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UK passports ‘to be made in France after Brexit’
The new UK passport to be issued after Brexit will be made in France, according to the current British manufacturer. The current burgundy passport, in use since 1988, will revert to its original blue and gold colour from October 2019. The boss of UK supplier De La Rue told the BBC that Franco-Dutch firm Gemalto had won the £490m contract. Culture Secretary Matthew Hancock said a final decision had not been made.
New Look to axe 1,000 jobs and 60 stores
New Look will close 60 UK stores and cut 1,000 jobs after creditors approved a restructuring plan for the retailer. The stores will close within 12 months and some staff may be redeployed. The turnaround plan will cut the fashion chain’s rents by between 15% to 55% across its remaining 393 stores.
Tesla boss Elon Musk’s $2.6bn pay day
Tesla shareholders have approved a huge pay deal for its chief executive, Elon Musk, worth an estimated $2.6bn (£1.85bn). It is believed to be the biggest share-based pay deal in US corporate history. Mr Musk will only get the shares if Tesla hits certain targets related to metrics such as sales and share price. The vote was seen as a key test of support for Mr Musk’s leadership of the loss-making car maker, which is struggling to increase production.
Theresa May to warn EU leaders of Russian threat to democracy
Theresa May will tell a summit of EU leaders in Brussels that they must remain united against a threat from Russia to all European democracies. The prime minister will say the nerve agent attack in Salisbury shows Moscow has no respect for international law. A senior Whitehall official said Russia had “shown itself to be a strategic enemy not a strategic partner”. European leaders are also due to decide whether or not to agree the terms for a 21-month Brexit transition period.
Rise in centenarian drivers as RAC and AA say no need to give up your car too early
There has been a rise in centenarian drivers, figures show, as the RAC and AA say drivers need not give up their cars too early. The number of over-70s holding a driving licence has exceeded five million for the first time, new figures show. Analysis of DVLA data reveals 265 Britons over the age of 100 hold a licence, up from 162 in November 2012, with four people aged 104 the oldest licensed drivers. There has been a 15 per cent spike in centenarians with licences since October 2015. Once people reach 70 they must declare whether or not they are fit to drive every three years, without having to take a driving or medical examination. Concerns have been raised that some elderly people are continuing to drive when they are not fit to do so.
Factory orders fall to their weakest level since October
Factory activity lost further momentum this month in a sign that Britain’s manufacturing boom over the past year may be running out of steam. The monthly industrial trends survey from the CBI employers’ group showed the order book balance fell from +10 in February to +4 in March, the lowest since October and below every forecast in a Reuters poll, which had pointed to a modest drop to +9. A slowdown would come as a blow to the economy, buoyed by manufacturing since the Brexit vote as the cheap pound made exports more competitive. Surging global trade has driven demand for UK products and helped deliver nine months of growth for the first time since records began in 1968.
Britain set for lowest deficit in a decade
Britain is on track to record the lowest deficit for a financial year in a decade, according to official figures that suggest the chancellor will beat his borrowing targets. The budget deficit fell by £2.5 billion to £41.4 billion in the 11 months to February, compared with the same period in the previous fiscal year. It is the lowest figure for the month of February since 2008. Each month the Office for National Statistics publishes a figure that shows the gap between what the government spends and receives in taxes. The figure is closely watched by economists as it shows how much the government is borrowing to finance its spending plans and whether it is exceeding its target for the year.
Shell to fuel profits growth with 10,000 petrol stations
Royal Dutch Shell plans to open more than 10,000 new petrol stations by 2025 under ambitious plans to expand in fast-growing markets such as China, India and Mexico. Shell is already the world’s biggest fuel retail brand, with more than 44,000 forecourts serving more than 30 million customers daily. The Anglo-Dutch energy group operates in more than 70 countries worldwide, from drilling for oil and gas in the Gulf of Mexico to selling gas and electricity to households in Britain.
THESE car insurance mistakes can cost you up to £677 – Are you making these errors?
THERE are a number of car insurance mistakes drivers are making that could potentially be costing £677, are you making these mistakes? Car insurance premium costs soared across 2017, and hit record high levels towards the end of the year. Experts predict that car insurance could continue to use in Britain throughout 2018, costing drivers even more. According to MoneySuperMarket, average premium prices high £574 in the UK in December 2017. The comparison website also uncovered new data that means that some drivers are almost paying £700 more than they should be for their insurance, due to simple mistakes.