Opening Bell: Motor insurance action plan, vinyl's billion dollar year, FTSE's record high

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There's been a broad welcome for a 71-point action plan to tackle rising motor insurance costs.

It includes the creation of a data base of fraudulent claims, and a commission to look at levels of insurance awards.
It also recommends that insurers must explain the reasons for insurance hikes to customers.

Insurance Ireland CEO Kevin Thompson says the industry wants to make the plan work:

"It's not in the insurance sector's interest in any way for premiums to get to an unaffordable level because what happens is is that you get more uninsured driving within the marketplace and that embeds more cost in the system which has to be fed through to premiums."


A quarter of employees say money worries are having an impact on how well they work.

A survey found women (28%) are more affected than men (23%) – possibly because they're more likely to be in low-paid roles.

Britain's Chartered Institute of Personnel and Development reports that younger workers aged 18 to 34 are also worrying more.


Global vinyl sales are expected to break through the $1 billion mark for the first time this century.

A report by Deloitte says they'll see their seventh year in a row of double-digit growth.

Around 40 million new vinyl records are expected to be sold this year.


The FTSE 100 hit a record high on Tuesday, as strong retail performances boosted the London's main stock index.

The new high of 7,275.47 landed on the ninth consecutive day of record-breaking, the longest winning streak in history.

Tesco, which is Britain's largest retailer, led the charge, climbing 6% on foot of it having the fastest sales growth among the UK's four major chains.

Morrisons was another big gainer, rising 3.6% after its Christmas business exceeded expectations.

The decline in sterling has helped the market, with many of its biggest firms benefiting as their overseas profits rise.
Mining and metal rallied, with a 3.3% increase easily helping to offset weaker financials.