AXA rewards safe motorists
Financial giant AXA has revealed a new car insurance policy which will see those with eight or more years no claims bonus receiving a 90% discount on their premiums. This compares to the average discount of 65% on a maximum five-year no claims bonus and will obviously further benefit the vast majority of drivers in the UK who do not claim on their car insurance.
This comes at a time when the AA has confirmed that UK car insurance premiums will rise by between 10% and 15% in 2010 with the majority of the increase caused by uninsured drivers causing accidents on the road. It would appear that slowly but surely we are seeing a polarisation between safe drivers and dangerous (and uninsured drivers) with many other insurance companies certain to follow the lead set by AXA.
Car insurance premiums have been on an upward spiral for many years now with the cost of covering uninsured drivers taken on by the industry and then spread out amongst insured motorists. Whether or not this is a fair allocation of the added expense associated with uninsured drivers is debatable but it is a trend which began some time ago and has ultimately led to a massive increase in car insurance premiums for "no apparent reason".
ECB holding off bond purchases
In a show of confidence in the euro zone economy, the European Central Bank (ECB) has today confirmed only a minimal purchase of bonds last week as a way of attempting to shore up the European economy. The â‚¬10 million acquisition of bonds last week is minimal compared to the billions of euros spent in May this year. So why is the ECB holding back? Despite earlier concerns that the Europea...Read More
What about the additional 90,000 offshore accounts undeclared?
While the UK government has enjoyed something of a success with the recent announcement that 10,000 UK citizens holding money offshore have now declared these previously unknown assets this is not the end of the story. It is believed that an additional 90,000 UK citizens have not taken the opportunity to declare their overseas assets and their overseas income and the UK government will now need to...Read More
Are we entering a period of discontent in the UK employment market?
Yesterday's news that British Airways cabin crew will strike later this year over pay and conditions is concerning and today we also learned that the rail union The Transport Salaried Staffs Association is balloting members regarding a 0.8% pay offer from Network Rail. So is the UK entering a period of discontent in the employment market? There is no doubt there is greater affection between man...Read More
Yorkshire Building Society benefits from Chelsea Building Society merger
Yorkshire Building Society this week announced a major turnaround in the group's fortunes storming back to a profit of £65.4 million for the first half of 2010 against a loss of £22.3 million for the same period last year. While the company has benefited from the recent merger with the Chelsea Building Society there is no doubt that action taken in 2009 has given the society a strong base for fu...Read More
Manufacturing sector looking positive into summer
Productivity in the UK manufacturing sector is showing signs of improvement following a muted first quarter, figures show.The Office for National Statistics (ONS) revealed today that output in UK manufacturing industries rose by 0.3 per cent between March and April. All industries showed growth, with the transport equipment sector leading the way on 0.9 per cent growth.These figures mean overall o...Read More