Lloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insurance creation, set up the esure business with HBOS back in 2001.
However, since HBOS became part of the Lloyds bank group there has been friction between Peter Woods and the Lloyds bank management and the sale of the Lloyds bank stake was expected by many. Esure is a well-known insurance brand in the UK and is also the owner of the infamous Sheilas Wheels brand with its array of striking adverts on the TV.
The company specialises in various niche markets and has made an excellent name for itself with profits topping £38 million in 2008. Quite what Peter Woods has in store for the future remains to be seen but he appears relieved to be on the verge of taking total control of his "baby".
Credit card companies given two weeks to cut rates
The government has today put the credit card industry on alert and suggested that if rates do not move in the next two weeks there will be more formal action by the government. This is a serious escalation in the fight between the government and the financial sector with many issues and future regulatory elements under discussion.
While the recent headlines have centred upon mortgag...
Public sector services under threat
As the UK budget continues to spiral out of control there were some heated exchanges in the House of Commons yesterday between Gordon Brown and David Cameron. The Tory leader was caught out somewhat when his shadow cabinet minister suggested that the Tory government would implement 10% public sector budget cuts across the board. This played right into the hands of Gordon Brown who is now looking t...Read More
Payday loan companies still charging excessive rates of interest
The revelation that one particular UK payday loan company is charging up to 10,000% interest to some customers has again highlighted the difficulties which many people in the UK are experiencing at this moment in time. While there's no doubt that the UK regulators and the UK government have made substantial progress in reducing excessive rates of interest charged by certain companies in certain se...Read More
Retail sales up but where is the money coming from?
As UK retail sales improved again in July, after a particularly strong June, there is optimism on the high street but mystery as to where UK consumers are getting their money from. At a time when the property market is yet to fully recover, unemployment is set to smash through the 3 million barrier and the cost of living is still significantly higher than 12 months ago, how are UK consumers fundin...Read More
Life Insurance ‘Too Expensive’ for Brits
Research from Beagle Street has found that Brits are shunning life insurance policies in large numbers, because they believe it is ‘too expensive’ 39pc of people who took part in the research claimed they felt that life insurance policies cost too much, despite the fact that prices start from just £3 per month. This means that more than half of British adults are at risk of leaving their...Read More