Ford, Vauxhall, Honda among car giants to issue stark warning over hard Brexi November 14, 2017 Some of the world’s biggest car-makers have warned that a hard Brexit would put significant pressure on their UK operations, urging the government to agree a standstill transitional period amid fears that time is running out. Ahead of an industry hearing before the Business, Innovation, Enterprise and Skills (Beis) committee this afternoon, MPs have published [...]
Sabre insurance reveals plans for £213m float with boss saying: “It’s not all young drivers in hot hatches” November 13, 2017 Quirky British car insurer Sabre today announced plans to raise £213m from a London stock market listing. The move will enable private equity firm BC Partners to realise part of its investment into the Dorking-based firm. BC, which paid £240m in 2013 for the firm, will retain a “significant stake” in Sabre post-float. Sabre specialises [...]
Direct Line share price wobbles after revealing technology revamp impairment November 7, 2017 Direct Line shares wobbled this morning after revealing a technology systems overhaul was not going to plan. The FTSE 100 insurer, which was spun-off from Royal Bank of Scotland in 2012, is spending up to £100m each year on revamping its legacy systems and developing new technology to improve the “customer journey”. But the value [...]
The Little Big Short: Subprime car loans could be fuelling the next financial crash July 11, 2017 Lenders are forgetting the lessons of the past. Those are the words of Mark Carney on the rapid growth of the car finance industry. It’s a decade since the financial crisis brought institutions around the world to their knees, triggered by a meltdown in subprime mortgages. Yet here we are again – the only [...]
Queen’s speech: Here’s the full text, featuring a flurry of Brexit bills June 21, 2017 The much-anticipated Queen's speech for 2017 has been delivered, outlining Theresa May's plans and her pledge to win "the trust and confidence" of the British people. Below is the full text of the speech. The Queen's speech 2017 My Lords and Members of the House of Commons. My government’s priority is to secure the best [...]
Queen’s speech 2017: Here’s the full text of Theresa May’s plan covering Brexit, HS2 but no mention of US President Donald Trump visit June 21, 2017 The much anticipated Queen’s speech for 2017 has been delivered, outlining Theresa May’s plans and her pledge to win “the trust and confidence” of the British people. Read more: Live: The Queen’s speech The Queen’s speech: The full text My Lords and Members of the House of Commons. My government’s priority is to secure the [...]
Ford’s Essex-based financing unit gears up for possible shift to Germany to swerve Brexit fallout March 7, 2017 Ford is mapping a possible move to Germany for part of its sizeable financing division, as the car manufacturer plots a route to avoid Brexit fallout. According to Sky News, which first reported the story, staff at Essex-based Ford Credit Europe (FCE) have been told the company has commissioned a study into whether it would be [...]
City Moves for 8 February 2017 – who’s switching jobs? February 8, 2017 Today's City Moves cover banking and online travel. Take a look at these movers and shakers: Aldermore Specialist lender and savings bank Aldermore has appointed two leading industry figures to its business finance team to drive further growth in its asset finance lending operations. Patrick Jelly joins the Bank as commercial director for asset finance. [...]
UK car sales reach highest point since 2005 in January as alternative fuel vehicles push to record market share February 6, 2017 UK car purchases reached a 12-year high in January as the alternative fuel segment jumped to a record market share. Year-on-year growth hit 2.9 per cent in the month, with 174,564 new purchases, according to the Society of Motor Manufacturers and Traders (SMMT). Car-buyers eschewed diesel vehicles as increased concerns over air pollution continue to [...]
Car manufacturing hits its highest level in 17 years – as auto makers slash investment January 26, 2017 UK car manufacturing hit a record high in 2016, new figures have shown – just as car manufacturers slashed the amount they invested in the UK. Figures published today by the Society of Motor Manufacturers and Traders (SMMT) showed the UK made 1.7m vehicles in 2016, up 8.5 per cent on the year before and [...]