The Times writes that Royal London, the UK's second largest mutual life insurer, is planning a ...
The Times writes that Royal London, the UK's second largest mutual life insurer, is planning a bid for Britannic, the life and pension provider that has put itself up for sale after a sharp fall in profits. Harold Cottam, chairman of Britannic, admitted last month that the company still lacked the benefits of scale despite making a number of acquisitions. Pre-tax operating profits fell by nearly £30m to £145.4m in 2001.
The Times also reports that the prospect of swinging tax increases of £7.5bn in Gordon Brown's Budget is being discounted by City economists who believe that the Chancellor should be able to fund an ambitious programme for the NHS without punishing the taxpayer unduly.
Equitable Life has been criticised by financial advisers for failing to declare this year's with-profits bonus rates, raising concerns that the society may not be able to pay anything at all this year, says the Telegraph. The stricken society, which capped its crippling liabilities via a compromise agreement with policyholders earlier this year, normally declares its bonus rates at the end of March but is delaying a declaration until June this year.
The Telegraph says Derek Higgs, the respected City heavyweight, is to lead the Government's post-Enron inquiry into the effectiveness of non-executive directors. His appointment today comes seven weeks after Patricia Hewitt, the Trade and Industry Secretary, announced the review.
The Stock Exchange has stepped up its efforts to persuade the Chancellor to abolish stamp duty on share deals, with new figures showing how the economy will benefit notes the Telegraph.
What made financial headlines over the weekend?
290,000 already affected
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension