Ahead of new car sales data out shortly, Vertu Motors, the last of the listed major nationwide car dealerships, has published a five-month trading statement, talking about the steady used car market, a recovery for new cars, and a poor van market.
What is interesting is that chief executive Robert Forrester is excited about Vertu’s opening of new franchise dealerships for BYD, the leading Chinese manufacturer.
“Ford and Vauxhall used to lead the market in this country. BYD has excellent technology and I can see them getting to a similar sizeable position in the UK in the future,” Forrester said.
Ryanair increases carry-on bag size from today
The rules on carry-on bags have changed
NICOLAS ECONOMOU/NURPHOTO VIA GETTY IMAGES
The new largest carry-on bag size at Europe’s biggest airline has come into force.
All passengers can now bring a free bag sized at 40 x 30 x 20cm (about 24 litres), Ryanair said, adding that the new size was 33 per cent larger than the EU standard (40 x 30 x 15 cm). The airline’s previous bag allowance was 40cm x 25cm x 20cm (around 20 litres).
The update came amid new EU regulations stopping airlines from charging for small carry-on bags. Ryanair said it had completed the rollout of its bigger carry-on bag sizers at its 235 airports across Europe.
Ryanair’s chief marketing officer, Dara Brady, said: “We hope our customers will enjoy these bigger, free carry-on bag sizes, but any passenger who fails to comply with these new generous limits, will be required to pay the checked-in bag fee at the boarding gate.”
Investors wary of ‘correction around the corner’
Investors withdrew £1.31 billion from shares in August amid growing fears of a market correction, figures from the global fund network Calastone showed.
It was the worst period of selling for equity funds since the aftermath of the mini-budget in 2022.
Global equity funds recorded a third month of withdrawals in a row with outflows of £658 million, which Calastone said was an unprecedented run. UK equity funds lost £657 million, although for only the second time in eight years they fared better than global ones.
Many investors opted for safe-haven money market funds, which had inflows of £633 million — their strongest performance for two years.
Edward Glyn, head of global markets at Calastone, said: “Fund investors are wary, clearly fearing a correction is round the corner.”
Anglo American sells Valterra stake for £1.85bn
The listing of Valterra Platinum at the Johannesburg Stock Exchange in May
SIPHIWE SIBEKO/REUTERS
The global miner sold its remaining stake in Valterra Platinum for £1.85 billion, marking its full exit from the former subsidiary.
Anglo American said it sold 52.2 million shares, or 19.9 per cent, of Valterra Platinum, previously Anglo American Platinum, at 845 South African rand a share.
The holding had been retained following the demerger of Valterra Platinum at the end of May 2025. Anglo has been selling or spinning off non-core assets to focus on copper and iron ore since BHP’s failed takeover attempt last year.
Lloyd’s gross written premiums rise 6%
The California wildfires drove major claims
JOSH EDELSON/AFP/GETTY IMAGES
Gross written premiums at the world’s biggest and oldest insurance market rose 6 per cent to £32.5 billion in the six months to the end of June, from £30.6 billion over the same period last year.
Lloyd’s of London posted a combined ratio, a key measure of underwriting profitability, of 92.5 per cent, up from 83.7 per cent a year earlier. A ratio below 100 per cent indicates a profit; anything above is a loss. Pre-tax profit slipped to £4.2 billion from £4.9 billion.
Patrick Tiernan, chief executive, said: “Lloyd’s syndicates delivered a solid half-year performance, demonstrating strength and resilience. While major claims returned to expected levels — driven by the devastating California wildfires — disciplined underwriting ensured the underlying result had the capacity to absorb such volatility.”
The market remains on track to deliver the full-year results previously predicted.
Currys to buy back £50m of shares
Currys restored dividend payments in July
ALAMY
The electrical appliances retailer has reported a “strong” start to its financial year and announced plans to buy back £50 million of shares ahead of its annual general meeting later today.
Currys restored dividend payments in July alongside full-year results, having suspended them in 2023.
The company reported that like-for-like sales across the group rose 3 per cent in the 17 weeks to August 30. Its UK and Ireland business posted a 3 per cent rise in sales and the Nordics division saw a 2 per cent increase.
Electric cars make up 26% of August sales
Electric cars are getting steadily more popular
ALAMY
More than a quarter of all new cars sold last month were battery electric, according to figures to be released later today.
The 26 per cent market share was quite a performance for zero-emission vehicles, but it came with the caveat that overall the new car market fell in August by 2 per cent.
In addition, August is not a wholly reliable indicator month: it is one of the lowest volume periods of the year ahead of the bumper September registration plate change, and dealers often use August to destock vehicles that have been hanging around the forecourt.
For the first eight months of 2025, electric cars made up 22 per cent of all sales, but that still behind the government target of 28 per cent.
Subdued UK growth lessens chances of rate cut, says BCC
Rate cut expectations for later this year are fading
PETER DAZELEY/GETTY IMAGES
UK growth will remain subdued, with investment stalling and inflation likely to stay high, narrowing the chances of further interest-rate cuts this year, according to the latest British Chambers of Commerce economic forecast.
The industry body narrowly upgraded growth expectations but said overall “growth continues to flatline”. UK GDP growth is expected to be 1.3 per cent for 2025, revised up from its previous forecast of 1.1 per cent. Its GDP predictions for 2026 and 2027 remained unchanged at 1.2 per cent and 1.5 per cent, respectively.
Inflation is forecast to remain “stubbornly above target’’, hitting 3.7 per cent in the final three months of this year, before easing to 2.5 per cent by the end of 2026, closer to the Bank of England’s 2 per cent target. “Given a pick-up in inflation, further reductions in the interest rate are unlikely” this year, the BCC said.
Gold investors still bullish
The gold price fell back after hitting an all-time high yesterday on expectations of a US interest-rate cut this month after job openings fell more than expected ahead of key US employment data tomorrow.
Spot gold fell 0.8 per cent to $3,530.91 a ounce, down from a record high of $3,578.50 on Wednesday.
“We’ve seen a bit of profit-taking, but gold is still in a bull market at this point in time. Rate-cut expectations and worries over the Federal Reserve’s independence are going to add to safe-haven demand,” said Brian Lan at Singapore’s GoldSilver Central.
“We won’t be surprised even if gold prices go up to $3,800 or even higher in the near-term.”