Car dealer banned by FCA following grievous bodily harm conviction

The FCA has banned car dealers Ari Harris from financial services after he concealed a violent criminal conviction and prison sentence for grievous bodily harm. Harris misled the regulator about his status, prompting the FCA to revoke his and his firm Reeds Motors’ permissions.

Used Car Awards 2024: Everything you need to know about next week’s event

The main event of the UK used car calendar takes place on Monday, November 25. We’ve pulled together this handy guide for attendees.

Trade union Unite fires warning shot to Stellantis over UK factories

Unite has urged Stellantis to guarantee jobs at its Ellesmere Port and Luton plants amid a strategic review, citing fears over the UK’s ZEV mandate. The union warns of potential industrial action if worker security remains unresolved.

Government to look at ZEV mandate ‘flexibilities’ in meetings with car bosses

Transport secretary Louise Haigh is believed to be considering easing ZEV targets amid declining EV demand and stalled new car sales. Manufacturers warn of a crisis, citing compliance costs and withheld petrol model sales. Flexibilities could include lower targets or EV incentives.

SMMT, Auto Trader and ChargeUK join forces to stamp out EV mistruths

The SMMT, Auto Trader, and ChargeUK have launched a fact-based initiative to combat EV misinformation, improve consumer confidence, and clarify misconceptions. Hosted on Auto Trader’s site, the campaign promotes accurate, regularly updated information, backed by the Department for Transport.

Weather

Rain for central and southern areas to begin with before clearing later, reports BBC Weather. It’ll be a chilly day elsewhere with sunshine; snow showers for the far north and east. Just five degrees in the south – two degrees in the north.

It’ll become clear and very cold tonight. Snow showers for the far north while the rest of the country will have a frost.

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The post Nov 19: Reeves’ CV in question; Farmers march on Whitehall; Oxford to build Mini Convertible appeared first on Car Dealer Magazine.