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.
So Mr Osborne is the devil in the detail?
Despite opening his budget speech yesterday with a promise to be transparent and up front about all changes it would appear that George Osborne has quietly lowered the threshold at which the 40% income tax rate kicks in. It is now estimated that 700,000 more people in the UK will be dragged into the 40% tax band and see their income tax bills increase for the foreseeable future. On the surface...Read More
100 per cent mortgages solution for first-time buyers
New buyers taking out mortgages have increasingly chosen to secure loans on the full value of their home in order to get onto the property ladder, new research has shown.Studies by the Mortgage Advice Bureau revealed that almost one in ten mortgagers now opt to borrow the entire value of their property or more.The number of first-time investors selecting a 100 per cent mortgage rose by 21 per cent...Read More
How often should you speak with your financial adviser?
Financial advice is a very tricky subject and one which many people have differing views on. How often should you speak with your financial adviser? Do you really need a financial adviser? Is it possible to look after your own financial affairs?
The bottom line is that when you have an important investment decision to make you should always take advice from appropriately qualified p...
The last few weeks have seen a slight improvement in some trading announcements from various retail companies throughout the UK. However, a report by the CBI today has highlighted the fact that 63% of their retail members are reporting reduced sales in th
As the UK economy continues to head downwards and pension liabilities continue to increase many of the U.K.'s remaining defined benefit pension schemes (otherwise known as final salary schemes) appear to be under threat. There is concern that 2009 will see the number of defined benefit schemes reduced significantly.
The last few months has seen a number of UK companies looking to e...
1 in 4 between 65 and 74 still Work
A quarter of pensioners between the ages of 65 and 74 in the UK are continuing to take a wage, despite passing the retirement age. Research from Aviva has highlighted the fact that the workforce continues to age, and that 23pc of people in this age group were still wage earners in December 2012, compared to 18pc recorded three years ago. Changes in the law mean that workers can no longer b...Read More