Private medical insurance popularity grows
According to figures from the Association of British Insurers (ABI), the number of people taking out Private Medical Insurance (PMI) has risen year-on-year for the first time in recent years.In 2006, 1,030,000 individuals took out personal PMI policies, up 1.8 per cent from the 1,012,000 personal PMI policies in 2005.The number of businesses taking out corporate PMI has increased even more than this, with 2,345,000 corporate PMI subscribers in 2006 an increase of 4.1 per cent on 2005's total of 2,254,000 corporate subscribers.Collectively, personal and corporate PMI plans now cover 5.9 million people in the UK. Commenting on the statistics, Nick Starling, the ABI's director of general insurance and health, said: "Private Medical Insurance offers people greater choice of treatment and other services for a wide range of medical conditions and injuries. It also takes pressure off the NHS, so by buying PMI, people are effectively reducing the burden on Britain's hard-pressed health service. "It is encouraging that more individuals are choosing to buy PMI for themselves and their families. PMI bought by companies on behalf of their employees has continued to increase in popularity too, helping to ensure that people can get back to work sooner after illness or injury."
Royal Bank of Scotland insists bonuses will be paid
The Royal Bank of Scotland has today confirmed a loss of £1 billion at the halfway stage for 2009 and sought to clarify the situation regarding staff bonuses. Despite the fact that the bank made a loss in the first half there are many large "guaranteed" bonuses to be paid even though the bank is 70% owned by UK taxpayers and being propped up by the UK government in other ways.
Royal Bank of Scotland directors face potential fraud investigation
In a move which has surprised many in the city it has been revealed that Sir Fred Goodwin and his former Royal Bank of Scotland directors could face a criminal investigation in relation to the administration of the Royal Bank of Scotland. The shares collapsed earlier this year amid signs that the group had overextended itself in foreign markets and was struggling on a liquidity basis.
Pension Annuities Under The Spotlight
News that the Financial Services Authority (FSA) has given pension companies just 5 months to sort out the current mess has been well received by consumer support groups and industry leaders. A report by the FSA has found that two out of every five insurers failed to make the statutory declarations to those looking to purchase an annuity to provide a pension in their retirement.
Budget Statement 2014 – What is it?
The Budget is an annual statement made by the Chancellor of the Exchequer about the state of the nation’s finances. Within the statement, the Chancellor of the Exchequer announces proposals to change taxation law in order to strengthen the state of the economy. The Chancellor of the Exchequer, usually just referred to as the Chancellor, is essentially the Prime Minister’s right hand man...Read More
Mervyn King downbeat on UK savings rates
Today's report by the Bank of England covered a multitude of different subjects offering advice and forecasts for each and every part of the UK economy. While we have covered many of the headline grabbing statements in some of our earlier articles, there was bad news for UK savers today with confirmation that savings rates continue to fall and are likely to remain at record lows for some time....Read More