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.
City vacancies rise by 82% year-on-year
In a sign that business is booming in the city of London it was revealed that employment vacancies have increased by 82% year-on-year with just over 5,700 vacancies announced in May as opposed to 3,150 in May 2009. Despite the fact that the UK economy as a whole is still struggling to pull away from the recessionary times it seems that the financial sector is enjoying a very strong recovery. Th...Read More
Scottish Power latest energy company to increase prices
24/10/2013 Scottish Power has raised electricity prices by an average of 9%, whilst gas prices are expected to rise by an average of 8.5%. The price rises will become effective from 6th December 2013, just in time for the Christmas period in a move that follows a dramatic price increase from British Gas to become the fourth major energy supplier to increase their prices. It is believed that...Read More
Brown bullish on economy
Gordon Brown has delivered what is widely expected to be his last Budget speech and has given an upbeat verdict on the British economy.The chancellor is widely expected to have stepped up to the dispatch box for the 11th time today, ahead of what is looking increasingly likely to be a clear road to the Labour leadership.And in his opening comments this lunchtime, Mr Brown delivered a glowing verdi...Read More
How many UK mortgages are at risk?
There is no doubt that the UK property market has not performed as well as many had hoped and expected during the first half of 2010, with a number of analysts also expecting weakness in the market in the latter part of 2010. So how many UK mortgages could be at risk in the short to medium term? A recent survey of the UK mortgage market indicates that 46% of UK mortgage holders are concerned ab...Read More
Market awaits confirmation that the recession is over
Later this morning the Office for National Statistics will release data that should confirm that the UK economy moved out of recession in the fourth quarter of 2009 and is now back on the growth path. However, even if the UK economy has moved out of recession what does this mean for businesses and consumers across the country? The truth is that there will be a significant lag between the econom...Read More