Reeves pushes for closer trade ties with EU in Brussels talks
Improving trade ties with the European Union could boost the economy and drive up living standards, Rachel Reeves claimed, as she attended a meeting of EU finance ministers.
She said becoming the first Chancellor to attend a meeting of European counterparts since Brexit was a ‘milestone moment’ as the UK seeks to ‘reset’ its relationship with Brussels.
It is ‘in our national interest to have more normal trading relations with our nearest neighbours and trading partners’, she said.
Business confidence slides to almost two-year low after Budget
Confidence among UK businesses has slid to its weakest level for almost two years, according to new figures.
The latest business trends report by accounting and advisory firm BDO said it also witnessed the biggest month-on-month fall in sentiment among firms since 2021 after they digested the impact of the autumn Budget.
Firms said they expect to come under pressure from rising costs, reduced customer confidence and falling orders.
Ethnic minority representation in boardrooms stalls despite Government review
Progress on increasing ethnic diversity in company boardrooms stalled last year, according to new research.
The number of new directors from self-declared ethnic minority backgrounds dropped for the first time since records began in 2019, according to analysis by Spencer Stuart headhunters of the UK’s biggest 150 publicly listed firms.
Experts cautioned that the lack of progress could be linked to a ‘one and done’ attitude after Government-backed targets were introduced.
Peugeot completes its EV line-up as orders open for the e-408
Peugeot has completed its EV line-up as its new e-408 goes on sale.
The e-408 utilises a 58kWh battery pack and electric motor that produces a total of 210bhp and Peugeot claims that it can do up to 281 miles on a single charge.
As standard, the car is compatible with up to 120kW DC rapid charging, allowing for a 20 to 80 per cent top-up in just over half an hour.
Skoda will feature more recycled materials in its future models says firm’s design expert
Skoda will focus on developing recycled and sustainable materials used throughout its interior for its future models.
In keeping with decarbonisation, the firm is set to release more EVs by the end of the decade and aims to be a carbon-neutral manufacturer by 2030.
Vehicle production can play a big part in a car’s overall emission cycle, but Skoda is trying to cut down on its CO2 by producing its interiors with recyclable and sustainable parts.
Eden Motor Group reported a pre-tax loss of £6.66m for 2023, up from £1.86m in 2022, citing vehicle supply issues, increased staff costs, and competitive labor markets. Despite turnover rising to £327.42m, new strategies and investments in central services didn’t offset challenges. The group’s technology arm, Razoom IT, was its only profitable division.
Vertu BMW Dorchester has closed permanently due to rising costs, impacting 12 employees. While some staff will transfer to Vertu’s Yeovil site, others face redundancy. Customers are being redirected to the Yeovil location to ensure continued service. The closure, criticized by local leaders, removes a major dealership from Dorchester, raising concerns for staff and local customers.
Stellantis has applied to rejoin the European Automobile Manufacturers Association (ACEA) after CEO Carlos Tavares’s recent departure. The move marks a shift in strategy, as Stellantis left ACEA in 2022 to avoid traditional lobbying. ACEA President Luca de Meo welcomed the application, emphasizing unity in tackling Europe’s green transition. Stellantis aims for stronger collaboration on zero-emission mobility.
Farhad Tailor, MD of V12 Sports & Classics, won Outstanding Male Entrepreneur of the Year at the 2024 Asian Business Chamber of Commerce Awards. Judges praised his leadership and V12’s community impact. Starting from his driveway, Tailor built V12 into a top UK dealer with four locations and 17,000 annual sales. He credits his team and supporters for this milestone.
Auto Trader reports the average used car price in November fell 0.6% to £16,492, aligning with historic trends. Despite price dips—especially for EVs, down 11.7%—retail demand remains strong. Cars sold faster than last year, averaging 31 days, with EVs selling in 28 days. Dealers are advised to price stock carefully, as £26.5m in potential profit was missed last month.
Thousands more people ‘priced out of car insurance market over past year’
Thousands more people have been priced out of the car insurance market over the past year, according to estimates from Citizens Advice.
The charity estimates from research it commissioned that around 2.6 million people across the UK do not drive as they cannot afford the cost of cover.
Its research also indicates that the number of people priced out of the car insurance market jumped by 900,000 in the past 12 months.
UK train fares highest in Europe, study claims
Train operators serving the UK are the most expensive in Europe, according to new analysis.
Great Western Railway fares are two-and-a-half times higher than the average across European Union (EU) and Swiss operators for routes of similar lengths, the study by campaign group Transport & Environment (T&E) found.
Avanti West Coast passengers pay one-and-a-half times more.
Jay-Z says lawsuit accusing him of rape is a blackmail attempt
Jay-Z has described a lawsuit alleging he raped a 13-year-old girl along with Sean ‘Diddy’ Combs at a party in 2000 as a ‘blackmail attempt’.
The federal civil lawsuit was originally filed in October in the Southern District of New York, listing Combs as a defendant, but was refiled on Sunday to add the US rap star, real name Shawn Carter.
The legal papers claim Carter and Combs drugged and raped the complainant, named only as the pseudonym Jane Doe, at an afterparty following the 2000 Video Music Awards, while an unnamed female celebrity watched.
The markets
The FTSE 100 rose on Monday after China signalled that it would take steps to boost its economy.
London’s blue-chip index rose 43.47 points, or 0.52%, to end the day at 8,352.08.
At the end of the day in Europe Frankfurt’s Dax index fell 0.15%, while the Cac 40 in Paris rose 0.72%. In New York a little while after markets had closed in Europe the S&P 500 had fallen 0.39%, while the Dow Jones was 0.09% lower.
Weather outlook…
The country will experience a frosty and icy morning with sunshine and scattered wintry showers, particularly in northern and coastal areas.
Conditions will improve by afternoon as winds and showers ease.
Temperatures will range from 1°C to 6°C, with freezing lows overnight.