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.
UK banks agree to simplify future accounts
The British Bankers Association has confirmed that UK banks have all agreed to abide by simpler accounting methods in the future as a means of comparing like-for-like across the UK financial and banking sector. This comes after severe criticism of UK bank report and accounts, many of which seemed to treat similar assets in a different manner. During these difficult economic times this made it near...Read More
Are consumers moving back to the high street?
Online spending in the UK retail arena fell to its lowest annual growth level last month with many suggesting that the short-term love affair with online spending may be coming to an end. However, is this really true or are there other issues which have come into play?
Unfortunately for those who are looking towards the UK high street to pull the UK economy out of the recession, the...
Where has the mortgage market liquidity gone?
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UK government announces £1 billion house building programme
The UK government has today announced plans for a £1 billion fund to kick-start the many property developments up and down the UK which stalled as the recession took hold. The idea is that up to 20,000 new jobs could be created and around 23,000 new homes introduced to the market. While around 20% of the £1 billion fund available will be dished out in the form of non-repayable grants, the vast m...Read More
Mortgage lending 'recovering'
The British Bankers' Association (BBA) has released new figures which appear to show a recovery in mortgage approvals. The BBA said high remortgaging rates drove up approvals to 44,288 in January - up almost 2,000 over December, which was itself a near-record low. Total net lending also rose from £4.9 billion to £5.2 billion, BBA said. Statistics director at the association David Dooks commented...Read More