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.
Kwik Fit Insurance Confirmed As Cheapest Car Insurer On The Market
Even though the Kwik Fit Insurance division has only been trading since 1995 it has quickly made a name for itself with a report from moneysupermarket.com confirming that of 12 million insurance quotes requested on the site, Kwik Fit Insurance was consistently the more competitive of insurers in the market. The average quote was confirmed at £277 showing that the group seem to have hit the mark w...Read More
Building societies urge restraint on interest rate reductions
The Building Societies Association (BSA) has today suggested that the Bank of England should leave UK base rates unchanged as we approached the MPC meeting this week. This is very much against the general trend in UK where businesses and UK banks are demanding a further reduction in UK rates to try and stimulate activity in the UK economy. However, the building society sector is very much based on...Read More
HMRC releases ‘Tax Fugitive List’
HM Revenue and Customs will post pictures of their 20 most wanted tax fugitives from around the UK online, in a bid to get members of the public to report them. HMRC are hoping that the sensitive issue of tax-evasion, which leaves many law abiding citizens feeling hard done by, will encourage people to come forwards and report the identified persons. According to the BBC, information about the...Read More
Gordon Brown warns America against protectionism
Gordon Brown has put himself on a collision course with the new US president in waiting Barrack Obama. Not only has he tried to ride roughshod over the US by attempting to claim the glory for the rescue package but he is also now suggesting that the US government is moving towards a period of protectionism which was last seen in the 1930s.
It seemed as though Gordon Brown was prompt...
£212 million of luggage lost a year
Over one in five fliers find that when they reach their destination, their bag has not arrived with them, costing the British public £212 million per year to replace lost bags.For 21 per cent of those whose baggage went missing, the bill for replacing the lost items cost them in excess of £100, according to research from Swiftcover.com.Not only that but four per cent of travellers had lost cash...Read More