Business chiefs’ pessimism adds to pressure on Rachel Reeves
Rachel Reeves starts the week facing further pressure after a gloomy warning from some of Britain’s top executives.
A survey of UK chief financial officers (CFOs) by consultancy Deloitte found a net 26% felt more pessimistic about their businesses than they did three months ago.
The figure, based on a quarterly survey carried out in December, is the first time CFOs have felt more pessimistic than optimistic since June 2023, just before the UK slipped into recession. But sentiment is still well above the lows seen during the Covid-19 pandemic and in 2022 during Liz Truss’s brief premiership.
City financial services jobs plummet – report
Jobs in the City’s financial services sector have ‘plummeted’ over the past year amid mounting challenges, according to a new report.
Services firm Morgan McKinley said its study suggested there had been an 18% reduction in the final few months of last year and a 12% annual decline.
Director Mark Astbury said: ‘The financial services sector in London suffered a contraction in 2024, with job availability plummeting. These stark figures paint a sobering picture of an industry grappling with mounting challenges, including economic volatility, geopolitical uncertainty, strategic overhauls, and the rapid pace of technological disruption.’
Hyundai’s funky Inster Cross to cost less than £30,000
Hyundai has revealed prices and specifications for its funky Inster Cross.
Prices start at £28,745 with the only optional extras consisting of paintwork choices and a Tech pack – which includes a vehicle-to-load function and a digital key for £500.
The Cross gets a more rugged look than the standard Inster with chunkier front and rear bumpers, cross side skirts and black cladding. Power comes from a 49kWh battery pack that Hyundai claims can do up to 223 miles on a single charge, and a 113bhp motor.
A sell-off on Wall Street has followed fresh US jobs figures, while the pound continued to slump as a downbeat mood prevailed in UK markets on Friday. Global stock markets were in the red on Friday as investors reacted to stronger-than-expected labour market data from the world’s largest economy.
The FTSE 100 fell 71.2 points, or 0.86%, to close at 8,248.49; In Paris, the Cac 40 closed 0.79% lower, and in Frankfurt, the Dax was down 0.5%. The S&P 500 had dropped about 1.7%, and the Dow Jones was down 1.6%.
The pound continued to slump in value, falling to a new 13-month low against the US dollar on Friday. By the time European markets closed, it was down about 0.7% , at 1.222. Sterling was also down about 0.2% against the euro at 1.193.
UK to go ‘all-in’ on AI as Starmer throws weight of Whitehall behind technology
Sir Keir Starmer will throw the weight of Whitehall fully behind AI in a bid to boost growth.
The prime minister is set to unveil his government’s AI Opportunity Action Plan on Monday as he seeks to make Britain a world leader in the sector.
He said: ‘The AI industry needs a government that is on their side, one that won’t sit back and let opportunities slip through its fingers. And in a world of fierce competition, we cannot stand by. We must move fast and take action to win the global race.’
More disruption threatened in fresh rail dispute
A fresh dispute is flaring on the railways, threatening disruption to more services in the coming weeks.
Members of the Rail, Maritime and Transport union (RMT) at Avanti West Coast will stage a number of Sunday walkouts in a dispute over rest day working. Avanti urged its customers to travel either side of Sunday which marked the start of strike action every Sunday until May 25.
Meanwhile the train drivers union Aslef announced it is to ballot its members on Hull Trains for strikes over the sacking of a union member. Voting will start on January 20 with the result due on February 12.
The new year has kicked off with a bang at the Clever Car Collection. Watch the latest video.
Porsche’s new 911 Carrera S bridges the gap between Carrera and Carrera GTS, offering enhanced performance from a 473bhp twin-turbo engine. Standard features include upgraded brakes, leather upholstery, Matrix LED headlights, and an eight-speed dual-clutch transmission. Prices start at £119,800.
Rumours suggest Marshall Motor Group boss Martin Casha may soon leave, with former Mercedes UK CEO Gary Savage possibly leading a combined Constellation group. Sources speculate Marshall and Cinch could merge under Constellation Retail Limited. No official comment yet.
HPL Motors has opened its fourth store in Stockport, adding 250 units and bringing total stock to 1,300. Backed by Marubeni, the group sees this expansion as strategic, with new staff trained to uphold high customer service standards.
Keyloop has appointed Megan Harvey as chief revenue officer, overseeing revenue processes and leading the sales division. Harvey, previously chief alliances officer, will drive growth as Keyloop launches its new automotive retail platform, Fusion. She brings experience from Google and Lookers.
Stellantis exceeded the UK’s 2024 ZEV mandate by selling nearly 40,000 electric vehicles, achieving 22% zero-emission sales despite earlier criticisms. Industry leaders praised the mandate’s success, while Stellantis urged more government support to boost EV adoption.
The Ford Focus was the most scrapped car in 2024 for the eighth consecutive year, representing 6.3% of scrapped vehicles. Vauxhall Astra and Corsa followed. Vauxhall topped as the most scrapped brand, with Ford close behind at 16.8%.
Cold temperatures of late will give way to milder weather this week, reports BBC Weather. It’ll be a cloudy day for most of the country, with outbreaks of rain for the north and drier in the south. Temperatures will be around seven degrees.
Dry and clear for southern England, Northern Ireland and Scotland. Patchy rain in other areas.
