Private medical insurance popularity grows
According to figures from the Association of British Insurers (ABI), the number of people taking out Private Medical Insurance (PMI) has risen year-on-year for the first time in recent years.In 2006, 1,030,000 individuals took out personal PMI policies, up 1.8 per cent from the 1,012,000 personal PMI policies in 2005.The number of businesses taking out corporate PMI has increased even more than this, with 2,345,000 corporate PMI subscribers in 2006 an increase of 4.1 per cent on 2005's total of 2,254,000 corporate subscribers.Collectively, personal and corporate PMI plans now cover 5.9 million people in the UK. Commenting on the statistics, Nick Starling, the ABI's director of general insurance and health, said: "Private Medical Insurance offers people greater choice of treatment and other services for a wide range of medical conditions and injuries. It also takes pressure off the NHS, so by buying PMI, people are effectively reducing the burden on Britain's hard-pressed health service. "It is encouraging that more individuals are choosing to buy PMI for themselves and their families. PMI bought by companies on behalf of their employees has continued to increase in popularity too, helping to ensure that people can get back to work sooner after illness or injury."
Insurance fraud peaks at 2300 claims a week
The Association of British Insurers has issued a damning report on the UK insurance arena with confirmation that over 2300 fraudulent insurance claims are being discovered each and every week. It is estimated that these claims account for over £800 million a year which is then passed on to UK consumers who are left yet again to foot the bill. So why are insurance fraud claims rising? While the...Read More
Market awaits confirmation that the recession is over
Later this morning the Office for National Statistics will release data that should confirm that the UK economy moved out of recession in the fourth quarter of 2009 and is now back on the growth path. However, even if the UK economy has moved out of recession what does this mean for businesses and consumers across the country? The truth is that there will be a significant lag between the econom...Read More
Stocks and Shares ISAs outperform Cash
30/04/2014 Research has revealed that investors with a ‘Stocks and Shares ISA’ (Individual Savings Account) have benefitted from much more growth in their savings than those with ‘Cash ISA’ in recent years. According to Moneyfacts, the average growth of a Stocks and Shares ISA in the 2013/14 tax year was 9.42%, with some investments performing even better. For example, the best perfo...Read More
Home purchase mortgages double in 12 months
The British Bankers Association (BBA) has today confirmed that 42,238 mortgages were approved in October against 42,073 the previous month. These mortgages are specifically house purchase mortgages, which do not include redemptions and repayments, and show a 98% increase compared to the same period last year. So what exactly does this mean? While there is no doubt that the UK mortgage market an...Read More
What has prompted an increase in alleged tax avoidance prosecutions?
Earlier this week the UK authorities won a high-profile court case regarding offshore trusts and the ability of the authorities to backdate tax demands prior to the 2008 Finance Act. Not only will this see the UK government reclaim hundreds of millions of pounds of unpaid taxes but it has also sent a serious shot across the bows for those who hold funds offshore and have perhaps neglected to decla...Read More