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Brexit: UK to set out plans to replace all EU laws
Thousands of EU laws on everything from workers’ rights to the environment are to be scrapped or replaced with UK equivalents in a new plan. Details of the planned Great Repeal Bill are to be published shortly – the day after the UK officially began the two year process of leaving the EU. Ministers need to “copy and paste” EU laws into UK law to avoid a legal “black hole” when Brexit happens. It comes as ministers reject claims of a row with the EU over future security.
Vauxhall drops FA home nations football sponsorship deals
UK car maker Vauxhall is to end its multi-million pound sponsorship of the home nations football teams after the 2018 World Cup. Vauxhall has been the lead sponsor of the England, Scotland, Wales and Northern Ireland teams since 2011. But a spokeswoman said Vauxhall wanted to start running separate marketing campaigns for individual models. The deal for the England team is thought to be worth in the region of £5m to £6m per year.
Mayor of London unveils ‘cleaner vehicle checker’
A new online emissions scoring scheme will help motorists avoid buying highly polluting vehicles, the Mayor of London has said. The website, to be launched in autumn, will allow motorists to check emission scores for nearly all new vehicles. Launching the initiative, Sadiq Khan said the “cleaner vehicle checker” would give car buyers more control. However, the Society of Motor Manufacturers and Traders called the proposal “imperfect” and “confusing”.
The initiative is intended to restore public confidence in ratings following the “dieselgate” scandal.
City unmoved by Article 50
Markets were muted in response to the triggering of Article 50 yesterday as banks sought to reassure staff that their jobs were safe for the moment. Traders were largely pre-positioned for Theresa May’s announcement and took the start of Britain’s two-year departure from the EU in their stride. Gilt yields slid a little and sterling traded wildly at the start of the day, betraying some nerves, but both settled once Theresa May’s letter was delivered in Brussels. The pound touched an eight-day low of $1.23277 in early trading before bouncing back to end 0.27c lower at $1.2423. Ten-year government borrowing costs fell 4 basis points to 1.149 per cent, their lowest since March 6, as investors bought a little safety.
Household debt reaches record high
Credit card debt is rising at its fastest rate in more than a decade, according to the Bank of England, which will review whether banks have made borrowing too easy for customers. Borrowing on credit cards increased by 9.3 per cent in the year to February, the highest rate of growth in 11 years and up from 8.6 per cent in January. Households put £600 million on their credit cards last month and now owe £67.3 billion, the highest level on record and £10 billion higher than two and a half years ago. The overall flow of consumer credit was £1.44 billion, down from £1.6 billion in January but higher than the £1.3 billion expected by City analysts.
Stress-free driving from driverless cars will improve the quality of people’s lives, says the SMMT
Driverless cars will be transformative for six out of every 10 people in the UK, according to new research from the Society of Motor Manufacturers (SMMT). It has carried out a study of 3,641 UK consumers to assess the impact of connected and autonomous vehicles (CAVs), and said the technology will offer freedom to some of society’s most disadvantaged. Automatic braking and parking, as well as a car’s ability to self-diagnose faults were cited as aspects most likely to reduce stress, which was the biggest appeal of owning one of these vehicles among all respondents. Some 57 per cent of those surveyed said they felt the technology would improve their quality of life, rising to 71 per cent among 17-24-year-olds.
Volkswagen says it can start shifting a backlog of its 2015 models in the US
Volkswagen said it has been given the green light by US regulators to restart selling diesel cars. The German car giant has a backlog of 2015 models and it said the US Environmental Protection Agency (EPA) had approved its request to shift up to 67,000 of cars in the country. Around 12,000 of the vehicles are held by dealers and have been given dealer-approved modifications on emissions, according to reports by Reuters.
Uber announces electric car expansion in London in effort to fight air pollution
Uber will start expanding its electric car presence in London in order to fight the growing air pollution in the city. The ride-sharing app already has a fleet of 50 electric Nissan Leaf cars on the roads that can be rented out by drivers. These will be joined by a further 100 manufactured at Nissan’s plant in Sunderland. Uber says it will also begin installing rapid charging points in central London that will be dedicated for use by Uber drivers. And finally, the app itself will be changed to allow any drivers piloting an electric car to get trips which take them near a charging point.