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Friday News ArticlesBack

BBC News

Bank of England votes 8-1 to hold rates at 0.5%

Bank of England

UK interest rates have been left unchanged again at 0.5% by the Bank of England’s rate-setters. The nine rate-setters on the Monetary Policy Committee (MPC) voted 8-1 for no change, predicting that inflation would stay below 1% until the second half of next year. Ian McCafferty, one of four external members of the MPC, was the only one to vote for a rate rise. He also voted for a quarter-point rise at each of the previous four meetings. It is the 81st meeting in a row at which rates have been left unchanged at 0.5%.

Morrisons cuts petrol price to below £1 a litre

Morrisons has cut the price of petrol to below £1 a litre, the lowest UK price level, excluding special promotions, since 2009. The supermarket chain will be selling petrol at no more than 99.9p per litre and cutting diesel by 1p a litre. The price of crude oil continues to fall, with Brent now below $40 (£26.38) a barrel – close to a seven-year low. Other supermarkets are expected to follow Morrisons. Asda is running a weekend 99.7p promotion on petrol. From Friday until Sunday only, drivers at Asda will pay that price for petrol and 103.7p a litre for diesel.

 

The Financial Times

Jaguar Land Rover parks new factory in Slovakia

Jaguar Land Rover has reached an agreement to set up shop in Nitra, the Slovakian home of the flying car.

The UK-based carmaker on Friday confirmed plans to set up a £1bn factory in central Europe — a facility that will become its third overseas assembly plant, underlining the company’s rapid growth under Indian ownership.

The plant will employ 2,800 workers and build a range of all-new aluminium vehicles. The FT has previously reported that the replacement for the cherished Land Rover Defender 4×4 is likely to be produced at the factory, though the Discovery Sport SUV will be one of the first models off production lines.

 

The Daily Mail

Volkswagen says UK owners of dieselgate cars will be ‘attractively’ compensated and recall will have ‘negligible effect’ on performance

Volkswagen has said UK owners of cars affected by the dieselgate scandal will be ‘attractively’ compensated and recalls will have a ‘negligible effect’ on vehicle performance. Chief executive Matthias Mueller said drivers of recalled 1.2, 1.6 and 2.0-litre diesel cars ‘won’t be able to feel it’ when their vehicles are refitted with software updates from March next year. Chairman Hans Dieter Poetsch confirmed that nine managers linked to the scandal had been suspended and all VW Group cars will have real-world emissions figures in the future.

Posted by Lois Hardy on 11/12/2015