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Royal London members rubber-stamp £219m Co-op deal


Mutual insurer Royal London’s members have voted overwhelmingly in favour of a proposed £219m deal to buy Co-operative Banking Group’s life insurance and asset management businesses.

At the firm’s extraordinary general meeting held in London this morning, some 95 per cent of members voted in favour of acquiring the businesses, with just 5 per cent voting against or abstaining the deal.

The acquisition, which is subject to regulatory approval, is now expected to be completed in summer 2013.

Royal London chairman Tim Melville-Ross says: “The acquisition increases our scale, capabilities, profitability and financial strength.

“The board believes it will support further our mutual dividend policy which has already seen over £325m allocated to our members accounts since 2007.

“It is transformative and exciting for us and we look forward to welcoming the Co-operative policyholders into Royal London. 

“We become an even more substantial player in the UK life and pensions market and it is a landmark step forward representing significant financial and strategic value to the group and our members.”

The acquisition will see Royal London’s assets under management increase from £50bn to £70bn.



Lord Lawson slams FTT as ‘perverse and unacceptable’

Former chancellor Nigel Lawson has attacked the European Union’s proposed financial transaction tax, saying the ‘perverse and unacceptable’ levy would drive business from London to New York. In a foreword to a new paper by free-market think tank the Centre for Policy Studies, Lord Lawson says the EU is currently engaged in “a frenzy of […]


Ian Naismith: Too simplistic to say trust schemes are always best

Among the debates raging about pensions in recent months, notably on charges and investments, is one that may appear rather esoteric but is vitally important to some. Is it intrinsically better to enrol employees into a trust-based occupational pension than into a contract-based personal pension? The ‘trust is best’ advocates have been vocal. A recent […]


Ukip to push for flat-rate income tax and £13K transferable personal allowance

The UK Independence Party is considering proposing a radical shake-up of personal taxation by scrapping all National Insurance contributions while introducing a transferable personal allowance and a flat-rate income tax of 25 per cent. However, experts warn the plans could cost £100bn and are based on “back-of-the-envelope” figures. University of Georgia economics professor David Kamerschen […]

Roger Bootle set to sell Capital Economics

Capital Economics founder Roger Bootle is looking to sell the economic consultancy in deal that could land him up to £50m. The Daily Telegraph reports Bootle, who owns 68 per cent of the firm, has appointed advisers to prepare a sale of the business. He has retained corporate finance firm Quayle Munro to work on […]

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The politics of healthcare

Healthcare is already one of the key battlefields in May’s general election, with each of the main parties committing to deliver improvements to the NHS and public health.


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