Business news live: FTSE 100 to open near record high and latest bitcoin price after fall
Meanwhile, key upcoming UK economy data this week includes mortgage approvals and the Nationwide House Price Index. Additionally, there is likely to be more news emerging on how the government may tackle pension reform, amid debate over what age the state pension should be and whether the tax relief rate on pension contributions may be altered.
In other markets, bitcoin fell towards the end of last week, from the highs above $123,000 down to around $115,000, with gold also retreating as investors took a risk-on approach once more.
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South Wales Argus
28 minutes ago
- South Wales Argus
Starmer: Small business owners should not have to put homes on the line
A crackdown on late payments that businesses waste time chasing is also being launched as part of the Government's newly published small business plan. Business Secretary Jonathan Reynolds said late payments were the 'number one issue' raised by small businesses as he and Sir Keir Starmer visited a Swindon co-working space in a former train shed. The plan also aims to boost access to finance after small businesses said they were struggling to secure loans. Sir Keir Starmer and Jonathan Reynolds speak to staff members of small businesses at Workshed in Swindon (Anthony Upton/PA) 'I don't want anybody who is willing to take a risk and start a business to feel that their family home might be a risk if that doesn't go right, so working again with private lenders to give people that reassurance,' Mr Reynolds said. The Prime Minister said being an entrepreneur in the UK was a matter of putting 'your whole self' into it. 'You put your whole self in, you put your whole self in, you put your family in, you put so much into running a business.' But he said he wanted to make access to business finance easier, after hearing from the owner of a salon business who told him she had faced 'astronomical' interest rates when she had first opened her business and looked at a bank loan. He said: '(We're) making sure people can access that more easily, more readily, don't necessarily have to feel that they've got to put their equity, their house on the line.' He said he had been shocked to learn that £11 billion is lost through late payments annually and that it is often big businesses paying late. Upcoming legislation will introduce maximum payment terms of 60 days. The small business commissioner will also get new powers to fine large companies persistently paying suppliers late. The commissioner will also be able to enforce a rule that customers must pay their supplier within 30 days of receiving a valid invoice, unless otherwise agreed, with spot checks to help identify breaches. The plan will also pump £4 billion of financial support into small business start-ups and growth. This is set to include £1 billion for new firms, with 69,000 start-up loans and mentoring support over the next four years. And the British Business Bank will have its financial capacity increased to £25.6 billion. Andrew Griffith, the Conservative shadow business secretary, said: 'Cracking down on late payments will be welcome for small business but will mean nothing for the 218,000 businesses that have closed under Labour. 'The reality for businesses under Labour is a doubling of business rates, a £25 billion jobs tax and a full-on strangulation of employment red tape. 'Only the Conservatives are on the side of the makers and will support businesses across Britain to create jobs and wealth.' Prime Minister Sir Keir Starmer speaks to small business owners in Swindon (Anthony Upton/PA) The Lib Dems said the announcement 'falls far short' of a proper plan. Sarah Olney, the Lib Dem business spokesperson, said: 'Small businesses are the beating heart of our economy and our local communities, yet they've had to suffer through years of chaos under the last Conservative government and are now being badly hit by this Government's damaging national insurance hike. 'Ministers can't go on burying their heads in the sand about the huge challenges that SMEs face. We must urgently see a proper plan centred on scrapping the national insurance rise, fixing business rates and cutting sky-high energy bills.' Mr Reynolds said about half of all businesses in the UK were paying the same or lower national insurance employer contributions. 'But we will always acknowledge there have been some difficult decisions the Government had to make on the public finances. 'That makes it even more important to deliver on these measures that will make a practical difference to save businesses time and money wherever we can.' Sir Keir said rising business rates were a 'real cause of concern' and that his Government was going to stabilise it. 'So, it's not changing year on year. So, lower it because that's really important for these small and medium sized businesses,' he told ITV West Country.
Auto Car
28 minutes ago
- Auto Car
The CEO of Jaguar and Land Rover is retiring after two years in the top job
In a recent interview with Autocar, Mardell revealed that he had driven the new GT and said it was the "most fun I've had" in his time as JLR boss. "It was stunning in terms of its speed, its acceleration, its performance, but also how it delivered the power with a real sense of character," he said. "The chassis team are really excited about the possibilities of the vehicle.' Speaking more generally about Jaguar's prospects as an all-electric luxury brand, Mardell said he was "certain we will have wait lists which are significant relative to the volumes we aspire for with the first product'. He continued: "In today's market conditions, I don't see anything which is going to concern me about the success of the new Jaguar in this new world at all, actually.' Mardell leaves JLR in a position of far greater stability than that it was in when he took the top job, but the company still faces strong headwinds. Chief among those is the imposition of new tariffs on foreign-built cars in the crucial US market, which accounts for a huge proportion of sales of JLR's most profitable models. The UK recently secured a trade deal that reduced the US import tariff on its exported cars from an initially mooted 25% to 10%, which is good news for the Solihull-built Range Rover models and the Halewood-produced Range Rover Evoque and Discovery Sport. But that levy only applies to the first 100,000 cars shipped to the US in a year, meaning any JLR models shipped above that number are liable to attract the higher 25% fee. Similarly, while the EU has now struck a deal with the US, cars shipped from the region to North America will still attract a 15% tariff, which will have significant implications for the Defender and Discovery, both built in Slovakia. Mardell's eventual replacement will also have to negotiate JLR's inevitable shift to a pure-electric line-up over the coming years, in the face of waning global demand for premium EVs.
The Independent
28 minutes ago
- The Independent
Car finance mis-selling case deadline revealed as millions could be owed compensation
Millions of motorists may soon be owed major payouts as a key deadline for legal proceedings over widespread mis-selling of car financing is set revealed. The Supreme Court will be delivering a crucial judgement on Friday which could pave the way for a massive redress scheme potentially affecting millions. It will rule on a shock Court of Appeal ruling last autumn that all car finance agreements with hidden commission were unlawful. The Financial Conduct Authority (FCA) has said it will set out exactly how an industry-wide redress scheme will work following the Supreme Court decision. Up to 90 per cent of new cars purchased in the UK are bought using motor finance, meaning millions could potentially be due payouts following the ruling. Anyone who bought a car before January 2021 using a car finance scheme could be eligible for compensation after the FCA found that many 'may have been charged too much' by their lenders. This is because some companies 'discretionary commission arrangements' with brokers, which gave them the power to adjust customers' interest rates on Personal Contract Purchase (PCP) and Hire Purchase agreements. Because these brokers earned more commission on higher rates, this created an incentive to maximise the rate given. An estimated 40 per cent of car finance deals were thought to be affected by the issue. The FCA outlawed this practice from 28 January 2021, but acknowledge that a 'high number' of people have now come forward to claim they had been overcharged before the ban. The financial regulator has confirmed that it will consult on a redress scheme and laid out the factors it will consider. In a statement in March 2025, it said: 'Firms would be responsible for determining whether customers had lost out due to their failings, but the FCA would set rules that firms must follow under the scheme and introduce checks to ensure they do.' However, the FCA is waiting for the upcoming Supreme Court judgement before finalising details, as the outcome of this case could expand the scope of the redress scheme much further. The shock Court of Appeal ruling last autumn found that if a car finance agreement didn't inform customers of all the details of commission, it was likely unlawful. This is a regular practice, with experts predicting 99 per cent of deals are affected by the issue. It is car finance firms Close Brothers and Motonovo are appealing this judgement in the Supreme Court, with the final judgement set to decide how many motorists will be due compensation. The FCA has said it will confirm within six weeks of this judgement if it is launching a compensation scheme. Money expert Martin Lewis said: 'This decision could have ramifications across the economy, far beyond car finance. 'If the Supreme Court doesn't overturn the Court of Appeal decision, the knock-on effects could be substantial on other forms of lending and the economy. It could shake the foundations of consumer lending (meaning less possible available credit for many). 'So much so, I have long said I worry it may do more harm than good for consumers. It's therefore unsurprising there's talk of the Chancellor overruling the decision if the Supreme Court follows the Court of Appeal.' The Money Saving Expert founder and FCA have both advised those who believe they may be affected to hold off on signing up to any claims management or law firms advertising their services over the issue. This is because these services will not be required if payouts are automatic, but may still be able to take payment. The regulator explains: 'Consumers should be aware that by signing up now with a CMC or law firm, they may end up paying for a service they do not need and having to pay up to 30 per cent in fees out of any award they may receive."
