{"componentChunkName":"component---src-templates-post-js","path":"/uk-car-output-slows/","result":{"data":{"ghostPost":{"id":"Ghost__Post__5e330b061d0a780038af7ecd","title":"UK car output slows","slug":"uk-car-output-slows","featured":false,"feature_image":"https://images.unsplash.com/photo-1567789884554-0b844b597180?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"UK production lines slowed in 2019, with the lowest output in almost a decade.","custom_excerpt":"UK production lines slowed in 2019, with the lowest output in almost a decade.","created_at_pretty":"30 January, 2020","published_at_pretty":"30 January, 2020","updated_at_pretty":"30 January, 2020","created_at":"2020-01-30T16:57:42.000+00:00","published_at":"2020-01-30T16:59:37.000+00:00","updated_at":"2020-01-30T16:59:37.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nWe’re making fewer cars\nUK production lines slowed in 2019, with the lowest output in almost a decade\n[https://www.bbc.co.uk/news/business-51300835]. Factories produced 1.3 million\ncars last year, marking the third consecutive year of decline. With 4 in 5 cars\nbuilt for export, the vast majority of which are sent to the EU, trade bosses\nare calling the numbers “a grave concern” and stressing the importance of\nbarrier-free trade with the continent after Brexit.\n\nElectric van switch-on\nDelivery company UPS has made a huge order of electric vans\n[https://www.thetimes.co.uk/edition/business/electric-van-start-up-arrival-hums-into-life-with-order-for-20-000-vehicles-njn6x2f2b] \n(paywall) from London and Banbury-based startup Arrival. The order for 20,000\nzero-emission vans is worth $800 million and offers a ray of light for the motor\nindustry. With a value of $3.3 billion, Arrival is the UK’s first automotive\nunicorn (a tech business worth over $1 billion).\n\nWonga compensation washout\nPeople who were mis-sold loans by the maligned payday lender Wonga will get\nonly\n4.3% of the compensation they’re owed\n[https://www.bbc.co.uk/news/business-51303908]. 380,000 people made eligible\nclaims against the business, worth a total of £460 million, but the loans\nweren’t covered by the Financial Services Compensation Scheme. However, all\nrefunded loans will be wiped from borrowers’ credit records.\n\nBBC cuts back\nThe BBC is on an £80 million saving spree to try and secure its future. Its news\noperation will let 450 people go\n[https://www.theguardian.com/media/2020/jan/29/bbc-announces-450-jobs-will-go-in-newsroom-shake-up] \nand shift focus to its online output over television and radio news. The\npossible decriminalisation of skipping the licence fee adds even greater\nuncertainty to the broadcaster’s financial security.","html":"

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

We’re making fewer cars

UK production lines slowed in 2019, with the lowest output in almost a decade. Factories produced 1.3 million cars last year, marking the third consecutive year of decline. With 4 in 5 cars built for export, the vast majority of which are sent to the EU, trade bosses are calling the numbers “a grave concern” and stressing the importance of barrier-free trade with the continent after Brexit.

Electric van switch-on

Delivery company UPS has made a huge order of electric vans (paywall) from London and Banbury-based startup Arrival. The order for 20,000 zero-emission vans is worth $800 million and offers a ray of light for the motor industry. With a value of $3.3 billion, Arrival is the UK’s first automotive unicorn (a tech business worth over $1 billion).

Wonga compensation washout

People who were mis-sold loans by the maligned payday lender Wonga will get only 4.3% of the compensation they’re owed. 380,000 people made eligible claims against the business, worth a total of £460 million, but the loans weren’t covered by the Financial Services Compensation Scheme. However, all refunded loans will be wiped from borrowers’ credit records.

BBC cuts back

The BBC is on an £80 million saving spree to try and secure its future. Its news operation will let 450 people go and shift focus to its online output over television and radio news. The possible decriminalisation of skipping the licence fee adds even greater uncertainty to the broadcaster’s financial security.

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