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Budget kick in the teeth to savers says West Brom

West Bromwich Building Society chief executive Andrew Messenger called today&#39s Budget a kick in the teeth to millions of hard pressed savers and borrowers.

He said the 20 per cent rate of tax on savings, deducted at source, serves only to punish and discourage those who save. He says; “We want to see this tax abolished now. This would be an important first step to encourage the 13 million Britons the Government already says aren&#39t saving enough.”

He believes failure to address this issue is creating a savings timebomb.

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Intermediaries call for carrot rather than stick

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£118bn liabilities in closed companies – KPMG

Run-off cover of closed books made up 14 per cent of liabilities of all UK life insurers in 2002 up from 8 per cent in 2001 according to a survey by KPMG LLP (UK). The research shows UK life insurers that had closed to new business had £118bn in liabilities in run-off at the end […]

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