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.
Single parents 'struggle' to save
Single parents are "struggling" to put aside money for their children's futures, a new report has claimed.Just one in six single parents have made regular payments into a child's savings account, according to research commissioned by friendly society Engage Mutual.Only 17 per cent of single parents with children under 16, who were questioned in a YouGov survey, said that they had made regular depo...Read More
Unofficial strike action tops 4000 workers
As the dispute at the Lindsey oil refinery mushrooms out of control it has been revealed that up to 4000 workers are now on unofficial strike action across the UK. This has this evening prompted French company Total, which runs the Lindsey oil refinery, to agree to face-to-face talks with UK unions. Despite the fact that the unions have been critical of the wildcat and unofficial strikes they appe...Read More
UK banks still short of capital
In a disappointing move for the UK banking sector and the UK government, the Bank of England still believes that many UK banks are still short of capital adequacy. This is despite the fact that billions upon billions of pounds of taxpayer's money has been poured into the sector, with little return as yet. So what exactly is going on?
While it would be wrong to suggest that the UK ba...
Is the UK government being held to ransom by the banking sector?
As news that 80,000 Royal Bank of Scotland members of staff are set to sue the government over their bonus scheme continues to filter into the market, there is a feeling that the UK government is being held to ransom by the banking sector. Despite the fact that banks in the UK have literally been saved from receivership by the billions of pounds pumped into the industry it appears as though bankin...Read More
UK budget fails to please credit rating agencies
Despite the fact Alistair Darling confirmed that the UK budget deficit is likely to be around £167 billion this year a opposed to long-term estimates of £178 billion, this has done very little to quash the concerns of credit rating agencies around the world. The UK currently has the gold plated Triple-A rating on national debt although Standard and Poor's has placed this on "negative watch" ahea...Read More