AXA rewards safe motorists
Financial giant AXA has revealed a new car insurance policy which will see those with eight or more years no claims bonus receiving a 90% discount on their premiums. This compares to the average discount of 65% on a maximum five-year no claims bonus and will obviously further benefit the vast majority of drivers in the UK who do not claim on their car insurance.
This comes at a time when the AA has confirmed that UK car insurance premiums will rise by between 10% and 15% in 2010 with the majority of the increase caused by uninsured drivers causing accidents on the road. It would appear that slowly but surely we are seeing a polarisation between safe drivers and dangerous (and uninsured drivers) with many other insurance companies certain to follow the lead set by AXA.
Car insurance premiums have been on an upward spiral for many years now with the cost of covering uninsured drivers taken on by the industry and then spread out amongst insured motorists. Whether or not this is a fair allocation of the added expense associated with uninsured drivers is debatable but it is a trend which began some time ago and has ultimately led to a massive increase in car insurance premiums for "no apparent reason".
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 government to penalise businesses with energy cost rise
Chris Huhne, the energy secretary, has today confirmed that UK businesses will bear the brunt of ongoing policies to cut emissions in the UK. It is forecast that business energy bills will rise by up to 26% over the next decade while at the same time consumers will see a rise of about 1% in their own energy bills. While there is no doubt that the UK needs to revamp and update the energy system the...Read More
Job satisfaction hits an all-time low
A report by the Chartered Institute of Personnel and Development has today highlighted concern in the UK employment market. The survey of 2,000 workers found that job satisfaction has hit an all-time low, especially amongst younger workers who appear to be more concerned about their prospects and their working conditions. It was also revealed that less than 10% of those surveyed have seen an incre...Read More
Japanese central bank reduces base rates
In possibly a sign of things to come for the worldwide economy it has been revealed that the Japanese central bank has further reduced base rates in the country to between 0% and 0.1% against a previous target of 0.1%. In effect we are back to the days of 0% base rates in Japan which followed the disastrous slump in the economy in the 1980s/90s which saw one of the longest-running economic downtur...Read More
Council of Mortgage Lenders plays down mortgage recovery
Michael Coogan, the director-general of the Council of Mortgage Lenders (CML), has played down hopes of a short-term recovery in the UK mortgage market. Despite signs that demand may be returning to the market, the director-general suggested that these "green shoots" have no roots. So what does this mean for the UK mortgage sector?
The CML believes that the UK mortgage market will r...