Profit at Peoples drops amid budget national insurance fears

Hello and welcome to our daily digest of business, financial and economic news from around Scotland.

1. Profit at the motor dealer Peoples has dropped and its founder warned it is facing a six-figure hit from new national insurance rules.

Turnover fell by more than 7 per cent to £283.4 million amid slower new and used car sales, with pre-tax profit falling 33 per cent to £5.1 million in the 12 months to July this year.

Brian Gilda, the founder and chairman, said he was “disappointed, shocked and angry” at the UK budget.

The former Labour party donor said the company was facing a £450,000 addition to its national insurance bill, which will result in recruitment being curtailed and other investment re-evaluated.

Gilda said