Devastating floods could cost insurance industry over £100 million
The devastating floods in Cumbria and South Scotland could cost the UK insurance industry in excess of £100 million although this figure could rise significantly because the flooding has yet to subside. We have literally seen homes washed away in the flood water, vehicles left battered on the road site and indeed we have seen the unfortunate sight of casualties and fatalities during the floods.
The UK government is now looking to put together an emergency package to ensure that those affected by the torrential rain in Cumbria and the South of Scotland are provided for as soon as possible. These particular rainfall numbers have been described as "biblical proportions" and events which are unlikely to be seen for the next thousand years. However, for those who have seen their livelihoods, their homes and their businesses washed down the river this will be little consolation in these most difficult of times.
No doubt we will also find out how many households in Cumbria and the South of Scotland were under insured which will no doubt result in the emergence of various battles for compensation. This only goes to show that home insurance is a vital element of any household budget and even though it may be tempting to reduce your insurance cover, or indeed suspend it in these difficult economic times, it is in many ways a false economy.
UK government looking to sell Northern Rock
It has been revealed that the UK government is actively looking at selling Northern Rock in the short to medium term with a number of bidders already sounded out. There is a growing belief that the business could be split in two with the retail deposit operations and the mortgage book sold as separate entities. The retail side holds deposit approaching £20 billion and the mortgage book is around...Read More
Debt Problems Hitting All Areas Of Society
News that the debt crisis hitting the UK has no regard for the age of those suffering has alarmed many of those in the older bracket. While initially it had been the younger crowd which were hit hardest this has now spread to other areas of the population. However, while those of less mature years will have time to try and work their way through the debt crisis, those over 55 may well find the s...Read More
Is mortgage fraud on the increase?
Last week's revelation that Bradford & Bingley lost £196 million as a consequence of buy to let fraud and bad debt has prompted a number of questions regarding mortgage fraud in the UK. It appears that mortgage fraud has been increasing over the last couple of years although is this the real picture? The truth is that mortgage fraud has been on the increase for many years now due to intense co...Read More
UK Banks appear in control of the UK business sector
In a move that should surely merit some kind of comment from Lord Mandelson, the business secretary, it has been alleged that Lloyds TSB group forced a UK-based company, SeaDragon Offshore, to relocate a large project to Singapore. The allegations surround the fact that Lloyds TSB is the main lender to the company, which is heavily in debt and rumoured to be up for sale, and had initially agreed t...Read More
Is the IMF set to run to the rescue of the UK?
Despite repeated denials by the UK government the spectre of help from the IMF looms large on the horizon as the UK economy continues to head downwards. The IMF is currently heavily involved with regards to a rescue package for the Turkish government although talks have been suspended for 10 days to allow a period of reflection. There is intense speculation that unless we see a significant turnaro...Read More