Young drivers could become 'uninsurable'
Young drivers could be priced out of the insurance market if action is not taken to reduce the number of deaths and injuries caused by motorists aged under-25, one insurer has warned.Speaking following the release of a new education pack aimed at teaching school pupils about the impact of dangerous driving, Co-operative Insurance (CIS) warned that such drivers were responsible for causing 35 deaths and serious injuries each day, with premiums for youngsters subsequently rising as a result.According to the insurer, the cost of insuring young motorists has jumped by 22 per cent over the past three years, compared to just two per cent for all other drivers.CIS director of general insurance, David Neave, stressed that if the trend continued, a "whole generation" of drivers could become uninsurable."If this trend continues many young car owners will be unable to afford insurance and that will inevitably lead to a rise in the number of uninsured motorists on the roads and that would have major consequences for us all," he warned."The impact of serious road traffic crashes not only affects people's lives but also has a considerable affect on future premium levels," Mr Neave added, stressing that the industry had a "duty" to take action in order improve safety and to make insurance premiums more affordable for young, inexperienced drivers.CIS, which has teamed up with the road safety charity Brake to launch an education pack based on its earlier DVD, Too Young to Die, said that the new resource would help teachers run lessons for 15 to 21-year-olds, encouraging them to act responsibly on the roads.The initiative follows last month's call by the Association of British Insurers (ABI) for learner drivers to be given a minimum one-year 'learning period' before gaining their license in order to cut the number of road deaths.Giving evidence to parliament's transport select committee, ABI director of general insurance Nick Starling also argued that young, newly-qualified drivers should be subject to limits in regard to the number of passengers they are allowed to carry.
RBS share sale closes
RBS' latest rights issue is not likely to have sold well, reports suggest.The share sale closed yesterday, with the bank's stock at 55p and the sale price at 65p.This makes it unlikely that much of the stock will have been sold - which, in turn, increases the likelihood of RBS becoming majority-owned by the government.Under the terms of the £20 billion promised to RBS as part of the Treasury's re...Read More
Record numbers switching electricity providers
21/01/2014 A record number of electricity customers changed their supplier in November, according figures measured by ElectraLink. ElectraLink, which measures data for the industry has released figures showing that more than 615,000 people switched electricity suppliers in November. The highest number since records began. However, the figures regarding the number of those switching their gas...Read More
Rent arrears fall as market improves
The National Landlords Association has this week issued a statement regarding rent arrears in the UK rental market. While there is still a significant number of tenants owing rent arrears, with a figure of around 20% quoted by the association for the second quarter of 2010, this is well down on the 24.5% during the first quarter of 2010. So is this a turning point for the UK property market? Wh...Read More
What has prompted an increase in alleged tax avoidance prosecutions?
Earlier this week the UK authorities won a high-profile court case regarding offshore trusts and the ability of the authorities to backdate tax demands prior to the 2008 Finance Act. Not only will this see the UK government reclaim hundreds of millions of pounds of unpaid taxes but it has also sent a serious shot across the bows for those who hold funds offshore and have perhaps neglected to decla...Read More
Is Barclays bank on the verge of another disposal?
In a move which has surprised many people in the City, it has been revealed that Barclays bank could be on the verge of selling its asset management arm, Barclays Global Investors (BGI), in order to raise more money. It is understood that the recent sale of iShares to CVC capital partners may also offer the company the chance to bid for the whole BGI subsidiary. The BGI operation is valued at arou...Read More