Government hails £63bn of investment brought in by global summit
The Government has hailed a ‘vote of confidence in the UK’ after businesses committed to invest £63bn at Monday’s International Investment Summit.
The announcements, made both during and in the immediate run-up to the summit, are expected to create almost 38,000 jobs and include investments in green energy, infrastructure and life sciences.
Several had already been announced in the week before the summit, but on the day itself, ports giant DP World confirmed an investment of £1bn in its London Gateway container facility – despite a row over the weekend between the company and the Government.
Reeves warns of ‘difficult decisions’ on tax ahead of Budget
Rachel Reeves warned her Budget on October 30 would be ‘tough’ as she gave the clearest signal yet that businesses will face a hike in national insurance.
The Chancellor stressed that Labour manifesto’s commitment not to increase national insurance contributions related to taxes paid by working people – the employee element – rather than the sum paid by employers.
Ms Reeves insisted the difficult decisions in the Budget would not put off business investment in the UK because she would offer firms long-term certainty about the levels of taxation they will face.
Ministers hail £1.1bn Stansted airport investment
Details of a £1.1bn investment programme to improve and expand Stansted airport’s terminal building have been announced.
Manchester Airports Group, which owns the Essex airport, said the project will create up to 5,000 new on-site jobs.
The plans, unveiled at the Government’s investment summit, are expected to double the airport’s economic contribution to £2bn per year.
Mini’s Cooper and Aceman get performance John Cooper Works models
Mini’s John Cooper Works performance arm has given the go-faster treatment to a pair of electric models for the first time.
Both the electric Cooper and Aceman have gained a new John Cooper Works – or JCW – version, with the pair being unveiled at this year’s Paris Motor Show.
Priced from £38,420 and £40,220 for the Cooper and Aceman models respectively, both cars get a 54.2kWh battery and a 247bhp electric motor enabling a 0-60mph time of 5.7 seconds in the Cooper and 6.2 seconds in the Aceman.
Citroen’s new C5 Aircross Concept shows dramatic transformation for mid-size SUV
Citroen has unveiled a striking new take on its C5 Aircross mid-size SUV.
Revealed at this week’s Paris Motor Show, the new C5 Aircross Concept is designed to showcase what the upcoming production vehicle could look like and follows on from the unveil of the new C3 Aircross last summer.
Underpinned by the Stellantis STLA medium platform – which is also used on cars like the Peugeot 3008 – the upcoming C5 Aircross will be available with a number of powertrain options, including petrol, hybrid and electric.
We are thrilled to announce the World Premiere of the Citroën C5 Aircross Concept at the #ParisMotorShow. This powerful and characterful multi-energy concept embodies Citroën’s vision for the future of SUVs. The new model will be revealed in 2025. #CitroënC5AircrossConcept pic.twitter.com/I1vQBVgfSO
— Citroën (@Citroen) October 14, 2024
Leapmotor reveals its new B10 SUV at the Paris motor show
The Stellantis-partnered firm, Leapmotor, has revealed its new B10 SUV at the Paris motor show.
The company wants to expand its model line-up even further and this new C-segment SUV will be going up against cars such as the Jeep Avenger and new Mini Aceman.
The B10 is one of many new models to come from Leapmotor, with the T03, C10 and C16 all other vehicles in the firm’s portfolio.
Extinction Rebellion urges insurers to stop covering fossil fuel projects
Extinction Rebellion (XR) has written to senior executives at UK-based insurance firms urging them to end their coverage of fossil fuels.
The environmental campaign group sent the letter on Monday as it prepares to stage a week of protests both in London and across the UK from October 28.
The letter told insurance bosses to ‘make a pledge to get out of new oil, coal and gas – or face actions and protests’.
Angela Shepherd has been appointed as JLR’s new UK sales director, after leaving Stellantis earlier this year. She will oversee retail operations, including volume planning and sales, and lead the brand’s retail transformation. Shepherd, with previous leadership roles at Stellantis and Mercedes-Benz, will focus on building strong relationships with dealers and simplifying systems to enhance customer and retailer experiences at JLR.
Rybrook Automotive Limited recorded a £6.65m pre-tax loss for the year ending December 31, 2023, a sharp decline from its £9.63m profit the previous year. The accounts, which lacked turnover details, will be the last following Rybrook’s acquisition by Penske Automotive Group (owner of Sytner) in January 2024. Rybrook’s 15 dealerships, including brands like BMW and Porsche, have been absorbed into Penske’s operations.
Motor trader Tim Smith from The Auto Business in Bristol highlights the challenge of managing customer expectations when selling budget cars. On the Car Dealer Podcast, Smith explained that buyers often expect perfection, but with cheaper cars, minor issues like cosmetic damage or missing features are common. Dealers must communicate these limitations clearly to set realistic expectations. Despite these challenges, Smith enjoys the dynamic and camaraderie of the motor trade.
Ancaster Group has expanded its dealer portfolio by acquiring Allams of Epsom, a Skoda dealership in Surrey. This acquisition, for an undisclosed sum, adds Skoda to Ancaster’s range of represented brands, which also includes Nissan, Hyundai, MG, and more. Ancaster will retain the Allams name and sees the deal as a strategic move to enhance its presence in South London and Surrey, in line with its growth ambitions.
PM has ‘full confidence’ in Transport Secretary after P&O row – Downing Street
Sir Keir Starmer has ‘full confidence’ in the Transport Secretary despite having disowned her criticism of P&O Ferries amid concerns it would jeopardise a £1bn investment in the UK, Downing Street has said.
Number 10 on Monday sought to draw a line under the Cabinet rift that saw Louise Haigh describe the firm as a ‘cowboy operator’, saying the Prime Minister ‘absolutely’ backs the minister after the fallout.
In an official press release last week, Ms Haigh attacked the firm for its decision in 2022 to sack 800 workers and employ agency staff on lower pay, which it insisted was necessary to stave off bankruptcy.
Tech Secretary ‘absolutely ready’ to engage with Elon Musk
The Tech Secretary has said he stands ‘absolutely ready to engage’ with Elon Musk after it was reported the Tesla chief was not invited to Monday’s international investment summit.
Peter Kyle told Times Radio that Mr Musk ‘doesn’t tend to do these sort of events’, after previous reports that the tech boss had been snubbed as a result of his social media posts during this summer’s riots.
The Government unveiled billions in deals in areas such as AI and life sciences at the summit in London.
The markets
London’s FTSE 100 moved higher on Monday while the Government gathered global investors to step up efforts to win more funding for the UK.
The blue-chip index moved 39.01 points higher, or 0.47%, to close at 8,292.66, with utilities firms among the biggest risers of the day.
In Paris, the Cac 40 rose 0.32% and in Frankfurt, the Dax was up by 0.68%.
Weather outlook…
Patchy rain is expected today across various regions, with temperatures around 17C.
Although there may be some light showers, conditions will generally be mild, with a chance of brighter spells in parts of the country.
Southerly winds will help keep the temperatures above average for this time of year.