Young drivers lack basic car know-how
Young drivers fork out £140 million every year in car maintenance due to their lack of basic mechanical know-how, new research suggests.According to the study carried out by Direct Line, half of all drivers under 25 do not know how to jumpstart their car or replace a tyre, compared to 25 per cent of drivers aged 45 or over.Nearly one in three admitted to paying to have their oil changed, while 25 per cent also admitted to having their brake fluid checked.The findings come despite the DVLA introducing a car maintenance section to the practical driving test in September 2003.Some 37 per cent of 18 to 24 year olds who have passed this test still struggle when it comes to checking the level of their car's brake fluid."It's not unusual for drivers to feel a little helpless when it comes to car maintenance -however, it is important for drivers to be able to make basic safety checks on their vehicle, such as checking tyre pressure and oil level," Emma Holyer, Direct Line's motor spokesperson said."These checks are essential before embarking on a long journey and we are urging motorists to ensure they are able to conduct these simple tests rather than relying on parents or mechanics for help."Our research also shows that more than four in ten drivers have waited for their vehicle's annual service to fix some of these potentially serious problems. This should be avoided as it is important that all motorists are driving roadworthy vehicles," she added.Asking parents for help is still a popular and altogether cheaper alternative to paying out for professional know-how, with 62 per cent of all young drivers confessing to turning to their mums and dads for advice.
FSA issues plans for future banking liquidity
The Financial Services Authority (FSA) has today confirmed plans to change the way in which banking liquidity is considered by the UK regulator. Historically banks have been able to hold a large range of assets as liquidity against guarantees and money market transactions, although as we saw during the ongoing recession, many of these assets turned out to be significantly overvalued and many were...Read More
Andrew Sentence spooks the currency markets
Andrew Sentence, a member of powerful Bank of England monetary policy committee, has today spooked the currency markets with a suggestion there is some risk of a double dip recession in the UK. The pound immediately lost 1.5 cents against the dollar and there are concerns about further weakness in the short to medium term. This is not the first time over the last two weeks that the Bank of Engl...Read More
Man Group shares fall sharply on reduced fund values
The hedge fund sector has been at the centre of many discussions over the last couple of weeks with some experts feeling that there may be substantial problems in the sector over the short term. These concerns seem to have been borne out by the collapse in the share price of the world's largest quoted hedge fund, Man Group, which saw the value of funds under investment fall by over 10% in Septembe...Read More
HSBC optimistic for the future
Banking giant HSBC has today delivered third-quarter figures which were better than expected and showed that bad debts provisions have fallen to their lowest level for 12 months. It is fair to say that these figures surprised many analysts who believed that in line with the general banking sector, HSBC Management would attempt to downplay any recovery and increase bad debt provisions.
Who will win the battle of the MPC?
As the Bank of England MPC readies itself for today's monthly meeting it seems we could have something of a battle royal on our hands with one MPC member looking for UK base rates to be increased and another looking for quantitative easing to be reintroduced. In between these two very extreme views we have a number of other MPC members who have yet to fall into either camp. It will be interesti...Read More