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.
Bankruptcy applications at record levels
Applications for bankruptcy in the UK hit record levels last year, government figures reveal. Over the course of 2007, 53,114 Briton submitted requests to go bankrupt, a slight rise from a figure of 52,717 during 2006. However, this represents a doubling of the number of bankruptcy applications witnessed in 2003. The rise this year has been attributed to consumers struggling to meet debt repayment...Read More
Brits are saving saviours
As many as 22 per cent of Brits are savings saviours, using the money they have stashed away to help others in times of financial need.Research from Abbey Savings found that ten per cent of those polled had broken into their savings to help a friend or family member with debt problems, while another two per cent had used their nest egg to help someone else to get on the housing ladder and one per...Read More
Is it time to become more active on your finances?
While UK financial sector is still very much on the ropes the last few months have shown us that some operations appear to be more secure than others. Historically many in the UK have been very inactive when it comes towards moving their finances between the different operators in the sector but now may be the time to look again.
The UK consumer is often attracted by the headline ra...
Export concerns cloud over manufacturing optimism
Britain's manufacturing sector is performing well despite the strong performance of the pound overseas, a survey shows.Research from manufacturing firm EEF showed that output remains robust and firms are positive on employment and investment in the second quarter.Job cuts are expected to slow in the next three months while investment intentions and output orders remain buoyant.But in a sector whic...Read More
Mortgage approvals fall again
30/05/2014 The number of mortgage approvals has fallen for the third consecutive month, according to the British Bankers’ Association (BBA). Whilst approved loans peaked at more than 48,000 in January, this fell consecutively every month up until April 2014 when there were 42,173 approved mortgages. However, despite mortgage approvals falling in numbers, the value of money lent to homeo...Read More