Devastating floods could cost insurance industry over £100 million
The devastating floods in Cumbria and South Scotland could cost the UK insurance industry in excess of £100 million although this figure could rise significantly because the flooding has yet to subside. We have literally seen homes washed away in the flood water, vehicles left battered on the road site and indeed we have seen the unfortunate sight of casualties and fatalities during the floods.
The UK government is now looking to put together an emergency package to ensure that those affected by the torrential rain in Cumbria and the South of Scotland are provided for as soon as possible. These particular rainfall numbers have been described as "biblical proportions" and events which are unlikely to be seen for the next thousand years. However, for those who have seen their livelihoods, their homes and their businesses washed down the river this will be little consolation in these most difficult of times.
No doubt we will also find out how many households in Cumbria and the South of Scotland were under insured which will no doubt result in the emergence of various battles for compensation. This only goes to show that home insurance is a vital element of any household budget and even though it may be tempting to reduce your insurance cover, or indeed suspend it in these difficult economic times, it is in many ways a false economy.
Consumer confidence falls in April
In a bitter blow for the UK economy the GfK NOP Consumer Confidence Index dropped by one point in April to -16. This is a reflection of the regular survey carried out amongst UK consumers to find out about their confidence in both their personal financial situations and the UK economy as a whole. Even though the figure of -16 is a vast improvement on the -27 figure from April 2009, many experts ha...Read More
Is eBay the largest recycling machine of all time?
As each and every government around the world continues to encourage consumers to increase their recycling of waste, eBay has emerged as potentially the largest recycling machine of all time. This is an online arena where literally anything goes and anybody can sell anything they like for a price. As they say, one man's waste is another man's gold, something which is very apt for eBay. So how does...Read More
GM Europe set to approach UK government for state aid
General Motors Europe is set to approach the UK authorities for £3 billion in state aid after warning that funds are running desperately low and the company expects to run out of cash towards the end of March. After the UK government refused to directly support the UK car manufacturing and car retail sectors this will be a serious test of the government's resolve and could have massive consequenc...Read More
Foreign exchange transactions on your credit card
A number of people have complained about the standard of service when taking your credit card overseas and so-called "hidden charges". However, there have also been a number of instances of unauthorised credit card transactions going through, only to be cancelled within 24 hours, but customers being left out of pocket.
At the core of the UK banking sector regulations is the fact tha...
Competition returns to the banking sector for now
While retail sales continue to grab the headlines in the UK it is becoming more and more noticeable that many UK banks and mortgage providers are offering their own special discounted rates. In a bid to inject more life and competition into the UK property sector it appears that the mortgage arena is now more competitive than it has been for the last two years. However, is everything as it seems?...Read More