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."
Authorities reveal major tax error
HM Revenue and Customs has this weekend revealed that nearly 6,000,000 people in the UK paid the wrong amount of tax last year with a shortfall of around £2 billion for the PAYE system. Due to the error at HM Revenue and Customs around 1.4 million people in the UK will be forced to pay back an average £1420 to cover the under payment of taxes in the past. Through no fault of their own this means...Read More
Boris Johnson's fantasy island airport
In a move which was probably based upon a need for change in the UK airport industry it has been reported that the Lord Mayor of London Boris Johnson is considering moving Heathrow airport to an island in the Thames. It is being suggested that a costing process will soon be under way to gauge the viability of such a project and the implications for the surrounding areas.
Alistair Darling calls for risk regulatory regime
To many people it is a case of too little too late with the UK government now looking to introduce a more robust and firmer regulatory environment for the UK financial sector. Alistair Darling has today suggested that the UK financial sector should be regulated on a risk basis with collective responsibility taken by all in the sector and no blame pinned to any one particular element of the system....Read More
How will further union conflict affect British Airways?
As the friction between British Airways and Unite union continues to grow there are real fears about the future of British Airways with the company coming under more and more financial pressure. Despite the fact there appeared to be a breakthrough in talks between the two parties a while back it seemed as though they are now further apart than ever before with the union now calling for the reinsta...Read More
UK banks agree to simplify future accounts
The British Bankers Association has confirmed that UK banks have all agreed to abide by simpler accounting methods in the future as a means of comparing like-for-like across the UK financial and banking sector. This comes after severe criticism of UK bank report and accounts, many of which seemed to treat similar assets in a different manner. During these difficult economic times this made it near...Read More