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.
Export figures lead to weaker pound
Yesterday's trade figures have caused concern in currency markets with a rise from £6.3 billion to £7.5 billion between February and March. It is believed that imports increased far quicker than exports even though the weaker pound has been helping exports of late. So what does this mean in the short to medium term? The very fact that imports have increased at a far greater rate than exports...Read More
London jobs market "strong", says Halifax
The London jobs market went from strength to strength in July, with an increase in the number of job placements and strong demand for staff, according to the latest London Labour Market Report from Halifax Financial Services. The report's unique employment barometer registered a level of 64 in July, up from 61.3 in June, which is the highest level since November 2000.These figures point to an upt...Read More
Will Britain be forced to shoulder compensation bill for the Icelandic banking collapse?
Despite the fact that the UK government is publicly stating it will continue to pursue the Icelandic authorities for repayment of a multibillion pound loan which was to be used to compensate UK savers, behind the scenes it looks as though the UK authorities are readying themselves to give up on the loan. There is growing concern within Iceland that the £3.4 billion compensation package, which was...Read More
Office of Fair Trading to investigate rights issue fees
The Office of Fair Trading (OFT) has announced a formal investigation into rights issue and fundraising costs in the UK. It is believed that a number of parties have approached the OFT in the recent past and vented a number of concerns which have been taken on board. The investigation will look at the impact on consumers and investors from the current structure of rights issue fees and whether the...Read More
Level of energy complaints triple
08/04/2014 The number of complaints to energy companies has tripled in the last year according to the Ombudsman, whilst the biggest concern was billing. There were 10,638 complaints in the first quarter of 2014, three times as many as during the same period last year.
Customer frustration and dissatisfaction
The main area of concern was billing, followed by customer service...Read More