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Tuesday BulletinBack

BBC.co.uk

 

Retailers warn government of Brexit price rises retail sales

Failure to strike a good Brexit deal in 2019 will push up prices in the shops, The British Retail Consortium has warned. The trade body warned reverting to World Trade Organization (WTO) rules could see tariffs on clothes of up to 16% and on meat of up to 27%. “Years of deflation” would mean retailers would have to pass these import costs on to consumers, it said.

It follows a similar warning from the CBI last week.

 

Less than one euro to the pound – Comment from Brian Madderson, PRA Chairman

Since the UK’s Brexit vote in June, the pound has fallen sharply in value.

 

More expensive petrol petrol pump 1

 

Another effect of the falling pound is likely to be in higher petrol prices, according to the Petrol Retailers’ Association (PRA).

It forecast that vehicle owners will be paying an extra four or five pence per litre (ppl) for petrol by the end of October because retail prices have, so far, only reflected part of the recent rise in wholesale prices.

 

Petrol prices hinge on the value of oil, which is priced in dollars, and the falling pound against the US currency means that petrol automatically become more expensive at the pump. Wholesale costs to retailers have increased by over six ppl for petrol and seven ppl for diesel in the last few weeks, whereas the UK average pump prices have moved up by less than two ppl for both grades over the same time period,” said Brian Madderson, Chairman of the PRA. Thus motorists can expect increases by the end of the month unless there are favourable corrections to the exchange rate and to global oil prices. The double impact of the pound weakening against US dollar and global oil prices strengthening will cause pump prices to move sharply upwards,” he added.

 

 

The Financial Times

 

Inflation concerns weigh on UK gilts uk gilts

Prices for British government bonds are coming under increasing pressure as investors point to gilts as the next market that could experience volatility following last week’s flash crash in sterling. The pound’s dramatic fall in the early hours of Friday morning has rippled through financial markets, raising inflation expectations and triggering lower prices for gilts. The pressure on the pound was showing no sign of letting up on Tuesday, when the currency fell a further 0.6 per cent to $1.2285.

 

UK retail sales bounce back in September

UK retail sales returned to growth in September due to higher spending on food, more purchases of big-ticket items and a back-to-school rush. According to the British Retail Consortium/KPMG, sales rose by 1.3 per cent compared with a year ago. The September increase followed a dip in August when sunny weather encouraged consumers to take a break from the shops. The BRC said retail spending had been boosted by a recovery in consumer confidence to pre-EU referendum levels. But it warned of longer-term economic problems as the fall in the pound fed into higher import costs.

 

 

Sky News

 

Public trial for driverless cars beginning in Milton Keynes driverless car

Driverless cars will trundle around the UK in their first public trials today. The demonstration of the autonomous electric vehicles is going to take place on the pavements of Milton Keynes.  These tests will be the culmination of an 18-month research project which involved virtually mapping the town and updating regulations for driverless vehicles.  US technology giants including Google and Uber have demonstrated their own driverless vehicles on public roads, but this system was developed in the UK by the Oxford Robotics Institute and one of its spinout companies, Oxbotica.

 

 

The Daily Telegraph

 

Jaguar returns to racing with an electric car Jag I type

As the press formed a scrum around the new Discovery on Jaguar Land Rover’s stand at the Paris motor show last week, another car, mounted vertically on its display stand and turning slowly, was virtually ignored. Which is weird, because it was a far more significant model, for many reasons: the Jaguar I-type. Yes, this is Jaguar’s first foray into serious motorsport since its Formula One attempt ended in 2004. The I-type will compete in the new season of Formula E, which started on October 9 in Hong Kong. At the wheel are Adam Carroll and Mitch Evans, who will line up against the likes of Nick Heidfeld, Lucas di Grassi, Sebastien Buemi and Nelson Piquet jnr.

 

Manufacturing giant JCB ends CBI membership over anti-Brexit stance

Manufacturing giant JCB is to end its membership of the Confederation of British Industry (CBI) amid reports that the digger maker was unhappy with the lobby group’s anti-Brexit stance. JCB, which employs close to 6,500 people in the UK and sells to 150 countries, notified the organisation of its intention to leave following the EU referendum result this summer. While JCB and the CBI confirmed the move, both declined to comment on the reasons behind the manufacturer’s decision.

 

Independent

 

Germany pushes to ban petrol-fuelled cars within next 20 years car emissions

Germany’s federal council, the Bundesrat, has passed a resolution calling for a ban on combustion engine cars by 2030.  If the ban were to go through, German citizens would only be permitted to purchase electric or hydrogen-fuelled cars.  The resolution, which has received cross-party support but has no legislative effect, calls on the European Commission to implement the ban across the European Union.  Germany’s federal council, the Bundesrat, has passed a resolution calling for a ban on combustion engine cars by 2030.

If the ban were to go through, German citizens would only be permitted to purchase electric or hydrogen-fuelled cars.  The resolution, which has received cross-party support but has no legislative effect, calls on the European Commission to implement the ban across the European Union. A switch to zero-emission cars is likely to put thousands of German auto industry jobs at risk as electric cars only require 10 per cent of the work force to assemble.

Greenpeace UK’s air pollution campaigner Areeba Hamid told The Independent the plans could be a huge moment in the battle against air pollution.

“The German car industry is one of the most powerful in the world. If this bill is passed into law, it could be a pivotal moment in the shift towards a cleaner transport system and the battle against air pollution.”

Posted by Paul Carpenter on 11/10/2016