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New regulations regarding the marketing of credit and private loans in Norway

Elliot
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New regulations regarding the marketing of credit and private loans in Norway

As of the 1st of July 2017, the Norwegian government has issued new regulations regarding the marketing of products in the private financial sector, specifically loans without security in property or personal assets stemming from bank-loans or credit cards.

Background

Norwegians have acquired increasingly higher debts from unsecured loans over the last decades, and in 2016 alone the total growth in debts of this type reached 15% according to the Norwegian Central Bank. For a lot of people these kinds of loans bare with them a higher degree of personal economic freedom, but are at the same time a source of serious financial issues for some people. Therefore, it is the Financial Departments opinion that the market for these products is not functioning properly, and should be regulated. In the new statements from the government, specifically two issues will be handled by the new regulations:

The aggressive marketing made by the banks and credit institutions, in which they emphasize benefits such as quick granting of loans, immediate transfers of the money to be borrowed, and the simplicity of the application processes, intended to make people apply for loans based on these benefits regardless of whether they need the loans or not
The fact that many people are granted new and expensive loans, even though they are already heavily in debt and unlikely to be able to handle the expensive interests

The new regulations and their implications for consumers and banks

Regulation about the billing of credited debt

The Norwegian Government emphasizes a need for the consumers to attain a better overview of the entire debt they are obliged to pay for a certain loan or credit card. To facilitate this, the Financial Department has made a regulation which requires the financial institutions to inform the individual debtor about the total amount of the debt that he or she has, on every single bill. For the consumer, this means that on each bill he or she receives from the bank, there will be two numbers: both the one which is to be paid this month, and the amount of the entire debt that is owed. In this way, the consumers will attain a better insight into the amount of money actually owed, and is meant to make them more aware of whether or not it is a good decision for them to apply for new loans.

The new law about the information of individual debt

Today, the financial institutions granting private, unsecured loans always do automated checks of the applicants’ private economy in order to consider the persons ability to handle the loan. These are far from perfect, however, and many customers are still able to be granted new loans from new banks, in spite of them already being seriously indebted. To counter this, a new law has been issued by the Norwegian Government, making it mandatory for the banks to run a background check of all applicants in the new debt information-register which is about to be made. In this way, the banks can acquire real-time information about the debts of their applicants, thereby reducing the risk of increasing the debt of already heavily indebted customers.

The new regulations of marketing of unsecured loans

On top of the two preceding regulations, specific regulations have also been issued for the marketing of unsecured loans.

These rules pertain specifically to the way in which the advertisements about unsecured loans are designed by the creditor institutions, and include guidelines such as:

The short time in which one may be granted a loan is not to be emphasized
The simplicity of the application process is not to be emphasized
The availability of relatively high sums of credit is not to be emphasized

Special thanks to Scandilån Norway for sharing this information to us.

Reference sources:
https://www.finansnorge.no/contentassets/43027ea11f4a4741a68b5676046409f9/markedsforing-av-kredittkort-og-forbrukslan-06.02.17.pdf
( All financial companies branch organization)

https://www.regjeringen.no/no/aktuelt/regjeringen-varsler-offensiv-i-markedet-for-forbrukslan/id2547941/
(Government Norway about the issues and warning for offensive marketing in private pay day loans )

Secrets to hire the right SEO service provider

Elliot
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0
Secrets to hire the right SEO service provider

Having a strong, in-depth knowledge of SEO is not the only important consideration while hiring a professional SEO service provider. Most of the time , it has been seen that even though you leave no stone unturned, your website is still not able to improve its ranking. SEO can be considered as a continuous process that needs a lot of time and effort to produce good results. For businesses or individuals that are just starting off, it is mandatory to understand that their website must cover all the basic elements of SEO and must be fully optimized. There are numerous SEO companies out there, looking forward to offer you reliable services. Some of the important things that you need to consider are as follows-

Guide on site evaluation

An in-depth analysis of your site with respect to content and the design structure is a very important aspect. A reliable SEO firm must be able to provide you with a complete website audit and outline what steps will be taken to improve the ranking of this domain.

Tools used to determine keywords

It is very important for you to understand the methodology followed by an agency to figure out the right combination of keywords. The research involved with keyword evaluation along with the tools used can be useful to understand the approach followed by the agency. Obtaining backlinks is an important part of SEO optimization. Also a reliable SEO service provider would try to get high end quality back links that are related to your domain. It is very important for you to know the techniques employed for obtaining backlinks.

SEO techniques used

In order to improve your ranking, it is very important to have a top level understanding of the techniques involved in the entire procedure. Finding agencies that will improve your website’s ranking in no time is quite easy. Acquiring low quality backlinks will improve your rankings in the short term, but will be detrimental to your business in the long run.  A good SEO company will never use any sort of deceitful strategies to get your website a higher ranking and instead will follow an organic strategy to build a strong backlink profile

Cost structure

The cost for seo services is not always a true reflection of the kind of services provided. Also, expensive quotes don’t necessarily mean that the agency will offer you high end services. A reliable SEO firm will give you a complete detailed breakdown of the services which will be directly related to the performance.

Proper timeline

There are many SEO service providers that guarantees you results in 10 days- which is practically impossible. You need to understand the difference between a false pledge and a genuine guaranteed result. SEO optimization is an ongoing continual process where regular maintenance, customer support and proper web management are necessary. Do not go for any agency that gives you a time limit for the outcomes you expect.

Opt for targeted traffic

There are lot of agencies that can attract large volumes of traffic to your website. However, if this traffic is completely irrelevant, you’ll end up with high levels of traffic but no conversions. A reliable agency can help to target consumers that will be genuinely interested in purchasing your products or services. Based on the right keywords, relevant website content and proper distribution of the same in social media platforms and other relevant distribution channels, a good agency can target the right audience for your brand.

Apart from the above points, the agency should be able to provide transparent deliverables along with weekly and monthly reports. Click Consult has recently released an SEO uncovered ebook which outlines key steps which should be taken when implementing an organic search strategy. Following these steps will help you improve your website’s ranking, increase the amount of traffic you receive and ultimately increase your revenue.

Online casinos still popular but land-based entities growing faster

Sam Allcock
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Online casinos still popular but land-based entities growing faster

Online casinos may have gained a lot of traction over the past few years but data from the UK Gambling Commission, UKGC, shows that the online alternative still have a long way to go before it can compete with brick and mortar casinos.

A report released by the UKGC showing what has been going on in the world of online gambling for the last 12 months has all the facts and figures. The period the survey was carried out was between October 2015 and September 2016. In this period, gambling experienced a rise in the total revenue, taking it to £13.82b. The 3% rise shows that the industry is on a steady growth curve and the online scene is bound to pick up in the long run.

The most recent report from the commission shows that online gambling is the highest revenue earner, a fact that has remained constant since the last survey. In the period between 2015 and 2016, revenues from online gambling were at £4.23b. The figure has risen to £4.46b in 2017, making online gambling the highest earner when it comes to wagering. The figures considered by the commission include only UK-licensed operators offering wagering options to UK
clients. When taken into account, remote betting took the figure up to nearly £4.8b.

Euro 2016 spurred things for online betting

The football tournament increased remote betting by 10% which brought the total revenue for remote betting to £1.7b. Exchange betting also contributed to a revenue increase, bringing in another £170m. As much as remote betting may have increased by double digits, it still could not beat online casinos, which raked in £2.4b even though it was a growth of less than 3%. Online bingo took a hit as it reduced to £149m. However, pool betting enjoyed an upsurge of 16% to bring it to £30.2m.

New and active accounts increased

The period between 2015 and 2016 recorded an increase in the number of new users who joined online casinos. The actual numbers were 28.4m up from 23.7m. This is quite the astounding figure as the adult population in UK adds up to around 50m. Active accounts also increased from 20m to 21.4m.

The surge in popularity for online casino wagering can be attributed mostly to the incentives that they offer. The casinos offer players the opportunity to win real money with free spins and follow it up with huge casino bonuses. Aside from the incentives from such operators, one cannot downplay the role of popular online casino guides. The casino guides have become the go-to-source for every new player who wants to know about casino rankings, best casino bonuses and free spins and practically any other information concerning the online scene.

Gaming software providers suffered a decline though

The UKGC also looked into revenues for gambling software which had dipped to £520.1m from £538.3m. Failing sales for game developers was the main reason they could not match their previous revenue generation. The sales decrease was a dip of 14% even though revenue share went up.

Land-based casinos posted a revenue increase of 3%, getting their earnings to £3.4b which was much higher than the national lottery which earned £3.26b, a 4.3% drop. Land-based casinos continue to enjoy a rise in revenues, which went up 19%, totaling £1.19b. Table games were
especially the most profitable revenue earners with Punto Banco and Baccarat being the favorite.

The fascination of Spanish luxury and glamour

ABC Staff
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The fascination of Spanish luxury and glamour

Spain is such a fascinating country. From the north to the south and from the east to west, beautiful landscapes, breathtaking skylines, excellent food and friendly people are waiting for us to get ready to discover, explore and enjoy one the most amazing countries in the whole world. Click here for villas in Spain.

It is not uncommon to find a huge amount of foreigners in the villages of the east and south coasts and also in the islands, always in search of warm weather, sports, adventures and of course, the best golf courses, the magnificent spa treatments, the wines and the luxury seafood and, why not, the art gems and the impressive architectures that only Spain and its particular culture can offer.

Perhaps the best way to fully enjoy luxury holidays is to rent a villa, like the ones you can find at atzaroibizavillas. Nothing compares to the joy of relaxing in a house by the pool, tasting a cava and relaxed in a huge residence with magnificent views, surrounded by all the comfort you can get. Naturally, this is just the perfect excuse to prepare an itinerary of discovering the country, no matter which season or which part of the territory you are in.  

The best, warmest weather is waiting for us mainly during the Spanish spring and autumn, and during the summer, some places of the northern coast and the Pyrenees zone are truly magnificent. Of course, the south and especially places like Puerto Banus, can be enjoyed all year round, but remember that the weather there is so kind that a winter visit can turn out to be wonderful as well.  

If you love sports though, the best mountain regions in Spain are blessed during April, and especially for walkers and cyclists, May is a perfect month to travel, also if you are planning a golfing holiday. Spain has over 250 courses and is the fastest growing sport in the territory. You can find excellent courses spread all over the territory, but if you are witty enough to avoid the summer season that has the hottest temperatures, the south is perfect for this particular sport.

But the perfect cocktail combination springs out when you combine the pleasure of playing golf with other sports (such as swimming, tennis, wind surfing, scuba or horse riding) and to all that, just add a great wine and a superb gastronomy; that is why one of the must see places is, no doubt, the island of Ibiza, a true paradise in the Mediterranean Sea.

Ibiza is one of the Balearic islands, best known for its bubbling, lively nightlife signed by the original atmosphere of its major nightclubs. Exotic beaches full of music and sports, bars and shops, but also quieter sandy coves and a magnificent nature are the highpoints of this truly beautiful land.

You can always rely on the  luxury villa rentals in ibiza by Atzaro to find the perfect place to stay and get ready to begin the holiday of your dreams in a place that has, literally, everything to offer. This Island is a tourist destination for many rich and famous, from actors, actresses and designers to businessmen and even aristocracy.

As said, this exclusive tourist destination is one of a kind, with all the services that you can imagine to enjoy a full 5 stars, hedonistic lifestyle. Excellent restaurants, vibrant nights out, shopping days and astonishing sightseeing that make you wonder why not stay there permanently, or at least, have a second residence with a stunning view of the sea, naturally.

Other than sailing and sipping cava just to unwind from a late night, you can enjoy all sorts of watersports and discover a whole world of activities to keep yourself entertained and why not just spending a relaxing time in the afternoon by the beach, with fresh fruit, delicious tapas and cocktails. Try Playa d’en Bossa with its white sand, just at the south of Ibiza town.

Always worthwhile also a visit to the capital city Ibiza (Eivissa), a lovely place to spend an afternoon and visit the ancient fortress Dalt Vila, UNESCO World Heritage Site since 1999. Surrounding Dalt Vila, you find colossal protective walls, the ramparts, a fortification constructed to safeguard the inhabitants from the pirates’ attack. You can walk along the entire perimeter of this impressive Renaissance construction.

But if you really are in the mood of exploration, the island has plenty to offer. Don’t forget to rent a car as even though the island is relatively small, it is always best to have independence and freedom, at least just to get to the top of the cliffs and enjoy the spectacular, jaw-dropping views.

Ibiza also has a strong and vibrant fashion scene, and don’t forget to pay a visit to the Punta Arabi market that combines tradition and history with trendy waves.

Experts Claim Brexit Could Improve Film Industry

Elliot
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Experts Claim Brexit Could Improve Film Industry

A number of experts in the film industry have responded sharply to those who claim that the industry is going to suffer as a direct result of Brexit.

Certain people within the industry have expressed concern that Britain’s exit from the European Union could mean bad things for British filmmaking due to a lack of funding from Europeans.

British film industry sceptics cite the fact that between 2007 and 2015, the EU Media Programme put €130 million into a number of different UK film, TV and gaming projects.

However, the founder of a major UK film production company says that Article 50 could actually be a good thing for the British film industry as a whole.

Gary Collins is the CEO of Red Rock Entertainment and he has stated that the UK film industry received €1.5 billion in funding just from the United States.

Collins said that, as long as tax credits are not changed after Brexit, he doesn’t expect US investment to begin to shrink at all. He went on to say that those who are very vocal about this are creating fear for no reason whatsoever.

He was quoted as saying: “The UK film studios are the best in the world, and our crews are highly trained, and regarded amongst the very best.” Collins also said that filmmakers are still going to come and invest in films regardless of the vote to leave.

Mr. Collins has made no secret about his belief that the government will set aside additional funds for the industry from some of the money that was saved from leaving the EU. He’s also said that the worst effect that Brexit has had on this industry is that independent filmmakers of co-productions made with other EU companies could suffer.

He went on to say that, while there aren’t quite as many different UK movies being made post-Brexit, this is not necessary a negative thing. “At the moment it is buyers’ market, and I personally believe there are too many movies being made.”

Binary Options Trading: Areas you need to know for you to make a profit

Sam Allcock
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Binary Options Trading: Areas you need to know for you to make a profit

Binary Trading

Binary option is a simple trade instrument to trade price fluctuations in multiple global markets, but a trader needs to understand the risks and rewards of this trading instrument. Binary options are different from traditional options. If traded, one will find that these options have different pay-outs, fees and risks, not to mention an entirely different liquidity structure and investment process. 

What Are Binary Options?

Binary options are classed as good options, and are extremely simple to use. The most common binary option is a “high-low” option. Providing access to stocks, indices, commodities and foreign exchange, a high-low binary option is also called a fixed-return option. This is because the option has an expiry date/time and, something called a strike price. A trader who wages incorrectly on the market’s direction loses her/his investment.
If a trader believes the market is rising, she/he would purchase a call. If the trader believes the market is falling, she/he would buy a put. For a call to make money, the price must be above the strike price at the expiry time. For a put to make money, the price must be below the strike price at the expiry time.

High-Low Binary Option 

For the common high-low binary option, the trader buys a binary call option if he thinks the price of the underlying asset will go up above the current market price or if he thinks the underlying asset price will go down, then he will buy a binary put option. If his assessment is correct, he will receive a pay-out. Otherwise, he loses the initial investment.

As binary options have fixed returns, it doesn’t matter how high or how low the price of the underlying has moved past the strike price. The pay-out is also fixed and known prior to entering the trade. Also, an important fact to note is that the pay-out for a successful binary trade is usually only about 70% to 80% of the investment put into the trade.

Binary options also typically have very short expiry times ranging from as fast as 60 seconds to just a few weeks.

Other Types of Binary Options

Other types of binaries include “one touch” binary options, where the price only needs to touch a specified target level once before expiry for the trader to make money. There is a target above and below the current price, so traders can pick which target they believe will be hit before expiry.
A “range” binary option allows traders to select a price range the asset will trade within until expiry. If the price stays within the range selected, a pay-out is received. If the price moves out of the specified range, then the investment is lost.
As competition in the binary options space ramps up, brokers are offering more and more binary option products. While the structure of the product may change, risk and reward is always known.

How to make money with binary trading?

One can make money in binary options. The easiest way is to use a binary options robot, such as OptionRobot that will automatically analyse the markets and make accurate predictions for you. This is fully automatic and comes with a success rate of around 80%.
At this moment, the most reputable binary broker where one can make money by using proper strategy is HighLow. HighLow has a pay-out rate of 88% and is the most commonly used strategy with licensed and government approved traders. Thus, HighLow is a safe and fair investment strategy.

Changing Trends for the London Restaurant Industry

Elliot
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Changing Trends for the London Restaurant Industry

London is home to a smorgasbord of delectable cuisines. A cosmopolitan destination of epic foods from across the subcontinent, European capitals, and North Africa. London ranks among the crème de la crème of fine dining destinations, foremost among its high-class areas is St. James situated snugly south of Piccadilly. This aristocratic haven has won the hearts and minds of international travellers and Londoners.

From spirits and wine, to fish and chips, St. James is home to it all. For the intrepid explorer, St. James and greater London provide variety in abundance, with fine restaurants, eateries and pubs peppering the landscape. The likes of Quilon, Roux at Parliament Sq., Caxton Grill and Emmeline’s Lounge rank highly with food connoisseurs. Of course, the listing of premium-grade restaurants is extensive and all-encompassing.

Recently a major restaurant upgrade took place in St. James Market when Oxford Properties and the Crown Estate signed off on a joint venture. The £400 million deal will significantly upgrade the area between Haymarket and Regent St., St. James. Half an acre of prime real estate is being developed for 7 new restaurants, a Smeg & Swiss cycling store, and many other brands.

Massive New Investments in London Restaurant Industry

World-class chefs at the Aquavit restaurants will feature Emma Bengtsson – the executive chef of the Manhattan-based Aquavit franchise. She will be working alongside Henrik Ritzen from Mayfair’s Arts Club. In St. James, it’s horses for courses – high-class dining all the way. Restaurants like Veneta are slated to be incredibly popular, with opulence, charm and old-school appeal. These exotic European establishments will feature fine wines, cheeses and specialty desserts.

The St. James client roster includes a modern international demographic with an average age of 36. St. James features restaurants like 45 Jermyn St., Chutney Mary, and Estiatorio Milos. These glamorous enclaves are part and parcel of a massive £500 million capital injection courtesy of The Crown Estate. Many of the landlords in the bustling hubbub of London are looking to establish themselves in a unique way, but they end up partnering with conglomerates and chain stores to further expand London’s fine eateries. St. James remains a central locale for foodies, and for good reason.

New Businesses Seeking Commercial Kitchen Space in the Capital

The London restaurant scene is a hive of activity. Despite Brexit-related concerns, the food industry has proven resilient with positive growth trends. Entrepreneurs are increasingly turning to fellow professionals to establish their food enterprises. With space at a premium, and the prohibitive cost of establishing a fully functional kitchen, alternatives are being sought by restaurateurs.

Kitchen space in London is highly desirable, notably with high-end establishments. All successful restaurants are grounded in high-quality commercial kitchens.  Stylish kitchen companies like Foodstars are now supplying kitchens to members for a month or more. They cater to restaurants, retail, caterers and other large establishments.

Flexible kitchen hire plans are coming into their own as a cost-effective way of establishing a business enterprise in this lucrative industry. Typical kitchen sizes range from 400 ft.² upwards with full compliance with health & safety standards, and the most ergonomic designs. UK food entrepreneurs are part of a new breed of London capitalists seeking to satiate the taste buds of their patrons with delectable culinary treats. London’s beer and wine industry is alive and well, and many transatlantic chefs and entrepreneurs have relocated to the country’s capital to set up shop and cater to patrons.

One such food brand is Jarr Kombucha. A mouth-watering selection of cocktails explains why this taste sensation is all the rage with foodies. Founded by Californian Adam Vanni, Jarr Kombucha is but one of many London-based restaurants that is hitting its straps with customers from all parts of the world. Foodstars has started a new trend by renting out commercial kitchens, and London is at the heart of this delectable new offering.

Turning Content Into Cash With Digital Marketing

ABC Staff
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Turning Content Into Cash With Digital Marketing

It is estimated that the amount of accessible content across the Internet will increase by 500% by the year 2020. This underlines the value of content in the digital age, and the role that it plays in the contemporary world of marketing.

It is crucial that you are able to optimise your content if you are to successfully achieve your marketing objectives, however, and ultimately realise a desired ROI. This also creates an opportunity to effectively monetise your content, by establishing it as a tool that can successfully convert potential customers.

In this post, we will explore this in closer detail and look at three steps that will enable you to make the most of your content:

  1. Understand the Needs and Wants of Your Audience

Advertisers have historically relied on demographic data when segmenting their audiences, and this remains a prominent practice to this day. What has changed is the precise types of information that are used, however, with today’s brands now having to access to behavioural data-sets that inform far more effective decisions.

More specifically, behavioural data can delve far beyond traditional demographic metrics such as age and gender, revealing long-term consumption patterns and the precise types of content that individuals are likely to engage in. This, in turn, enables you to develop a far greater understanding of your customers’ precise wants and needs, which remains the Holy Grail for any brand or marketer.

With this in mind, leveraging such information makes it far easier to determine the types of content that you create for specific customer segments, while it also helps you calculate the optimal time for publication.

This will only serve to optimise the levels of engagement that you are able to generate, while hopefully improving conversion rates and the ROI on your marketing spend.

   2.   Hone Your Content With Google’s Autocomplete

Whenever you use Google’s Autocomplete feature, there is always a temptation to treat it like something of a novelty. As with most of Google’s features, however, there is far more to it than meets the eye, and it remains an innovative tool that can help you to create relevant, engaging and ultimately shareable content.

Introduced in 2008, Google’s Autocomplete emerged with a simple premise. More specifically, users would have their initial search terms automatically completed by Google, using data that has been leveraged by other people’s searches.

Not only does this reduce the amount of manual typing that is required, but it can also provide you with inspiration when establishing content ideas or headlines. By entering a researched keyword or search term that you would like to base your content on, you can generate popular and topically relevant ideas that are likely to resonate with readers.

   3.  Ensure That Your Trigger the Optimal Response

Hopefully, the deployment of engaging and relevant content will help to increase lead generation for your business. Converting these remains crucial if you are to successfully optimise your marketing ROI, however, and this will rely on your ability to trigger the right response among audience members.

There are many ways that you can measure engagement rates among your customers, but there are also general rules that can be used as a guide. Gartner says that digital marketers who are successfully engaging customers should see their content receive a response rate that is at least five-times higher than non-targeted messages.

Ultimately, triggering the optimal response will require the perfect balance between content, timing and channel, particularly with the most impactful and emotive conversations often occurring in real-time.

This is why social media platforms like Twitter and Facebook are established staples of any digital marketing campaign, as they allow for live interaction and conversations with potential customers.

Prescription drug addiction levels rise by 22% as cost per hit ten times LESS than Heroin

Sam Allcock
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Prescription drug addiction levels rise by 22% as cost per hit ten times LESS than Heroin

Data released by the UK Addiction Treatment (UKAT) Centres shows that at current levels, addiction to over the counter drugs could overtake Heroin, and because buying painkillers over the internet is ‘budget-friendly’, the number of addicts will continue to rise.

In the last 2 years, admissions across their 6 UK-wide treatment centres for Codeine and Benzodiazepines addiction has risen by 17%, and by 22% since beginning of operation in May 2014.

Therapists at UKAT are concerned that not enough people are aware of the warning signs when it comes to over the counter drug addiction, and that already stretched GP’s could do more to ascertain the dangers of repeat prescriptions.

They also flag another huge contributing factor to the rise in painkiller addiction; cost.

When Doctors no longer issue repeat prescriptions, those addicted take any action required in order to get their fix- mostly turning to buying them off the internet.

The street value of Diazepam, per pill, is less than £1, whereas a 0.1g bag of Heroin is ten times that at £10 per hit. However, because of the potency of Diazepam and other Benzo drugs, tolerance increases at a much faster rate than that of ‘hard’ substances, resulting in overuse and addiction.

In the last 6 months alone, UKAT has admitted 48 people for either Codeine or Benzodiazepine Addiction, compared to just 26 for Cannabis and 17 for Gambling/Gaming Addiction.

UKAT admits 140 addicts for treatment per month, 6% of which are for over the counter drug or prescription drug addiction.

When in treatment, those with addiction to pharmaceutical drugs can typically take between 4-6 weeks to become ‘clean’, whereas someone misusing Heroin can be safely off it within half the time. Experts at UKAT say that this is because of the intensity of the drug and the severe side-effects experienced when treating over the counter and prescription drug addiction.

Eytan Alexander, founder of UK Addiction Treatment Centres, believes that until people’s mindset changes about prescription and over the counter drugs, the number of those addicted will continue to rise.

“People believe that if they’re prescribed a drug or if they can buy it in their local corner shop, then they’re not an addict.

“We still admit people into our treatment centres who remain completely unaware that they have an addiction problem to Codeine or Benzo drugs, because they get them from their doctor, making it completely legal.

“The fact of the matter is that in most cases, the recommended dosage and length of time of consumption is exceeded, meaning that person is now a drug abuser, regardless of the ‘legality’ of the drug in question.

“We know through our own treatment and therapy practices that most addicts are forced into continuing to take Codeine or Diazepam, for example, simply to cope with the horrific side effects of going cold turkey. And because a person’s pain is subjective, requests for repeat prescriptions aren’t challenged or explored anywhere near enough, and that now ‘addict’ continues to fly underneath the radar.

“It’s currently a hugely vicious cycle but, with support from the newly-elected Government, one that we can break with better education, advice and support.”

Now is the Time to Apply for Credit Financing

Sam Allcock
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Now is the Time to Apply for Credit Financing

The current economic climate in the United Kingdom requires stakeholders to act before rates rise. Recently, the Bank of England (BOE) indicated that there has been an increase in credit utilisation in the UK. According to the Bank of England’s Alex Brazier, there has been a 10% uptick in personal loans, car loans, and credit card balance transfers in the United Kingdom. Household incomes in the UK have risen by 1.5%. The BOE recently instructed UK banks to increase their ‘capital cushion’ in the event of an economic downturn.

Banks are now required to beef up their capital reserves by as much as £11.4 billion over the next 1.5 years. This is a safeguard against defaults and an economic uncertainty. BOE governor, Mark Carney stressed that despite Brexit concerns, the UK economy is far better poised to deal with economic crises than it was with the global recession following the 2008/2009 financial crisis.

How is the United Kingdom performing post financial-crisis?

The aftermath of the 2008/2009 financial crisis was crippling for many countries, including the United Kingdom. However, it didn’t take long before the UK economy began to mend. The challenge came with the June 23, 2016 Brexit referendum. Britons voted by a margin of 52% – 48% to break from the EU, and this had dire repercussions for the UK economy. Since then, the macroeconomic picture has been plagued by volatility and uncertainty. On the one hand, rising inflation levels have resulted in increased caution with lenders, and sub-optimal productivity remains the order of the day.

Economists, strategists and analysts were recently polled by Business Insider about their concerns vis-à-vis the UK economy. Many analysts are worried that inflationary pressures are the single biggest bugbear for the UK economy. Currently, inflation is at a multi-year high, despite plunging from 2.9% in May to 2.6% in June. The price of goods and services remains at high levels, well above the BOE’s target rate of 2%. On a parallel path is the performance of the GBP. A declining GBP is associated with higher import costs and increased exports. Consumer demand is down, and pending the outcome of the Brexit negotiations, could move lower.

Interest rates and their impact on personal and business loans

On Main Street, they are many concerns plaguing everyday Britons. These relate primarily to rising prices and falling real-money wages. Personal disposable income levels are lower, as wage growth remains weak. As such, a sharp uptick in personal and credit card loans has occurred. The BOE is determined to maintain financial stability in the UK, by watching credit expansion. The interest rate dilemma faced by the BOE is an interesting one. On the one hand, the central bank must combat rising inflation by way of interest rate hikes. On the other hand, the BOE cannot afford to squeeze consumers with higher interest rates. Since savings rates in the UK are low, and credit usage is high, the net effect on the UK is bearish.

The UK’s interest rate hasn’t risen in 10 years, meaning that some 8 million UK citizens have never experienced an interest rate hike. UK businesses aren’t wasting an opportunity to capitalize on historically low interest rates. The looming threat of an increase to the bank rate has resulted in substantially more applications for loans. Businesses realize that there are inherent benefits in applying for loans early, when interest rates are still low. The current British interest rate according to the Bank of England is 0.250% and it has remained this way since March 2009. By comparison, the Fed rate is 1.250%, the RBA rate is 1.500%, the BOC interest rate is 0.750 percent and the ECB interest rate is 0.000%. UK employment figures have been responsible for increases in GDP, not productivity.

Business loan applications increase as rate hike looms

Reuters analysts expect that sterling weakness will factor into the inflation forecasts and drive prices higher over time. A BOE policymaker, Kristin Forbes remains hawkish on the monetary policy committee, but hers is a minority voice. Currently, the MPC is split on when to raise rates, and by how much to raise them. Now that the UK is preparing to break from the European Union, it becomes more important to plot a blueprint for monetary policy. UK businesses will carefully be eyeing policymakers like Forbes and other hawks for any indications that the BOE will raise rates.

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