Archives for June 2013

G8 Lough Erne Declaration published

On the final day of the 2013 G8 Summit David Cameron and the other G8 leaders signed the Lough Erne Declaration which sets out agreed principles to:

  • drive growth
  • reduce poverty
  • create jobs and prosperity

The Declaration sets out governments’ responsibilities to make proper rules and promote good governance to increase transparency, open up trade and reduce corporate tax evasion.

On tax

  • Commit to establish the automatic exchange of information between tax authorities to fight tax evasion
  • Support developing countries to collect the taxes owed to them, with access to the global tax information
  • Agree to publish national Action Plans to make information on who really owns and profits from companies available to tax collectors and law enforcers

On transparency

  • Finalise a series of ambitious trade deals, including the EU-US trade agreement
  • Strengthen the multilateral trading system
  • Cut bureaucracy to make it easier and faster for goods to cross borders

On trade

  • Empower people to hold governments and companies to account
  • Agree to an Open Data Charter to make budget data and other government information public in an easily accessible way.
  • Common global reporting standards to make oil, gas and mining companies payments to governments more transparent

The OFT to investigate JCT600’s acquisition of the Gilder Group

The website for the Office of Fair Trading reports that they are considering whether the acquisition of Gilder Group by JCT600 has had a detrimental impact on competition.  The OFT statement reads as follows:

“Completed acquisition by JCT600 Limited of Gilder Group Limited  – issued 18 June 2013

The Office of Fair Trading is considering whether this agreement has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”

If the OFT concludes there is a lessening of competition this could have serious repercussions for other groups planning to expand or acquire other groups within the automotive sector.

House Price Index data released by ONS

The Office for National Statistics has released the April 2013 House Price Index data.

  • In the 12 months to April 2013 UK house prices increased by 2.6%, down from a 2.7% increase in the 12 months to March 2013.
  • House price growth remains stable across most of the UK, although prices in London are increasing faster than the UK average.
  • The year-on-year increase reflected growth of 2.8% in England and 6.2% in Wales, which were offset by declines of 1.2% in Scotland and 0.8% in Northern Ireland.
  • Annual house price increases in England were driven by a 6.0% rise in London and a 3.6% increase in the East Midlands.
  • Excluding London and the South East, UK house prices increased by 1.4% in the 12 months to April 2013.
  • On a seasonally adjusted basis, UK house prices increased by 0.4% between March and April 2013.
  • In April 2013, prices paid by first-time buyers were 4.7% higher on average than in April 2012. For owner-occupiers (existing owners) prices increased by 1.9% for the same period.

UK’s first Volvo V60 Hybrid purchased

Nick Simmons, the Finance Director of Naked Energy, a Surrey based design and innovation business, has taken delivery of the UK’s first V60 Plug-in Hybrid.  He purchased the new Volvo from Squire Furneaux in Leatherhead.  The V60 Plug-in Hybrid electric vehicle was launched in the UK earlier in the year.  In Hybrid mode the diesel and electric motor work together to produce up to 155.2 MPG (combined) and emit a minimal 48 grams of CO2 per kilometre.

Hangreen Limited acquired by Hartwell

The Hartwell Group has acquired two Sky Ford sites from Hangreen Limited at Hemel Hempstead and Watford.  The purchase price is not known although both sites will continue to trade as Sky Ford.  This brings Hartwell’s representation with Ford to nine sites.

National Well-being

The Office for National Statistics published their Measuring National Well-being Self reported financial situation, 2013.  It highlighted that in 2009–10 and 2010–11, 57% of those aged 16 and over in the UK were relatively satisfied with their household income: satisfaction with income varied from about 58% to 66% between 2002 and 2008.  However 11.5% of people aged 16 and over reported that they were finding their financial situation quite or very difficult in 2010–11 a slight decrease compared to 12.4% in 2009–10.  In 2010–11 about a fifth (19%) of respondents reported that they expected their financial situation to get worse in the next year, while a quarter (25%) expected it to get better.