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End of the week – news Round UpBack

The Financial Times

The British businesses that relish prospect of life outside EU


Nigel Baxter sells Renault trucks to the British market, is enjoying booming business — and has no worries at all about the UK leaving the EU. High quality global journalism requires investment. “Why should I be doing anything to prepare for Brexit?” the 53-year-old asks. Renault, the fastest-growing vehicle franchise in the UK, is planning to open about 15 new operations this year. Mr Baxter, whose 80-employee company in north-east England racks up sales of £14m a year, sees no reason for the French company to change its mind because of uncertainty about Britain’s future in the EU.

“The UK is Renault’s second-biggest market in Europe,” he says. “Are all the European truck manufacturers just going to bow out?”


Volkswagen annual results delayed to April 28

Volkswagen will release it annual results on April 28, after it was forced to delay their publication due to the emissions scandal which is continuing to cloud the German carmaker. The results had originally been due on March 10 but Volkswagen warned last month that they would be delayed owing to “open questions and the resulting valuation calculations relating to the diesel emissions issue”. VW’s annual shareholder meeting has been reorganised for June 22, from April 21.


The Daily Telegraph

Give British drivers £700, VW is urged

Volkswagen has been told to offer compensation to British motorists hit by the diesel emissions scandal amid warnings that the timetable for fixing cars may be slipping. The Department for Transport said it was pressing the German car giant to address a “discrepancy in compensation” between Britain and the United States. Motorists in the US have already been given $1,000 (£707) worth of gift vouchers to “encourage loyalty” even though their peers in the UK will receive nothing.


The Independent

Services sector slowdown prompts speculation of more Bank of England stimulus

The sharpest slowdown in service sector activity in three years has exacerbated fears over the strength of the recovery and raised talk of more stimulus being deployed by the Bank of England. The Markit/CIPS survey snapshot of the sector, which accounts for three quarters of output, came in at 52.7 in February.  That’s above the 50 mark that separates expansion from contraction, but down sharply from 55.6 in January and below the 55.1 City economists had expected. It was also the weakest reading since March 2013.


The Daily Mail

Government’s bonfire of red tape plan to boost business gets a frosty reception from industry leaders

The Government yesterday outlined plans for a new bonfire of red tape that holds back British business – but it was given a cool reception by industry leaders. Business Secretary Sajid Javid drew on his background in the private sector as he vowed to tackle the ‘petty, pointless bureaucracy’ that hinders growth. He pledged to cut a further £10billion of red tape on business by 2020, on top of the £10billion reduction by the previous coalition government between 2010 and 2015. Javid said that for every £1 of new regulation introduced, £3 would have to be cut, up from the previous target of £2.

UK motor industry votes firmly in favour of Britain remaining in the EU, as thriving carmakers keep an eye on exports

More than three in four companies within the UK motor industry said remaining in Europe would be best for their business, according to a new survey by the Society of Motor Manufacturers and Traders.

The industry group found 77 per cent of the members surveyed voted to stay, with the vast majority of large companies standing firm against the Brexit campaign. Two thirds of SMMT members believed access to EU automotive markets has a positive impact on their firm, according to the results released on Thursday.


The Daily Express

Petrol prices fall yet AGAIN amid fears George Osborne will soon raise fuel duty

The cost of unleaded has dropped by an average 15p a litre since last summer to sit at 101.93p, according to RAC data.  It means families now typically pay £8.25 to fill up a 55-litre car than in July.  Most of the supermarkets are offering petrol at below £1 litre offering drivers even bigger savings.  The lower prices come after months of falling oil prices, which in turn has led to lower wholesale costs.

Posted by Lois Hardy on 04/03/2016