UK motor insurance premiums increase yet again
The AA insurance has today commented upon the state of the UK motor insurance market with a suggestion that the average comprehensive motor insurance policy is now costing in excess of £1000 a year. This is an increase of around 20% on the 2008 figure and is predominantly because of fraudulent claims and the damage caused by uninsured drivers in the UK.
All in all it is believed that UK motorists will face an additional £2.1 billion in insurance costs this year alone purely and simply because of these fraudulent claims and uninsured drivers. Despite the fact that the recession is still impacting upon many people around the UK, and indeed some people are considering downgrading or even cancelling their car insurance, the cost of insuring your vehicle continues to climb higher and higher.
In what is certain to become something of a vicious circle, a 20% increase in motor insurance premiums will almost certainly see more people taking the risk of driving uninsured which will yet again feed into the cost of insurance premiums in the future. Quite why perfectly legal and insured drivers have to pick up the bill for those who have decided not to take out insurance, which is illegal, continues to remain a mystery to many in the UK.
Cost of petrol starting to rise again
While just a few weeks ago the press headlines were full of news regarding the falling price of oil and the reduction in petrol prices across the UK, things have certainly changed. As other aspects of the UK economic downturn take centre stage it has been revealed that petrol prices are starting to increase again. Experian Catalist confirmed that UK prices are now approaching 91p for a litre of pe...Read More
Will UK banks ever recover?
As we look at the unbelievable scenario of the vast majority of UK banks potentially being nationalised over the coming weeks and months there are serious concerns that the UK banking sector is holed below the waterline. There are real worries that if the vast majority of the UK banking system is nationalised it could literally take decades for the system to be put back in order and handed over to...Read More
Online spending in December increased by 14%
News that online spending in the UK increased by 14% in December has not come as a surprise to many in the retail sector. Suspicions that many people have switched from the high street to the online shopping sector appear to have been borne out with a 25% increase in overall spending online in 2008.
A figure of £43.8 billion has been suggested as the total online expenditure throug...
The UK budget deficit is getting worse
News that Britain's budget deficit reached a colossal £13 billion in June alone, the worst figure on record for this particular month, has further deflated the balloon of those who believe the UK economy has turned. Despite constant denials by the UK authorities regarding the perilous state of the UK finances, the recent IMF (International Monetary Fund) report which cited the UK as potentially a...Read More
UK property prices fell 2% in February
The Land Registry has today revealed a 2% fall in house prices last month with the average UK home now valued at £153,862. This is the 18th consecutive fall in property values across the UK with a year-on-year fall of 16.5%. While the situation does vary across the country, with prices in the North West falling by 4.1% against just 1% in the South West and Yorkshire, there is no doubt that the UK...Read More