UK motor insurance premiums increase yet again
The AA insurance has today commented upon the state of the UK motor insurance market with a suggestion that the average comprehensive motor insurance policy is now costing in excess of £1000 a year. This is an increase of around 20% on the 2008 figure and is predominantly because of fraudulent claims and the damage caused by uninsured drivers in the UK.
All in all it is believed that UK motorists will face an additional £2.1 billion in insurance costs this year alone purely and simply because of these fraudulent claims and uninsured drivers. Despite the fact that the recession is still impacting upon many people around the UK, and indeed some people are considering downgrading or even cancelling their car insurance, the cost of insuring your vehicle continues to climb higher and higher.
In what is certain to become something of a vicious circle, a 20% increase in motor insurance premiums will almost certainly see more people taking the risk of driving uninsured which will yet again feed into the cost of insurance premiums in the future. Quite why perfectly legal and insured drivers have to pick up the bill for those who have decided not to take out insurance, which is illegal, continues to remain a mystery to many in the UK.
Is Richard Branson targeting Northern Rock?
As we covered earlier this week, Richard Branson, via his Virgin Money subsidy, is looking to obtain a banking licence for the UK. While the company would have you believe this is just a natural progression, when you bear in mind the operation has exposure to credit cards and the like, there are many who believe this is the first step towards an acquisition of state-owned Northern Rock.
Bank Of England Leave Rates Unchanged
News that the Bank of England has left interest rates on hold this month has received a muted response from the financial markets. While many had expected rates to remain unchanged there was a feeling that they could rise to combat inflation or fall to revive the economy. As it happens the Bank of England has again sat on the fence waiting to see if inflation falls of its own accord over the com...Read More
UK recovery could take five years
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Banking bonuses set to hit £6 billion this year
It is forecast that banking bonuses in the UK will hit £6 billion this year which is a 50% increase on the 2008 figure despite the fact that billions upon billions of pounds of UK taxpayers money has been used to bail out the sector. Indeed it is forecast that bonuses will rise for the next few years and peak at around £7.5 billion in 2012 much to the disgust of UK taxpayers and the UK governmen...Read More
Million-pound property sales rose 36% last year
Burgeoning house price inflation fuelled a significant increase in the sales of million-pound properties last year, new data has shown. Over the course of 2007, 8,257 properties costing £1 million or more were sold, according to research from Halifax. This represents a rise of 36 per cent compared with the figure of 6,057 recorded in 2006. The areas posting the highest number of sales of high-val...Read More