Chancellor George Osborne should remember that making savings is the only feasible option to balance the nation’s books February 15, 2016 Whether or not George Osborne’s fiscal rules make sense, he’s stuck with them. His credibility hinges on whether or not the deficit is eliminated by 2019-20 and surpluses are recorded in “normal” times thereafter. At the last Autumn Statement doubts were cast over the “£27bn windfall” the Office for Budget Responsibility (OBR) had forecast the chancellor [...]
Don’t dump upfront pensions tax relief: Why a Pensions Isa won’t drive people to save February 12, 2016 A pensions revolution may truly be upon us. Hats off then to City A.M. whose reporting has led the way in publicising the Treasury’s activities in advance of potential changes to how Britain incentivises pension saving. The lurid comparison with Gordon Brown and his 1997 abolition of dividend tax credits made by former pensions minister Steve [...]
London weather: Thames Barrier closes for first time this year as spring tides loom just after Storm Imogen brought heavy rainfall and wind to the south of England February 10, 2016 It's official: it's been raining in London. The Environment Agency announced this morning that it has shut the Thames Barrier, a 520m moveable barrier in east London, for the first time this winter. "We are closing the barrier to protect London from the threat of flooding due to the high level of rain last week combined [...]
January winter storms caused $4bn in economic damage worldwide, although Storm Gertrude inflicted comparatively few problems February 10, 2016 Winter weather caused $4bn (£2.8bn) in economic damages across the world this January. According to a report which released yesterday by Aon, the winter snow storms that battered the east coast of the United States in the latter half of January, killing 58 people and causing states of emergency to be declared in 11 states, [...]
UK weather: Rising levels of surface water flooding put success of Flood Re insurance scheme at risk, warn academics February 8, 2016 The success of a reinsurance scheme designed to cut insurance costs for households with a high risk of flooding is in jeopardy thanks to rising levels of surface water flooding, academics have warned. According to a paper published today by Grantham Research Institute on Climate Change and the Environment and the ESRC Centre for Climate Change [...]
City Moves for 4 February 2016 | Who’s switching jobs February 4, 2016 Alpha Capital Markets Financial trading company Alpha Capital Markets has announced a new executive team. Muhammad Rasoul has been appointed the new chief executive, Kurt Hoeksema is chief trader and risk officer, and sales duo Roger Hambury and Scott Sandat are heads of global sales. They will join current executive chairman, Tony Afram and chief operating [...]
Index Ventures has a new $550m VC investment fund and its eye on London tech startups February 3, 2016 Europe's biggest venture capital investor and the backer of star startups such as Just Eat, Asos and Transferwise has raised millions of pounds in new funds to invest in tech startups across Europe, the US and Israel. Index Ventures has raised a new $550m (£377m) fund from its existing long-standing investor base which includes endowments, pensions and insurance funds, among [...]
One in five home insurance claims is rejected, although almost all motor claims are paid out, finds insurance industry body ABI January 26, 2016 One in five (21 per cent) of claims on home insurance during 2013 and 2014 was turned down, according to figures out today from the Association of British Insurers (ABI). The first set of insurance payout statistics ever published by the ABI also revealed that 99 per cent of motor insurance claims were accepted, as [...]
UK pensions: Flat rate pensions tax relief would be “fairer” and encourage people to save more for their retirement, but pensions ISA would be a bad idea, says industry body January 24, 2016 A single rate of pensions tax relief would make the system simpler, fairer and more sustainable, according to a statement made by the Association of British Insurers (ABI) over the weekend. The ABI, which has been calling for reform to higher rate pension tax relief since 2013, has urged government to consider introducing what it [...]
Zurich share price plunges as it warns losses from storms Desmond, Eva and Frank will hit $275m January 20, 2016 Zurich Insurance Group today announced estimated losses from storms Desmond, Eva and Frank will hit $275m (£194m). Because of the large amount of payouts the company is expecting to make in relation to flood damage, as well as other recent natural disasters, it also warned of a fall in operating losses for its general insurance business in the fourth quarter of 2015. [...]