Stellantis CFO Doug Ostermann will also head Financial Services unit
"Not only is it a great business, it is also a powerful enabler of growth and plays a critical role in providing our customers the freedom of choice they deserve, through innovative financing," he added.
Stellantis Financial Services (SFS), wholly-owned by the carmaker, provides financing options for new and used cars of the group's brands, including Jeep, Fiat and Ram.
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The Independent
27 minutes ago
- The Independent
Rachel Reeves should exempt defence pledge from budget rules, says Gordon Brown
Gordon Brown has said Chancellor Rachel Reeves should exempt the Government's defence spending pledge from her borrowing rules to help free up economic headroom. The former prime minister said the commitment to spend 5% of GDP on national security by 2035 should be dealt with jointly as a ' Nato initiative', with costs shared across Europe. Leading economists have warned the Chancellor will likely have to raise taxes in the autumn budget to plug a £51 billion black hole in the public finances. Ms Reeves is currently on track to miss one of her borrowing rules by £41.2 billion and needs to rebuild a fiscal buffer of nearly £10 billion that has been wiped out, the National Institute of Economic and Social Research (Niesr). Mr Brown, who served as chancellor for a decade in Sir Tony Blair's Labour administration, said on Thursday that the rise in defence spending should be treated as 'exceptional', as it has been in Germany. 'When you come to the fiscal position, look, there's one thing that's happened over the last few months that has been quite unprecedented – to spend 5% on defence expenditure as we want to spend by the 2030s,' he told BBC Radio 4's Today programme. 'But this is a Nato initiative, this is a European initiative. We should be doing this jointly. 'We should have either jointly issued bonds or a Nato defence fund, and we should be sharing the cost across the continent, and that should be regarded as something extraordinary and exceptional, outside the fiscal rules. 'That would create the kind of headroom that Rachel Reeves needs.' Germany has exempted some defence spending from its strict borrowing rules – the so-called 'debt brake' – to allow an increase in expenditure. When she entered the Treasury, Ms Reeves set out two key fiscal restrictions which she has said are 'non-negotiable'. The first rule is to ensure that day-to-day spending is matched by tax revenues so the Government only borrows to invest, and the second is to reduce net financial debt as a share of the economy. Ministers have already announced a cut to overseas aid to fund a boost in defence spending but economists have said the new Nato target of 5% by 2035 could increase expenditure by a further £38.6 billion. The Treasury has been contacted for comment.
Daily Mail
27 minutes ago
- Daily Mail
Asylum seekers who work in Britain illegally should be 'on the next plane home', demands Kemi Badenoch
Asylum seekers who work in Britain illegally should be 'on the next plane home', Kemi Badenoch has said. The Tory leader wants illegal working to become a disqualifier in the asylum process, so that anyone caught is barred from becoming a refugee. Aslyum seekers are generally not allowed to work in the UK, although they can apply for permission to work if they have been waiting 12 months for a decision. Concerns have recently been raised that some migrants living in hotels housing asylum seekers are earning money through food delivery apps. The Home Office recently struck an agreement with Deliveroo, Just Eat and Uber Eats to help them identify delivery riders who are not allowed to work in the UK. The Government will share the locations of asylum hotels as part of the deal. But Mrs Badenoch and Chris Philp, the shadow home secretary, want tougher action to stop illegal working being a 'pull factor' attracting small boats across the Channel. 'If you come here illegally, take advantage of our asylum system, and then break our laws by illegally working, your asylum claim must be rejected and you should be on the next plane home,' Mrs Badenoch said. The Tory leader also said that illegal working 'rewards illegality, protects perpetrators and mocks hard-working taxpayers'. 'Under my leadership, the Conservatives will never allow Britain to become a soft touch for those who think they can break the rules and profit from it,' she added. Mr Philp said he had seen riders gathering at a hotel housing asylum seekers, which he described as 'an underground courier cartel operating right under this Government's nose'. He added: 'Illegal working is a pull factor sold by smugglers as a reward to break in to our country and cross the Channel. 'That is why we are calling for new action: anyone who plays the system should have their status stripped, wages confiscated, and be deported.' Home Secretary Yvette Cooper has previously said that 'illegal working undermines honest business, exploits vulnerable individuals and fuels organised immigration crime'. She described the Home Office's data-sharing deal as 'decisive action to close loopholes and increase enforcement', Ms Cooper added it sat alongside 'a 50 per cent increase in raids and arrests for illegal working'.
Reuters
27 minutes ago
- Reuters
Sterling rises before BoE meet, 'gradual and careful' guidance under scrutiny
Aug 7 (Reuters) - Sterling rose against a weakening dollar on Thursday with the markets watching whether the Bank of England will maintain its 'gradual and careful' language on the pace of policy easing at its meeting due later in the day. That slow and steady path no longer looks so clear, with inflation above the BoE's projections and forecast by some economists to reach 4%, double the bank's target, in the coming months. Markets expect a 25-basis point rate cut, while pricing a total of 86 bps of rate cuts by December 2026. "Recent Monetary Policy Committee (MPC)-speak has leaned dovish, although it has been light," said Jamie Searle, rate strategist at Citi. "The tail risk is that this MPC has shown in recent years that it isn't afraid to surprise." The pound was up 0.18% versus the dollar at $1.3380, its highest since July 30. . 'Our view remains that the UK economy is likely to grow around 1-1.2% for the next three years, versus Office for Budget Responsibility (OBR) forecasts of 1.7-1.9%,' said Mohit Kumar, economist at Jefferies. 'Lower growth implies that the BoE would need to do more than currently priced in (in terms of rate cuts), and the fiscal picture is worse than (what) the current official estimates show,' he said. Finance Minister Rachel Reeves is expected to raise taxes again in a budget statement towards the end of 2025 in order to meet her own targets for fixing the public finances. A survey showed on Wednesday that activity in Britain's construction sector fell by the most in more than five years. The single currency rose 0.15% at 87.42 pence per euro , its highest since July 28. It hit last week 87.69, its highest level since May 2023 as the European Central Bank is almost done with its monetary easing cycle. The euro hit a fresh 1-1/2-week high against a weakening dollar on Thursday as investors monitored Ukraine peace talks. 'While we are bracing for a 7-2 split vote, we would not be overly surprised if (Swati) Dhingra and/or (Alan) Taylor voted for a 50-bp cut, as they did in May,' said Matthew Ryan, head of market strategy at global financial services firm Ebury, adding that such a move would likely trigger a sell-off in the pound.
