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.
British Gas Set To Increase Prices By 35%
In a moved which again was not totally unexpected Centrica, the parent company of British Gas, has announced that cost rises will be passed onto British Gas customers in the run up to winter after revealing that profits had fallen by 68% in the six months to June 2008.
Customers who just take gas from British Gas will see their bills rise by 35% and those who take both electricity a...
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
Lord Kirkham sells DFS
Sofa retailer DFS has today confirmed a sale to private equity firm Advent International in a deal said to be worth £500 million. It is believed that Lord Kirkham, the founder and owner of DFS, will walk away with around £300 after debts are repaid and there is no doubt he has done very well out of the transaction. Only two weeks ago it appeared that a sale of DFS was not on the cards with Lord...Read More
Currency counterfeiting on the increase
As we have pointed out on a number of occasions, the ongoing recession in the UK has attracted a significant increase in criminal activity with currency counterfeiting one of the leading "benefactors". It is estimated that one in 20 one pound coins in the UK are counterfeit which equates to a staggering 73 million fake coins in circulation. When you consider that a fake one pound coin can cost bet...Read More
Alistair Darling launches financial market White Paper
The much leaked report on the future of the UK financial markets has today been revealed in depth by the Chancellor Alistair Darling. While the vast majority of the report had been leaked prior to today's announcement there are a couple of elements which have surprised many in the marketplace.
One such surprise has been the government's insistence on a prepaid compensation scheme as...