UK government to challenge EU over insurance rules
The UK government is set to challenge the EU commission head-on with regards to solvency II rules which are set to be introduced to the European marketplace in the short term. The UK government believes that these "over conservative" solvency rules will see UK insurance companies having to shore up their reserves by up to £50 billion. There will obviously be a cost to this additional reserve requirement, something which is likely to be met by customers.
The UK has one of the most competitive insurance markets in Europe and yet again many people are pointing the finger at the EU commission, which is determined to crack the UK financial markets and bring them under the regulatory control of the European Union. In effect this has already happened with the various treaties signed by European member states but the UK government is set to tackle this particular issue head-on as it will have a detrimental effect on the UK insurance sector, pensioners and future rates of investment return.
The issue of increasing reserve capital is a direct consequence of the credit crunch which saw a number of "solid assets" collapse like a pack of cards once the financial system began to seize up.
“Staggeringly Strong” figures show Unemployment fall to 7.1%
22/01/2014 The latest figures from the Office for National Statistics show unemployment drop to 7.1%, in what BNP Paribas, Chief UK economist David Tinsley has described as “staggeringly strong.” The figures come within touching distance of the 7% benchmark set by the Bank of England as the point they will consider increasing interest rates, despite the Bank previously claiming that the...Read More
Cadbury wants to remain independent
The Board of Directors of Cadbury will this week issue a defence document regarding the bid by US giant Kraft Foods. It is understood that the Cadbury directors believe they can remain as an independent entity and deliver significant shareholder value in the short, medium and longer term. However, with rumoured bids from Hershey and NestlÃ© still in the offing it would appear that the directors...Read More
Bid to make Scottish bank notes legally binding in England
It has been something of a bugbear for many Scottish business people over the years, the fact that many English shops and businesses do not accept Scottish currency. There is no legal reason why any particular establishment in England should refuse to accept Scottish notes but this has been going on for many years. There was initially a suggestion that the notes were easier to forge and therefore...Read More
Wills 'time-bomb' must be defused, says NCC
Over 27 million people in England and Wales do not have a will, creating a 'time-bomb' that urgently needs to be defused, the National Consumer Council (NCC) warned today. Research conducted by the NCC into will-writing behaviour found that most people who do not have a will blame not having got around to making it, or said that they did not want to think about dying. Steve Brooker from the NCC...Read More
An overview of the UK budget
Yesterday saw one of the most crucial budgets in history of the Labour Party at a time when the UK economy is feeling the pain and UK voters are looking elsewhere for optimism. While initially there was relief that on the face of it Alistair Darling had decided not to bring in substantial tax rises, under the surface in the small print, things are very different.
One of the more bla...