UK government to challenge EU over insurance rules
The UK government is set to challenge the EU commission head-on with regards to solvency II rules which are set to be introduced to the European marketplace in the short term. The UK government believes that these "over conservative" solvency rules will see UK insurance companies having to shore up their reserves by up to £50 billion. There will obviously be a cost to this additional reserve requirement, something which is likely to be met by customers.
The UK has one of the most competitive insurance markets in Europe and yet again many people are pointing the finger at the EU commission, which is determined to crack the UK financial markets and bring them under the regulatory control of the European Union. In effect this has already happened with the various treaties signed by European member states but the UK government is set to tackle this particular issue head-on as it will have a detrimental effect on the UK insurance sector, pensioners and future rates of investment return.
The issue of increasing reserve capital is a direct consequence of the credit crunch which saw a number of "solid assets" collapse like a pack of cards once the financial system began to seize up.
UK government under pressure over petrol prices
As we approach the next general election the UK government is today concerned about growing unrest within the UK motoring community. The price of a litre of petrol is now around £1.20 and there are concerns that we could see the price increase to £1.50 in the short-term. A number of motoring organisations are reporting significant unrest amongst the members and many MPs have been on the end of v...Read More
Is Gordon Brown Planning A Tax Giveaway?
The financial newspapers are today full of stories about Gordon Brown relaxing the financial rules which he has used throughout his time in office to fund a £14 billion tax giveaway. Despite being on course to borrow over £50 billion this year alone it seems that there may be another £14 billion to borrow from the money markets. So what is happening?
There are two trains of tho...
Mortgage approvals up but net lending down
Again we are seeing very different signals from the UK property market with the Bank of England today confirming that mortgage approvals were up in May but net mortgage lending was down by over 30%. This seems to be the general format of the UK property market with each report bringing positive aspects and negative aspects at same time. More and more investors and homeowners are becoming totally c...Read More
Beat the energy prices this winter with financialadvice.co.uk
14/11/2013 The financialadvice.co.uk poll question for the month of November is “Will recent rises in the cost of household energy make you switch provider?” With five out of the six household energy providers increasing their prices, here at financialadvice.co.uk we’ve looked into ways that you could possibly tackle those energy prices increases this winter. We’re pretty sure that...Read More
Bridging loans have their place, says CML
Bridging loans may have suffered from some bad press over the years, but they have their place, according to the Council of Mortgage Lenders (CML).Subject to high entry and exit fees, as well as high rates of interest, bridging loans are designed as a last resort for situations where people may have found their ideal new home, but have not been able to sell their old one fast enough and need to ke...Read More