UK firms ready to kick-start plans put on hold ahead of the Budget – report
Nearly half of UK firms put investment plans on hold ahead of the Budget, but now aim to press ahead with growth programmes despite worries over cost pressures, according to new research.
A post-Budget survey by lending giant Barclays showed that 46% of UK business leaders are now looking to restart plans that were paused in the run-up to the Chancellor’s October 30 announcements.
It also found that 37% are more likely to seek extra funding to invest in the growth of their business.
Homebase bought out of administration securing up to 1,600 jobs
Homebase has been sold to retail group CDS in a rescue deal securing up to 1,600 jobs and 70 stores but leaving the future of its remaining 2,000 workers and 49 shops unclear.
The DIY retailer appointed administrators at consultancy Teneo on Wednesday before CDS, which owns The Range homeware outlets, bought the majority of its stores out of administration.
Teneo said the remaining 49 UK stores will continue to trade as normal while administrators try to find a buyer.
Bank of England policymaker pledges to ‘move big’ when ready to cut rates
A policymaker at the Bank of England has said she will ‘move big’ on interest rate cuts when it is clear that persistent pressures on UK inflation have been eliminated.
Catherine Mann, an economist and member of the Bank’s Monetary Policy Committee (MPC), has not yet opted to reduce rates.
This is despite the majority of the MPC voting for a cut in August and again in November, taking the base rate down to 4.75%.
Fuller’s latest to warn over price rises as it braces for £3m Budget hit
Pub group Fuller’s has revealed a £3 million hit from the Budget move to increase employers’ national insurance contributions and joined the growing list of firms warning over price hikes to offset the impact.
Chiswick-based Fuller, Smith & Turner – which has 5,500 staff – said it would need to raise prices for customers across its hotels and pubs as it faces a significant cost increase.
The group said that together with the planned increase in the minimum wage, which was also announced in the Budget, it will be facing an extra £8 million bill next year.
Pension ‘megafunds’ to be created to boost investment and economic growth
Pension ‘megafunds’ are set to be created to help unlock billions of pounds of investment in businesses and infrastructure.
Rachel Reeves will use her first Mansion House speech as Chancellor to outline the pensions shake-up.
Under the plans, the reforms will be introduced through a new Pension Schemes Bill next year, consolidating defined contribution (DC) schemes and pooling assets from 86 local government pension scheme authorities.
Which? launches £3bn legal claim against Apple over iCloud
Consumer group Which? has launched a £3 billion claim against Apple, claiming the tech giant has breached competition law by ‘forcing its iCloud services on customers’.
It says Apple has encouraged users to sign up to iCloud to store photos, videos and other data and is therefore favouring its own products, while simultaneously making it difficult to use alternative products, ultimately stifling competition.
Which? says Apple does not allow customers to store or back up all of their phone’s data with a third-party provider, and users of its iOS operating system have to pay for the service when the amount of data being stored goes over the 5GB free limit.
Lookers is reportedly planning further job cuts, with staff expressing dissatisfaction over management changes since the Canadian takeover by Alpha Auto Group. Employees have criticized the current business environment as “appalling,” citing low morale and a lack of direction. The dealership group has already seen a significant turnover in leadership and restructuring efforts, which are said to impact operations and employee confidence.
The FCA has extended its pause on discretionary commission arrangements (DCAs) following a Court of Appeal judgment. This decision affects firms’ handling of consumer debt, especially in light of the recent legal ruling. The extension aims to give firms more time to comply with the latest regulatory requirements and adjust their collection practices.
A used car dealership has temporarily closed following a surge of customer complaints. The complaints about The Car Group in Bury, include issues related to vehicle quality and customer service, prompting the business to pause operations to address these concerns. The dealership’s management is reportedly working on resolving the issues to regain customer trust and ensure compliance with consumer protection standards.
A businessman accused of stalking allegedly tried to obtain his estranged wife’s personal information from a car dealership. His actions, linked to ongoing legal disputes, reportedly involved attempts to access her data, raising privacy concerns. Authorities are investigating the incident as part of broader allegations related to the case.
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Guy Ritchie’s Defender and Chris Rea’s Ferrari among entries in £9m auction
A Land Rover Defender once owned by director Guy Ritchie and Chris Rea’s Ferrari Dino were among the star cars at a recent auction which achieved a sale total of £9m.
The Defender, a 6.2-litre V8-powered 110, was specially commissioned by Ritchie and finished in an eye-catching green colour. When the hammer finally fell, the Land Rover had sold for £84,375.
The Ferrari Dino GT4 owned by singer and songwriter Chris Rea was purchased ‘some years ago in need of a little TLC’, according to the auction house Iconic Auctioneers, and was fully recommissioned and finished in a ‘Grigio Ferro over Blue Dino Scurro’ paint scheme. Inside, there’s a Bordeaux Red leather upholstery. It was also one of the few GT4 cars with the rear seats removed to provide extra luggage space. By the time it sold, the GT4 had reached £64,125.
Elon Musk to advise Trump White House on government efficiency
Elon Musk is to jointly lead a new US Department of Government Efficiency that will advise President-elect Donald Trump’s White House on how to reform and make savings in the federal government.
The billionaire will share the role with former Republican presidential candidate Vivek Ramaswamy, with the department sitting outside of the government but offering ‘guidance’ to the White House.
The role appears to be Mr Musk’s reward for his public and vocal support for Mr Trump’s bid to return to the White House, including relentless posting to X, the social media platform Mr Musk owns, as well as hundreds of millions of dollars raised by a Musk-backed political action committee.
— Elon Musk (@elonmusk) November 13, 2024
The Guardian leaves X, calling it a ‘toxic media platform’
The Guardian newspaper has announced it will stop posting on X, formerly Twitter, describing the social media platform as ‘toxic’.
The news outlet wrote on its website on Wednesday that it had considered the decision for a while due to the ‘often disturbing content promoted or found on the platform’, but the US election earlier in November ‘underlined’ its decision.
‘This is something we have been considering for a while given the often disturbing content promoted or found on the platform, including far-right conspiracy theories and racism,’ The Guardian wrote.
The markets
The UK’s top stock index treaded water on Wednesday while the pound continued to weaken against the dollar after new official data showed US inflation crept up last month.
The FTSE 100 was declining during the day but managed to gain 4.56 points, or 0.06%, late in the afternoon to close at 8,030.33.
In Paris, the Cac 40 was down 0.14%, and in Frankfurt, the Dax was 0.16% lower at the close. In New York, the S&P 500 was up about 0.2%, and the Dow Jones was 0.4% higher by the time European markets closed.
Weather outlook…
The UK is today expected to experience mostly dry and sunny conditions with temperatures around 12°C during the day and dropping to 7°C at night.
The weather will be generally clear, with no significant rainfall forecasted across most regions.
The day will continue to be mild, offering a break from the colder days earlier in November.