US Jobless Rate Now At Lowest Since July 2008

The unemployment rate in the United States has dropped to 5.9%, the lowest level since July 2008.

The jobless rate dropped by 0.2% from the August figure.

Official data showed that the US economy created 248,000 non-farm jobs in September.

The Labor Department said employers added 69,000 more jobs in July and August, higher than the government had previously estimated.

It said job creation was strongest in the restaurant industry, health care, food and beverage stores and administrative services.

More modest additions were recorded in construction and government hiring.

The improved figures come after President Barack Obama touted his administration's economic achievements in a speech on Thursday.

The economy is one of the top issues in voters' minds as the November mid-term elections near.

The lower jobless rate, combined with the surge in hiring, could ratchet up pressure on the Federal Reserve to raise its benchmark interest rate earlier than expected.

Most economists have predicted that the Fed would start raising rates in mid-2015.

"This number will continue to support the notion that the economy is growing ... (but) isn't so strong that the Fed will raise rates anytime soon," Kingsview Asset Management portfolio manager Paul Nolte said.

With rate hike expectations mounting, the dollar pushed higher on foreign exchanges after the figures were published at 1.30pm BST.

Markets across Europe except Germany's DAX, which was closed for the day, jumped on release of the new data.

In broader economic news, officials said the US trade gap narrowed in August to $40.1bn (£25bn).

The Commerce Department said the revised figure was $200m (£125m) down on the first estimate.

Economists had expected the trade gap to have grown to $40.9bn.

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John Lewis Boss Sorry For 'Hopeless' France Jibe

The boss of the John Lewis Partnership has apologised to France, after saying the country was "finished".

Managing director Andy Street held up an olive branch after a series of negative comments about the country were published on the front page of The Times.

He had made critical comments at an event for entrepreneurs in London that included a competition for start-up businesses.

Mr Street described France as "sclerotic, hopeless and downbeat," and urged British business people with investments in the country "to get them out quickly".

He had said: "I have never been to a country more ill at ease … nothing works and worse, nobody cares about it."

Mr Street is the most senior executive in the partnership, which shares an equal percentage of profits amongst all workers.

He joked to the audience that an award given to the company at the World Retail Congress in Paris was "made of plastic and is frankly revolting".

"If I needed any further evidence of a country in in decline, here it is. Every time I (see it), I shall think, 'God help France.'"

However, on Friday, Mr Street said in a statement to Sky News that his comments "were supposed to be lighthearted views, and tongue in cheek".

He added that "on reflection I clearly went too far. I regret the comments, and apologise unreservedly".

But the Gallic wrath may already be building, despite there being no John Lewis or Waitrose store presence in France.

After informing readers that Mr Street called the Eurostar terminal of Gard du Nord the "squalor pit of Europe", Les Echos called his comments "bitter and angry".

It then warned readers that John Lewis has plans to roll-out a website catering for French customers, with pricing in euros.

Les Echos then quipped: "The fuss is already assured."

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Wonga Writes Off 330,000 Customers' Debts

Payday lender Wonga has said it will write off the debts of 330,000 customers whose loans would not have been approved under new affordability guidelines.

Sky sources said the cost of writing off the debt to the company would be £35m.

There is £220m debt outstanding for the customers affected, at an average loan value of £667 per borrower.

The short-term lender said it would contact the borrowers by October 10.

City watchdog the Financial Conduct Authority (FCA) said the 330,000 customers who are currently in excess of 30 days in arrears will have the balance of their loan written off and therefore owe Wonga nothing.

And some 45,000 customers who are between zero and 29 days in arrears will be asked to repay their debt without interest and charges and will be given an option of paying off their debt over an extended period of four months.

Wonga currently offers a fixed interest rate of 365% per annum, and gives an example of £150 borrowed for 18 days attracting an interest total of £27.99.

With its "transmission fee" of £5.50, the total one-off payment for the £150 is £183.49, representative of an annual percentage rate of 5,853%.

Wonga founder Errol Damelin resigned his chairman's role in June

Archbishop of Canterbury Justin Welby, who criticised the lender last year, welcomed the move but said the major issue was to create a reformed financial system.

"The big issue is to create a financial system that gives access to the poor and hope for the poorest in our lands, to be able to flourish and develop and have proper access to finance, not just for loans but for savings," he said.

"For lives in which finance is a good servant, not a bad master."

The default write-off news comes just days after the company reported a massive drop in earnings.

Wonga's annual profit dropped by 53%, after the payday lender came under fire for the tactics it uses to reclaim money from borrowers in default.

It said full-year pre-tax profit in the 12 months to 31 December was £39.7m, down from £84.5m a year earlier.

The company was criticised over its previous tactic of sending customers in default fake legal letters.

FCA director of supervision Clive Adamson said: "We are determined to drive up standards in the consumer credit market and it is disappointing that some firms still have a way to go to meet our expectations.

"This should put the rest of the industry on notice - they need to lend affordably and responsibly.

"It is absolutely right that Wonga's new management team has acted quickly to put things right for their customers after these issues were raised by the FCA."

The announcement was made after new Wonga chairman Andy Haste completed discussions with the FCA.

Mr Haste said: "It's clear to me that the need for change at Wonga is real and urgent.

"Our regulator is determined to improve standards in consumer credit and I share that determination.

"There is much to do in order to make Wonga a sustainable and accepted business, and today's announcement is a significant step forward in that process."

He added: "We want to ensure we only lend to those who can reasonably afford the loan in question and during my review, it became clear to me that this has unfortunately not always been the case.

"I agreed with the concerns expressed by the FCA and as a consequence of our discussions we have committed to taking these actions."

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Morrisons To Price Match Aldi And Lidl

Morrisons has announced a new price match system, which is set to exacerbate Britain's brutal supermarket war.

The fourth biggest grocery chain said that in addition to price matching Tesco, Asda and Sainsbury's, it would now do the same with discounters Aldi and Lidl.

The new price comparison and points system will see users automatically refunded card points, along with extra points for selected products and fuel.

A Sky News investigation has shown it is the only store currently matching both main chains and discounters.

But shoppers will only accrue points if a supermarket product can be bought cheaper elsewhere or on special promotion, or on fuel purchases.

Morrisons chief executive Dalton Philips said: "In May, we announced that we were lowering our prices permanently.

Morrisons boss Dalton Philips insists shoppers will benefit from the system

"Now we're launching Match & More the most comprehensive price match and points scheme in the UK.

"Because it price matches the discounters, the Match & More card will provide the ultimate guarantee about Morrisons' value-for-money."

However, sources close to one of the discount rivals dismissed the new system, saying its prices would remain up to 50% cheaper than at Morrisons.

This year's ongoing price war has seen the country's big four chain under pressure, from Germany's Aldi and Lidl at one end, and premium providers Waitrose and M&S at the other.

On Wednesday, the boss of rival Sainsbury's, said its own drop in quarterly sales was at risk of continuing, due to food price deflation and undercutting by rivals.

The main chains have been undercut by 'hard discounters' Aldi and Lidl

On average, 10 Morrisons points will be accrued for every penny spent. The scheme will begin on Friday and will be nationwide by Christmas.

It said a database of thousands of comparable items would be automatically checked, and if a rival's product was 60p cheaper then 600 points would be added to a shopper's account.

When 5,000 points are reached a customer is entitled to a £5 voucher at the checkout till.

The price war has caused significant harm to the share price of the big chains over the past year.

Morrisons has lost more than 42%, Sainsbury's has dropped 40% and Tesco has lost 50%.

The new system from Morrison's comes as it tries to claw market share, as it has been slow to embrace both online shopping and urban convenience stores.

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DVLA Swamped By Drivers As Tax Discs Ditched

The vehicle licensing agency has been swamped by motorists enquiries, as the traditional road disc is ditched for an electronic system.

The Swansea-based Driver and Vehicle Licensing Agency (DVLA) said it was struggling to cope with what it said was "unprecedented demand".

A DVLA spokeswoman told Sky News: "We are currently experiencing unprecedented demand which means that some customers may be experiencing slow response times or having difficulty accessing the service.

"We are of course very sorry for any inconvenience and we are urgently investigating to improve service quality for the minority of our customers that are experiencing issues."

It said 270,000 enquiries were made on Tuesday, up 30,000 on the same day last year.

Video: Potential Car Insurance Savings

Motorists have reported lengthy queues on the enquiry line and slow or halting website access.

Tax discs have been placed on motorists' windscreen since 1921, but as of today they are no longer required.

Known officially as the vehicle excise duty (VED), the tax can be paid either online, over the phone or at post offices.

The Government said the new system has the potential to save the DVLA up to £7m annually in administration costs.

However, motoring groups have warned about the extra revenue-raising potential of the new system, while a survey has shown many drivers and riders are unaware of its implementation.

From this month, buyers of vehicles will no longer be able to use the remaining time to expiry paid for by the previous owner.

Buyers cannot take advantage of the remaining months and days of the car's existing taxed period and will need to renew the excise duty themselves.

Significant pre-renewal time for both discs and MOTs have long been seen as an added selling point for vendors.

New owners will need to renew the disc after purchase or classify it through a statutory off-road notification (SORN).

Motoring groups said they had received complaints from members that the Government can potentially "double tax" owners.

The RAC has also expressed concerns that there could be a spike in drivers on the roads without tax.

It said the possible scenario could mean Treasury coffers lose out on up to £167m annually, although the DVLA dismissed the claim and said there was no reason to expect a spike in tax evasion.

Automatic number plate recognition cameras and manual police checks of vehicles, which are already used to find uninsured drivers, is to be used to snare untaxed vehicles.

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Virgin Money Picks Banks For £2bn Market Debut

By Mark Kleinman, City Editor

Sir Richard Branson's banking arm will unveil plans for a stock market listing on Thursday that will value the acquirer of Northern Rock at up to £2bn.

Sky News has learnt that Virgin Money is finalising the appointments of Barclays, Citi and KBW to roles as bookrunners on the initial public offering (IPO), which will seek to raise hundreds of millions of pounds.

The trio of banks will work alongside Goldman Sachs and Bank of America Merrill Lynch on the deal, sources said.

A successful flotation would make Virgin Money the fourth bank to float this year, following the demerger of TSB from Lloyds Banking Group and the listings of OneSavings and Aldermore, which announced its own plans earlier this week.

Insiders said that Virgin Money was likely to seek a valuation for its shares at a premium to that of TSB, partly reflecting the strength of the bank's brand.

The board of Sir Richard's financial services business had been expected to wait until next year to press the button on a float, but Sky News revealed last week that an announcement was imminent.

Scotland's rejection of independence in last month's referendum and Virgin Money's strong recent trading has persuaded the bank's board to press ahead with a flotation now.

Virgin Group and WL Ross, a US-based investment vehicle, collectively own just over 90% of the bank, and will reduce their stakes in order to comply with listing authorities' requirements relating to the number of shares which must be freely floated.

Sir Richard Branson often floats firms he has a stake in

However, both investors will retain very substantial stakes, with Virgin Money keen to sell new shares to outside investors.

Sir Richard's practice of floating companies in which Virgin Group owns a stake is well-established, having been used at companies such as Virgin Media and Virgin America, his US airline.

The Government will receive a £50m payment as a consequence of the deal struck between Virgin Money and the Treasury when the bank took control of Northern Rock in 2011.

Virgin Money, which employs more than 2,500 people, reported this month that first-half pre-tax profit nearly quadrupled from £13.1m last year to £59.7m in 2014.

It also announced the appointment of Glen Moreno, who chairs Pearson, parent company of the Financial Times, as its next chairman.

Virgin Money is run by Jayne-Anne Gadhia, a widely respected executive who would become the first woman at the helm of a publicly-listed UK bank if it completes its flotation.

Based in Newcastle, where Northern Rock's head office was located, Virgin Money has more than four million customers, and has just launched into the current account market.

Virgin Money could not be reached for comment on Wednesday.

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The Lure Of Ireland For Global Tech Firms

By Pete Norman, Sky News Business

Although Apple has come under the EU microscope over its tax affairs, complex corporate structures have become a common accounting tool for savvy tech firms.

The European Commission's preliminary findings show it has doubts that two "sweetheart" tax deals agreed in 1991 and 2007 between Apple and Ireland are compatible with the "internal market" of the European Union.

The Californian tech giant has two subsidiaries; Apple Operations Europe and Apple Operations International, which have operated in Ireland since 1980.

And it created Apple Distribution International in 2009 and Apple Operations in 2010. It has at least three other subsidiaries, which are all based on a large industrial estate in Hollyhill, County Cork.

The site employs around 4,000 people and is the biggest employer in the city of Cork.

But the issue of so-called transfer pricing, or advance pricing arrangements used to shift tax liabilities to lower tax areas, has become a key issue for US politicians, the EU, the G20 and the Organisation for Economic Co-operation and Development

Rather than maximising profit in each country, transfer pricing can give a financial incentive to record high profit in low tax areas and low profit in high tax jurisdictions.

A Congressional Research Service report last year found that US multinationals reported earning 43% of their overseas profits in 2008 from Bermuda, Ireland, Luxembourg, the Netherlands and Switzerland.

This despite low levels of investment and domestic sales in those five locations.

It cited academic research indicating that the loss of tax to the US Treasury was between $30bn (£18bn) to $90bn (£55bn) annually.

But companies deny wrongdoing, and say they are simply working within existing legislation in the territories they operate in.

The issue has recently shot up the political agenda, and prompted campaigns from pressure groups such as UK Uncut.

Other US companies' tax structures have been highlighted by politicians, such as Westminster's Public Accounts Committee (PAC), including online retailers Amazon, Google and even coffee chain Starbucks.

Other tech companies also operate tax structures in Ireland - Google has at least three registered companies in Ireland. Microsoft has several more and first set up an Irish subsidiary in 1979.

Twitter UK has no UK-based directors and answers to Twitter International Company in Dublin.

Games firm King Digital Entertainment, maker of the Candy Crush Saga, is based in Ireland, listed in New York, but with its revenue-raising games websites based on the Mediterranean island of Malta.

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EU Probe Slams Ireland Over Apple Tax Deals

A preliminary finding by the European Commission has found that Ireland provided potentially illegal state aid to tech giant Apple for more than 20 years.

It said it has doubts that two "sweetheart" tax deals agreed in 1991 and 2007 between Apple and Ireland are compatible with the internal market of the European Union.

In a statement, the European Commission said: "Accordingly, the commission is of the opinion that through those rulings the Irish authorities confer an advantage on Apple.

"That advantage is obtained every year and ongoing.

"At this stage, the commission has no indication that the contested measure can be considered compatible with the internal market".

Video: EU Gets Tough On Apple And Ireland

It added: "The commission's preliminary view is that the tax ruling of 1991 and of 2007 in favour of the Apple group constitute state aid."

The Irish government has already responded and said: "As this is an ongoing legal process, Ireland will not be commenting further on any individual aspects of this case."

Apple has had a base in Ireland since 1980 and has expanded in recent years, while authorities in Brussels have powers under state aid rules to impose large fines.

The commission can fine companies up to 10% of turnover and the ability to fine Ireland up to €1bn (£780m).

The inquiry found that in effect Apple ensured it had greater profitability in the areas in which their tax charge would be the most modest.

Baker Tilly senior tax partner George Bull told Sky News if the EU findings are upheld, Apple's tax liability may be recoverable from 2003 onwards.

According to reports, US-based Apple has built up an offshore cash pile of $137.7bn (£84.8bn) in Ireland.

The money cannot be repatriated to the US without being taxed, and instead the company has sought to buy back some shares held by investors.

Apple has denied any wrongdoing over tax rulings agreed with Irish officials in 1991 and 2007.

In a statement Apple said: "Apple has received no selective treatment from Irish officials over the years.

"We're subject to the same tax laws as the countless other companies who do business in Ireland.

"To continue that growth and the benefits it brings to the communities where we work and live, we believe comprehensive corporate tax reform is badly needed."

The commission is also investigating arrangements between coffee chain Starbucks and the Netherlands, and any deal between Luxembourg and car company Fiat.

On Monday, Chancellor George Osborne warned tech firms "that go to extraordinary lengths" to cut their UK tax bills will be hit with new anti-avoidance legislation.

He hinted of plans to raise "hundreds of millions" in revenue from the likes of Microsoft, Google and Twitter.

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Insider Trading Charges For Ex-Morrisons Exec

The City watchdog has charged a former senior executive at supermarket group Morrisons over alleged insider dealing.

The Financial Conduct Authority (FCA) said Paul Gerard Coyle was charged with over two offences, contrary to Section 52(1) of the Criminal Justice Act 1993.

The FCA said the alleged offences related to Ocado share trades between February and March 2013.

Mr Coyle was first arrested late last year, as part of an investigation by the watchdog.

He was suspended by the supermarket chain in January.

Shares in Morrisons dropped 2.4% shortly after the announcement was made, while those in Ocado dropped by 2%.

Morrisons began using Ocado for its debut home delivery service in January.

It announced in the previous May a deal with Ocado for deliveries over a 25-year period.

Part of the deal included a £170m purchase of its distribution centre in Dordon, Warwickshire.

In a statement, Morrisons said the FCA's insider dealing investigation "did not concern Wm Morrison Supermarkets plc nor any other Morrisons' employee". 

"Morrisons is satisfied with its governance and procedures concerning the handling of market sensitive data in this case and found that the company's procedures had been properly followed," it said. "These accusations, if proven, would be the result of an individual acting alone."    

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Tesco Taps Banks For £2.5bn Crisis Warchest

Tesco Profit Error: Could Something Be Amiss?

Updated: 9:35am UK, Tuesday 23 September 2014

By Ian King, Business Presenter

Even from a lesser company, three profits warnings inside a year would be startling.

Coming from a blue-chip stalwart like Tesco, it is nothing short of astonishing.

In issuing a profits warning on top of a profits warning, Britain's biggest food retailer almost seems to be taking to an extreme the strategy so commonly seen in its stores, with three for the price of two.

So what exactly has Dave Lewis, the new chief executive, uncovered?

Well, in its own words, Tesco has identified an overstatement of its expected profit for the half-year, principally due to the accelerated recognition of commercial income and delayed accrual of costs.

In other words, the reporting of costs incurred in the first half of the year appears to have been delayed so they are pushed into the second half, while profits enjoyed during the second half of the year appear to have been brought forward into the first half.

It is unclear what kind of activities generated these profits, but commercial income, with regard to supermarkets, could mean rebates from third-party suppliers or payments from those suppliers to incentivise Tesco to give their goods better positions when they are displayed in its stores.

This latter practice is common place in the supermarket sector and, having worked previously at Unilever, Mr Lewis will be familiar with it.

The overall effect of these two actions will have been to pretty-up Tesco's first-half numbers.

Cynics will suggest Mr Lewis has every reason to restate the numbers lower - after all, the period, the six months to August 23, was when his predecessor, Philip Clarke, was at the helm.

Some would say it is in Mr Lewis' interests to ensure that period is painted in as bad a light as possible in order to make any subsequent turnaround under him look better.

It's known as "kitchen sinking" in the City - where every possible bad bit of news, including the proverbial kitchen sink, is thrown into the accounts to make them look bad.

But the sheer size of this overstatement, £250m, would suggest this is a bit more serious.

So is Mr Lewis' response: the suspension of four of Tesco's UK executives, his recruitment of the top City lawyers Freshfields to investigate and his hiring of outside auditors from Deloitte - Tesco's regular auditor is PwC - to examine what has happened.

At this time, there is no suggestion that anything illegal has been happening. After all, all businesses occasionally recognise revenues early or take their time to recognise costs in the accounts.

Yet the sheer aggression of the accounting policy in this instance and Mr Lewis' response to discovering it rather suggests he thinks something may be amiss.

And, with plenty of American investors - who tend to be more litigious than their European counterparts - on Tesco's shareholder base,  he is doing the prudent thing in checking this out as thoroughly as possible.

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Vauxhall Recall: Warning Over Corsa Steering

Recalls By Carmakers On The Rise

Updated: 11:25am UK, Saturday 27 September 2014

The recall by Vauxhall of around 3,000 vehicles because of a steering problem is just the latest in a series of headaches for motor manufacturers.

Last year, manufacturers recalled 868,605 vehicles to dealerships to fix potentially life-threatening defects - up from 665,000 in 2009.

However, the increase does not necessarily mean cars are more prone to faults, but that firms are acting more quickly to deal with problems - anxious to avoid damage to their brands.

Here are just some of the major recalls seen in the past year or so.

:: Only this week US car giant Ford put out a recall on around 850,000 cars in the US over a "potential issue" with airbags.

:: Ferrari has recalled more than 3,000 of its £200,000 luxury sports cars because a fault with a latch means anyone trapped in the boot would not be able to get out.

:: General Motors recalled more than 220,000 cars to correct a brake defect that could increase the risk of fire.

:: Earlier this year, Toyota issued a recall affecting 6.4 million vehicles worldwide and 35,124 in the UK. The carmaker has learned the lessons from the past when it suffered a backlash, after being seen to have responded too slowly to a fault that caused models to accelerate without warning in 2010.

:: Aston Martin recalled 17,590 sports cars in February due to a problem with the accelerator pedal.

:: In 2013, Mercedes recalled 2,540 M-class SUV models in the UK when it discovered a particular floor mat could impede the accelerator pedal.

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Budget Chain Aldi Sees Profits Boom In Britain

Aldi And Lidl 'Victors In Supermarket War'

Updated: 2:18pm UK, Tuesday 29 July 2014

Discounters Aldi and Lidl have seen their market share surge as Britain's four biggest outlets suffer in the ongoing bitter supermarket war.

Research firm Kantar Worldpanel said in the three months to June 20, both of the German-based retailers saw significant growth compared to the same period last year.

It said Aldi's share rose from 3.7% to 4.8%, while Lidl expanded from 3.1% to 3.6%.

Meanwhile, supermarket giant Tesco saw its share of the sector fall from 30.3% last year to 28.9% in the period ending in July.

Asda, Britain's second biggest chain, remained flat at 17%, while Sainsbury's also remained static at 16.6%.

Struggling supermarket Morrisons was the second biggest faller out of the major retailers, seeing its share fall from 11.5% last year to 11% this year.

Both Tesco and Morrisons recorded sales losses of 3.8% compared to the same period last year, researchers said.

Kantar Worldpanel director Edward Garner said: "Aldi's 32% growth rate has lifted its market share to 4.8%, and this is a new record for the retailer and means it has nearly caught up with Waitrose on 4.9%.

"Similarly, Lidl sales have grown by nearly 20% and it has held onto its record share of 3.6%."

Britain's big outlets have become increasingly embroiled in a price war during 2014 that has harmed their margins.

They have also invested heavily in convenience store and online delivery services.

The hard discounters have avoided entering the online delivery sub-sector, which is seen by analysts as costing the majors more than £100m a year.

Grocery price inflation has also fallen for the 10th consecutive periods and now stands at 0.4%.

Price slashing and deflation in staple items like milk, vegetables and bread have driven food price inflation down to its lowest level since late 2006, when the research first started.
 

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Vast Food: Restaurants Urged To Cut Portions

By Poppy Trowbridge, Consumer Affairs Correspondent

Restaurants should cut portion sizes or charge more for large servings to help reduce food waste and fight obesity, experts have said.

The Chartered Institute of Environmental Health said the measures would also mean significant savings for food outlets and catering firms.

Jenny Morris, policy officer at the professional body for environmental and public health, told Sky News: "Many of us eat too much.

"The portions we expect to see are too big.

"It seems obvious to me, that an easy solution is to only produce the amount of food that is going to be consumed or that is needed."

She also added that there was some rationale for restaurants to charge a premium for large servings, in a bid to combat rising obesity rates.

Campaigns have sought to encourage consumers to cut back on food waste for years, but the CIEH says the industry itself must drive the changes.

Anthony Worrall Thompson says 97p per customer is lost in food waste

"I think that it is business that needs to lead on it because it is business that is in control," Ms Morris said.

"It hasn't always been the focus up until now."

While big business has begun to measure appropriate portion sizes and reduce food waste, the majority of Britain's food businesses are missing out.

Ms Morris said small and medium-sized restaurants could save hundreds of pounds a week by simply reducing how much meat and produce is wasted.

Celebrity chef Anthony Worrall Thompson estimates that 97p per customer is lost in food waste.

"When you add that amongst the thousands of customers we have every year, it's a huge amount of money," he said.

Recycling body WRAP estimates the cost of food being wasted in the UK from the hospitality and food service sector will reach £3bn per year by 2016.

Ms Morris said: "We are in a very privileged situation at the moment where food is relatively cheap. It won't be in the future.

"It doesn't matter whether a business is small or large, it can save a lot of money." 

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Vauxhall Recall: Warning Over Corsa Steering

Recalls By Carmakers On The Rise

Updated: 11:25am UK, Saturday 27 September 2014

The recall by Vauxhall of around 3,000 vehicles because of a steering problem is just the latest in a series of headaches for motor manufacturers.

Last year, manufacturers recalled 868,605 vehicles to dealerships to fix potentially life-threatening defects - up from 665,000 in 2009.

However, the increase does not necessarily mean cars are more prone to faults, but that firms are acting more quickly to deal with problems - anxious to avoid damage to their brands.

Here are just some of the major recalls seen in the past year or so.

:: Only this week US car giant Ford put out a recall on around 850,000 cars in the US over a "potential issue" with airbags.

:: Ferrari has recalled more than 3,000 of its £200,000 luxury sports cars because a fault with a latch means anyone trapped in the boot would not be able to get out.

:: General Motors recalled more than 220,000 cars to correct a brake defect that could increase the risk of fire.

:: Earlier this year, Toyota issued a recall affecting 6.4 million vehicles worldwide and 35,124 in the UK. The carmaker has learned the lessons from the past when it suffered a backlash, after being seen to have responded too slowly to a fault that caused models to accelerate without warning in 2010.

:: Aston Martin recalled 17,590 sports cars in February due to a problem with the accelerator pedal.

:: In 2013, Mercedes recalled 2,540 M-class SUV models in the UK when it discovered a particular floor mat could impede the accelerator pedal.

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