Jaguar Land Rover has confirmed it is to shut one of its sites in the West Midlands due to a restructure of its operations. The group will decide next year whether it will close its Castle Bromwich plant in Birmingham or its Range Rover factory in Solihull. While the closure of the plant is not [...]
Struggling car maker Jaguar Land Rover is to reduce its workforce at its Halewood factory in Merseyside as the company plans to cease production of its X-Type model. The global economic downturn has resulted in a slump in demand for big-ticket items, such as cars. This has affected carmakers worldwide with many cutting back on [...]
The global economic downturn has resulted in a slump in demand for big-ticket items, such as cars. This has affected carmakers worldwide with many cutting back on production, slashing jobs and seeking funding to see them through the downturn. Jaguar Land Rover (JLR), the Midlands carmaker, is no exception and according to The Sunday Times, [...]
UK carmakers, Jaguar Land Rover and Nissan, have today received £720 million worth of funding, in return for investing in cutting vehicle emissions. The funding was approved by the European Investment Bank (EIB), the EU’s main source of long-term lending, and is the first such package provided to any carmaker. Jaguar Land Rover was awarded [...]
Figures released today by the Society of Motor Manufacturers and Traders (SMMT) have revealed further bad news for the UK car industry. According to the organisation, new registrations fell 21.9% in February, compared with the same month last year. The industry has been hit badly as the economic downturn has meant that consumers have cut [...]
Business Secretary, Lord Mandelson, will this afternoon unveil plans to help the struggling car industry since the economic downturn has meant that car sales have plummeted in recent times. However, No. 10 have said that the support is ‘not a bailout’ but is expected to include measures such as guarantees for loans to the industry [...]
Figures from the Society of Motor Manufacturers and Traders (SMMT) have revealed that the number of cars built in November in the UK was down 33% compared with the same month last year. A fall in demand for new vehicles in the UK and overseas was attributed to the severe decline. Meanwhile, production of commercial [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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