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.
UK authorities turn-up the heat on banking bonuses again
The UK government has today gone on the offensive with regards to banking bonuses and banking remuneration packages, hot on the heels of last week's disastrous GDP figures. In an obvious attempt to deflect the growing criticism of the way the UK government has handled the recession, the tables are again being turned on the banking sector and bankers are being painted as "the devil incarnate".
Who is ultimately to blame for the crash in the UK economy?
While Gordon Brown has taken significant criticism in the short term regarding the UK economic situation and the ever growing national debt, is it really Gordon Brown's fault or is he merely caught up in a very difficult worldwide situation?
The truth is that the UK economy has to all intents and purposes followed the path of the worldwide economy which began to suffer when credit w...
Manufacturing output slips in January
Britain's factories suffered a 0.2 per cent monthly decline in output during January.New figures released today by the Office for National Statistics (ONS) reveal the slip, which contributed to an overall increase in output in the three months to January of just 0.1 per cent.The fall has been primarily attributed to a strong pound, hitting demand for British products which rely heavily on exports,...Read More
Pet owners beware you could be in trouble for being too kind
At a time when the UK economy is collapsing, people can literally not afford to heat their homes the government has brought in the Animal Welfare Act 2006 which could literally make it an offence to treat your dog to certain sweets and doggie treats, or disturb the animal while it is feeding!
The new code of practice relates to dogs, cats and horses and while not set in law as yet i...
Pet insurance urged for Christmas additions
Many parents will have got their child a pet as a present this Christmas, but few will have considered the importance of pet insurance, it has been claimed.Fair Investment Company is advising people who have got new pets this Christmas to ensure their new additions to the family are properly covered by pet insurance.People are being advised to cover their pet now while the animal is still young, b...Read More