UK Owes Developing Countries £17bn in "Climate Compensation" ... apparently

NCD News: UK Owes Developing Countries £17bn in "Climate Compensation" ... apparently - 09.11.09

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UK Owes Developing Countries £17bn in "Climate Compensation" ... apparently: >>>> It has been reported by climate change action groups that the UK Government owes developing countries more than £17bn a year in "climate compensation". The figure is based on the UK's current emissions which are 6% of the total. The good news is, of course, that when the UK has it's emissions under control we can get compensation back from those countries as they develop and inevitably produce more emissions - unless the eco-groups responsible for this research protest against them developing.

The UN has said that £250bn a year will be needed in the next few years to help poorer countries adapt to climate change. This will be loaned to them, increasing the burden of debt on these countries.

>>>> Sales of new cars increased by 32% in October as buyers are trying to take advantage of the scrappage scheme and also avoid the increase in VAT due for January. The scrappage scheme was used in one fifth of all new car purchases according to the Society of Motor Manufacturers and Traders. The Government has injected a further £100m into the scrappage scheme allowing it to be extended until the beginning of next year. The total Government investment has now been £400m. Despite this good news, insolvencies in car dealerships have increased by 100% since 2008. The RAC has warned that once the scrappage scheme ends and VAT returns to normal levels there may be a dip in sales.

>>>> RBS has reported a pre-tax loss of £2.2bn for the period of three months up to the end of September 2009. This is compared to a profit of £1.9bn for the same time last year. They were forced to write off £3.3bn worth of bad debts which is actually an improvement on the previous 3 month period. The Chief Executive has described their future as a marathon, not a sprint and that the losses would continue well into next year. RBS is currently 70% owned by the taxpayer, but this is due to increase to 84% once it has become involved in the Governments asset insurance scheme.

>>>> LV= shows off their cash reserves by becoming the sponsor of the LV= Cup, the Anglo-Welsh rugby tournament. It is to start as a two year deal with an option to extend for a further two years. The competition involves 16 teams and commences on 5th November with the final being played in March 2010. LV= have said that their involvement fits well with their target audience and compliments their cricket sponsorship.

>>>> A report from HSBC has found that 56% of people had no financial education of their own and a further 37% had never sought advice from a professional. This has led to just one in four feeling prepared for their retirement. Just 21% have cut their debt to ensure they are better prepared for their future and 14% have stopped saving for their retirement due to the recession. Brokers have commented that people need to get to grips with their finances if they are to avoid poverty in old age.

>>>> The UK Pension Protection Fund, which insures pensions, has reported in their annual report that 12,723 people were receiving compensation claims against the fund compared with just 3,596 a year ago. This has caused the deficit to increase from £517m to £1.2bn during the last year. The PPF is funded via a tax on pension funds and says the increased use of their services has been caused by the increase in insolvencies during the recession.

>>>> A study nicknamed The Hoppers vs Stoppers Survey by Aviva, has found that home-owners are more likely to remain in their current address than before the recession. Just 26% of those surveyed said they would be happy to move home regularly now compared to 80% of those surveyed prior to the recession. 68% see their home as an emotional investment rather than a financial one and 85% like to relax at home. 71% would want to buy back their home if they lost it and 16% would even pay more than it was worth. The study estimated that £26,880 of emotional value was tied up in people's homes ... (?)

>>>> RSA has reported a 4% rise in premiums over the first 9 months of 2009. They report improving conditions particularly in emerging international markets. In the UK premiums had actually fallen by 3% but was propped up by the international growth. RSA said in February that they would be cutting UK jobs by 1200 by the middle of next year. 1050 people have already gone.

RSA have also made it very clear that they will not be buying any of the insurance businesses up for sale by RBS saying that it would upset the balance of their business.

>>>> Insurance comparison site Life Saver has today given online users the opportunity to benefit from increased discounts which could save consumers as much as 54% on prices offered on the high street. The broker offers life insurance quotes. Chris Markham, business developer for Life Saver, points out that despite the discounts the cover is the same quality as people would receive anywhere else. †