Young drivers lack basic car know-how
Young drivers fork out £140 million every year in car maintenance due to their lack of basic mechanical know-how, new research suggests.According to the study carried out by Direct Line, half of all drivers under 25 do not know how to jumpstart their car or replace a tyre, compared to 25 per cent of drivers aged 45 or over.Nearly one in three admitted to paying to have their oil changed, while 25 per cent also admitted to having their brake fluid checked.The findings come despite the DVLA introducing a car maintenance section to the practical driving test in September 2003.Some 37 per cent of 18 to 24 year olds who have passed this test still struggle when it comes to checking the level of their car's brake fluid."It's not unusual for drivers to feel a little helpless when it comes to car maintenance -however, it is important for drivers to be able to make basic safety checks on their vehicle, such as checking tyre pressure and oil level," Emma Holyer, Direct Line's motor spokesperson said."These checks are essential before embarking on a long journey and we are urging motorists to ensure they are able to conduct these simple tests rather than relying on parents or mechanics for help."Our research also shows that more than four in ten drivers have waited for their vehicle's annual service to fix some of these potentially serious problems. This should be avoided as it is important that all motorists are driving roadworthy vehicles," she added.Asking parents for help is still a popular and altogether cheaper alternative to paying out for professional know-how, with 62 per cent of all young drivers confessing to turning to their mums and dads for advice.
Bank of England sticks at 5.25%
The Bank of England has kept interest rates at 5.25 per cent, despite slowing consumer spending.Several reports have suggested that the UK might be moving towards recession due to the ongoing credit crunch.Ordinarily, this would lead to interest rate cuts in order to provide an economic stimulus.However, concerns over increasing food and fuel costs appear to have prevented the Bank from making the...Read More
Is the UK supermarket sector oversaturated?
The revelation that Asda, the number two supermarket chain in the UK, is looking to expand into smaller format stores and also looking at the potential of increasing its portfolio of non-food shops may well signal that the UK supermarket is oversaturated. The company confirmed that sales growth in the fourth quarter of 2009 was down from 5.6% in the previous quarter to 4.6%, which is the slowest g...Read More
The Budget Statement 2014 - As it happens
As Chancellor George Osborne is set to announce his budget speech today at 12:30pm, we will be keeping you updated by announcing all of the key points in this live blog article as they happen. We will also be tweeting key points through our Twitter account, you can keep up to date with us on twitter by following @financialuk. If you want to find...Read More
MBNA set to end credit card cheques
In a move which has apparently been on the cards for some time, MBNA is set to phase out credit card cheques ahead of a government ban when the Financial Services Bill comes into force next year. While credit card cheques have proved useful to some customers, many promotional credit card cheques have tempted new customers to spend money which perhaps was beyond their means. Not only do these cr...Read More
FSA slams controls in financial sector
The Financial Services Authority (FSA) has this week sent out a "Dear CEO letter" to 1,000 chief executives within the insurance, asset management and investment banking community demanding that "chaotic controls" regarding the handling of client assets are addressed immediately. Accompanying the letter was a report put together by the FSA over the last six months which detailed a number of major...Read More