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.
Royal Bank of Scotland announces changes to final salary pension scheme
The Royal Bank of Scotland has today announced significant changes to the company's final salary pension scheme which will see benefits reduced in the future. This comes at a time when the UK government appears to be placing more pressure upon UK banks to control their cost bases and give taxpayer's better value for money, where taxpayer's money has been used to acquire shares. New chief executive...Read More
When will the small business market improve in the UK?
The UK has always been a country which has developed and nurtured literally millions of small businesses over the years. However, the credit crunch and the following recession have severely limited the amount of credit available to small business entrepreneurs in the UK and we have seen a collapse in many ultimately viable businesses purely and simply because of cash flow and finance issues. So wh...Read More
Did you know that the ISA deadline is coming up?
24/02/2015 The ISA deadline is catching up with us and will be here on the 5th April. Time is running out for you to make the most of your 2014/2015 tax efficient ISA allowance, as any tax-efficient savings allowance that is not utilised before the 5th April deadline will effectively be lost. The ISA, which stands for ‘Individual Savings Account’, is a tax efficient savings plan that a...Read More
East Anglians face 'most windscreen damage'
Cars in East Anglia face the highest amount of windscreen damage, Churchill has revealed.According to the car insurance firm, the regional risk can be explained by the fact that an unusually high proportion of Norfolk and Suffolk is made up of arable farming land.This is because the heavy machinery used for agriculture creates additional debris on the road - which is then thrown up by cars and cau...Read More
UK Unemployment hits 2.56 million
The amount of people unemployed in the UK rose by 70,000 between December and February according to the Office for National Statistics (ONS). The number of people employed in the UK also fell, meaning the unemployment rate currently stands at 7.9pc, raising further serious questions about the economic state of the UK. However the number of people claiming Jobseekers Allowance fell last month by...Read More