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.
Lawyer loses retirement case
Leslie Seldon, a former partner of Clarkson Wright and Jakes solicitors, has lost a discrimination case at the Court of Appeal with regards to the fact he was forced to retire at 65. It would appear that under the terms of this partnership agreement he was forced to retire from the company which he believed was a case of discrimination. However, the Court of Appeal has this week upheld the orig...Read More
Will an increase in VAT kill the recovery?
As the UK government looks set to push the VAT level back to 17.5% from the reduced 15% rate there are concerns that the ongoing recovery in the UK economy could be strangled at source. There are real concerns about the financial stability of companies on the high Street and the fact that consumer spending has fluctuated enormously over the last few months with more and more consumers looking to t...Read More
Sir Fred Goodwin set to lose his knighthood
Even though it had appeared that the vicious and vocal campaign against Sir Fred Goodwin and his substantial pension fund was coming to an end, it has been re-ignited by MPs in the Houses of Parliament. A group of Labour MPs have made official representations to the authorities to see if Sir Fred Goodwin's knighthood can be revoked and how quickly this may happen.
Quite why the subj...
What if the UK banking sector does not recover?
As we see the share price all Barclays bank fall by a massive 25% in one day, 40% in one week and only a fraction of its share price a year ago there are concerns that the UK banking sector is in turmoil. The government has poured billions upon billions of pounds into the sector and many are now asking the question "what will happen if the banking sector does not recover?".
Barclays Bank at loggerheads with the UK Treasury
It has been revealed today that Barclays Bank is in a similar situation to that experienced by Lloyds Bank which had great difficulty agreeing a toxic asset insurance plan with the UK Treasury. Up until now Barclays Bank has very much depended upon its own financial resources to get by but like so many financial institutions in the UK is being forced to take up the option of insuring a portion of...Read More