Ministers are backing the idea of a ‘cash-for- scrap’ bounty under plans to kickstart the motor industry.
A scheme pioneered in Germany has led to a 21% rise in new vehicle sales in February. By contrast, the number sold here fell by more than 21% last month, the tenth monthly drop in a […]
The pay cuts are expected to come from a shift to ’short working’ as businesses reduce the working week because of low demand.
The situation has echoes of the three-day week of the 1970s, which was triggered by power shortages linked to the miners’ strike.
The problems for the private sector are in stark contrast to […]
But with sales of new cars down 31% last month compared with January 2008, the motor industry will have little to celebrate on March 1.
More than 800 workers at the Mini plant in Cowley, Oxford, were the latest car workers to fall victim to the recession. BMW, which makes the Mini, joins Toyota, Honda, […]
Ford said it would today raise prices by 5.2% on its best-selling Ford Focus with prices going up an average 4.7% across its range.
US-owned Vauxhall, part of the General Motors group, will announce its price rises later this month, a spokesman said.
The decision by the giants of the US car industry which have not […]
The Business Secretary revealed that the Government would use taxpayers’ cash to underwrite loans to motor firms and large suppliers.
The plan is similar to that unveiled for small businesses this month, but which at the time excluded bigger companies from ‘guarantees’ of credit.
Some £1.3bn of the loans will come from the European Investment Bank […]
The steelmaker, formerly British Steel, will cut 3,500 jobs in total worldwide.
Along with a steel price that has almost halved since September, falling orders have taken their toll.
The Anglo-Dutch company, formed ten years ago by the merger of British Steel and Hoogovens, has been affected by the paralysis gripping two of its main markets […]
The R word finally became a reality on Friday 23 January 2009, when the UK was officially confirmed as having fallen into its eighth recession.
Office of National Statistics figures showed Gross Domestic Product (GDP) had fallen by 1.5% in the final quarter of 2009, following its 0.6% dip in the […]
The value of new and used cars has taken a battering over the past year, as sales collapse, and sellers are forced to slash prices.
While this has spelt good news for car buyers hoping to save on their purchase, it has caused headaches for those unlucky enough to have their car […]
The latest push for a halving of interest rates to a low of 1% came as the UK services sector was to be declared to be shrinking at near-record levels.
While activity in the sector, which makes up the bulk of the UK economy, remained stagnant last month at 40.2, according to the Chartered Institute […]
As the recession puts the brakes on car sales, some in the motor industry are pinning their hopes on car leasing schemes.
November’s sales of new cars to private buyers were down by 45% on the same month in 2007, according to trade body the Society of Motor Manufacturers and Traders.
But leasing gives drivers who […]
© 2008 Daily Financial News