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UK inflation measured by the Consumer Prices Index slipped to 0.9% in October, from 1% in September, the Office for National Statistics said. It was below the 1.1% predicted by economists, who said sterling’s fall would push the number higher. But prices for goods leaving factories rose by 2.1%, faster than expected and the biggest increase since April 2012. Costs faced by producers for raw material and oil showed a record monthly jump in October, up by 4.6%..
The government says it “does not recognise” a leaked memo suggesting it has no overall plan for Brexit.
A government source said the document was an unsolicited pitch for work from a consultancy firm. Obtained by The Times, it warns Whitehall is working on 500 Brexit-related projects and could need 30,000 extra staff. And it highlights what it calls “divisions within the cabinet” over the direction of Brexit negotiations. Transport Secretary Chris Grayling said he had “no idea” where the report came from.
Motorists are being recruited by police in England and Wales to help identify drivers who routinely use mobile phones behind the wheel. The “community spotters”, who are likely to be regular road users, such as driving instructors, will tip off the police, forwarding details of motorists who repeatedly flout the law. The move is part of a week-long drive to crack down on illegal mobile phone use at the wheel. As part of the campaign, officers will be conducting patrols in unmarked vans, using helmet cameras and high-seated vehicles to catch offenders.
Jaguar Land Rover is finally joining the electric revolution with the public launch of a £60,000 zero-emission Jaguar I-Pace, capable of doing 300 miles on one charge and 0 to 60mph in four seconds. Following months of speculation and lessons learned from its entry into the Formula E electric motor racing circus, the West Midlands-based company confirmed The Times’ revelations from September’s Paris motor show that the Jaguar I-Pace will make its debut at this week’s equivalent in Los Angeles.
A petrol price war has been sparked after four of Britain’s biggest supermarkets announced they were cutting prices by up to 3 pence per litre amid calls for fuel duty to be frozen in the Autumn statement. Asda was the first to announce it was cutting prices with a national cap, meaning motorists will be charged no more than 110.7ppl for unleaded and 112.7ppl for diesel at its filling stations from Tuesday. Tesco, Sainsbury’s and Morrisons all followed suit and announced they were implementing the same price cut of up to 3ppl, prompting speculation there may be a price war in the run up to Christmas. Tesco’s drop in price came into force on Monday.
Tata Motors shares skidded on Tuesday after second-quarter profit missed estimates by a wide margin due to a weak performance at its Jaguar Land Rover unit, although analysts said they expect earnings to improve in the months ahead. The results, out late on Monday, come amid a power struggle between Tata group holding company Tata Sons and its former chairman Cyrus Mistry, who was ousted last month but remains the chairman of Tata Motors. Traders said, however, that with no clear outcome on the tussle expected for a while, that Tuesday’s 8 percent share decline was entirely earnings-driven.
Samsung has taken a major step forward in its plans to making a smart car with a significant new acquisition. The South Korean firm has splashed the cash to snap up American company Harman for $8 billion, marking a serious statement of intent as it looks to bounce back from the Galaxy Note 7 fiasco. Harman specialises in building connected car and smart audio and media systems, which have grown hugely in popularity over the past years as carmakers increasingly embrace technology.
Unions at Renault have called for protests and work stoppages on Tuesday at the automaker’s Flins plant west of Paris as they resist demands for greater working time flexibility. The CGT, CFT and FO unions are all backing the stoppages, labour representatives told Reuters, as they negotiate a new three-year competitiveness deal with management to replace a previous one struck in 2013. The unions are against proposals to allow factory managers to order compulsory overtime for workers at shorter notice, and to push back overtime payments to the end of the year.
In return for pledges to maintain domestic production and invest 720 million euros ($774 million) in plants and training, management also wants backing for plans to raise productivity to 90 vehicles per worker per year from 64 currently.