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Car sales plunge, Bank of England cuts rates

New car sales plunge in October: Renault sales were down by more than half By Nigel Wonnacott Motor Industry 06 November 2008 12:30 Following the sixth monthly decline in new car sales this year (down 23% this month), economists have revised market forecasts downwards, while the Bank of England has cut interest rates by 1.5%. October’s 23% drop was the worst so far and trade body SMMT now fears sales could end the year at just 2.15 million cars. That’s 8% lower than the 2.34 million predicted to leave showrooms back in January and would be the worst market performance in more than a decade.

Fake ‘ghost’ car insurance on the rise

It’s not an early Halloween joke – ‘ghost brokering’ fake insurance policies is on the rise in the UK, becoming one of the latest fraud scams in a long line of car insurance rip-offs. According to anti-scam website Action Fraud, around 20,000 British motorists have already fallen foul of this new form of car insurance crime – so what is ghost brokering and how can you avoid it? Top 5 car insurance scams revealed Massive car insurance frauds Ghost insurance brokers target drivers looking for cheap car insurance – these criminals will often act as insurance intermediaries offering to get you the best deal on your car cover.

Jaguar Land Rover: Tata to double annual investment to £1.5 billion

Tata to double investment in JLR Tata Motors has revealed that it plans to double annual investment in Jaguar Land Rover (JLR) to £1.5 billion. Just last week we reported that Tata Motors’ profits in the last quarter had been driven very much by the resurgence at Jaguar Land Rover, with JLR profits soaring while Tata Motors domestic profits declined. And it looks like Tata are keen to keep that momentum going with the announcement that they are to double annual investment in Jaguar Land Rover to £1.5 billion.