The Bank of England has cut borrowing costs to 4% but cautioned over ‘uncertainty’ about future interest rate reductions.
The Bank’s Monetary Policy Committee (MPC) chose to reduce interest rates by 0.25 percentage points to its lowest level since March 2023.
Policymakers pointed to a recent fall in pay growth and reduced uncertainty over the impact of US tariffs.
Consumers paid a total of nearly 9% more in a tax on insurance premiums last year, leading to fears of drivers becoming priced out of policies.
The AA, which conducted the research, urged the Treasury to cut the rate of insurance premium tax (IPT) on motor policies by a quarter, with a 50% reduction for newly qualified drivers.
The standard rate of IPT – which applies to premiums such as motor insurance – has been 12.0% since 2017.
Bugatti has revealed a one-of-one special with the Brouillard hypercar.
The car is built under Bugatti’s new ‘The Programme Solitaire’, which is a bespoke programme dedicated to the firm producing one-off creations for very lucky clienteles.
Powering the car is the same W16 engine you’ll find in the firm’s Chiron, which pumps out 1,578bhp. However, the company hasn’t revealed performance figures for the Brouillard at this stage.
The FTSE 100 fell in London on Thursday, while the pound climbed, after the Bank of England lowered interest rates in a tight vote which saw hopes for further cuts this year pared.
The FTSE 100 index closed down 63.54 points, 0.7%, at 9,100.77. The FTSE 250 ended 12.22 points higher, 0.1%, at 21,938.10 while the AIM All-Share finished down 0.84 of a point, 0.1%, at 763.51.
Meanwhile in Europe, the CAC 40 in Paris rose 1.0%, while the Dax 40 in Frankfurt climbed 1.1%.
Gates reported a 7% drop in pre-tax profit to £3.05m in 2024, with turnover down 8% to £195.16m. Directors cited economic pressures, government mandates, and Ford’s BEV strategy. Despite challenges, commercial sales rose, and staff pay increases were implemented.
Two closed Marshall Motor Group dealerships in Canterbury and Ashford are set to reopen under new franchise agreements with BYD. The showrooms, previously Peugeot sites, will relaunch in September as part of BYD’s UK expansion strategy.
Joe McStein, a former car salesman, will be sentenced on September 26 after admitting to fraudulently pocketing over £40,000 while at Evans Halshaw Ford in 2023. He also faces charges for illegally selling cars at Williams BMW in Liverpool.
Day’s Motor Group saw pre-tax profit fall to £16.1m in 2024, down from £30.3m in 2023, despite revenue rising to £303.2m. The group cited inflation, interest rates, and reduced margins as challenges, but praised staff resilience for continued strong performance.
