Raising a kid now costs the same as a house: Here’s five properties you could buy for the same price as having a child February 16, 2016 We all know raising a kid's expensive, but it's now more expensive than ever. More than a third of parents' income goes on kids each year, and the cost has gone up by £2,500, or one per cent, on the previous year. The total cost has risen an astonishing 65 per cent since 2003, according to [...]
Pension Isa could see savings slashed by a sixth, says Association of British Insurers, which favours the flat rate of tax relief instead February 15, 2016 Introducing a pension Isa could lower contributions by around a sixth, the Association of British Insurers (ABI) has warned today. Using research prepared by the National Institute of Economic and Social Research (NIESR), the ABI has calculated that a pension Isa system, where pensions contributions are taxed but withdrawals are exempt, would influence people to cut [...]
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 [...]
Remaining US sanctions putting insurance professionals off Iran, although the desire to do business in the country has increased since January February 15, 2016 The insurance industry is still feeling cautious about doing business in Iran because of lingering sanctions, according to a survey released today. The study, conducted by global law firm Clyde & Co, discovered that 85 per cent of London insurance professionals felt discouraged from doing deals with the country because of remaining US sanctions which make it near impossible [...]
Who’s the most destructive James Bond? Daniel Craig and Spectre have nothing on Roger Moore when agent 007’s damages added up February 15, 2016 Agent 007 with a licence to…wreak havoc? James Bond may be the world’s most famous secret agent, but he sure doesn’t come cheap. In a 50-year career, the fictional MI6 agent has racked up an eye-watering total of £8bn in damages. In Spectre, Daniel Craig causes almost £449m worth of damages, starting in the very first scene. [...]
Multi-asset: Boosting risk-adjusted returns February 15, 2016 As the huge swings in share prices over the year so far have shown, markets have become increasingly unpredictable. This has exposed investors to significant volatility, and the minimal (and sometimes negative) returns offered by “risk-free” assets like developed country government bonds have been no more reassuring. Many financial institutions, like insurers, are now sitting [...]
EU referendum: HSBC’s Paris pledge reveals that Brexit poses a number of risks for the City, including the regulatory environment and access to the open market February 15, 2016 The truth is, we don't know what it would mean for the City if the United Kingdom votes for Brexit. There are too many uncertainties. That's one reason why HSBC has said today that it could shift as many as 1,000 jobs from London to Paris if the UK leaves the EU. But the impact could be [...]
Greed is not so good: Britain’s bankers are more stressed than ever February 15, 2016 It might be time to feel sorry for Britain's bankers. Apparently turning into social pariahs after the financial crisis has taken its toll on their mental health. Demand for insurance to protect revenues against the cost of paying staff who are too stressed to work has surged, according to data from financial services group Willis [...]
Fraud damages our competitiveness: There must be no darkened corners in the City February 15, 2016 "Fraud shames our financial system” said the home secretary Theresa May last week, as she launched the Joint Fraud Taskforce, which aims to clamp down on the volume of fraud we face. I was very glad to host the launch at Mansion House, because our government, regulators and law enforcers should know that they have [...]
Treasury is saddling British businesses with £29bn in extra costs from National Living Wage (NLW), apprenticeship levy and business rates – Confederation of British Industry (CBI) February 15, 2016 British businesses will be hit with a bill for almost £30bn in additional costs as a result of government policies including the National Living Wage (NLW) and the apprenticeship levy. The flagship schemes, along with the existing business rates regime, will cost British businesses around £9bn every year by 2020-21, according to new analysis out [...]