Keep up with what has been happening this week in our latest actuary news round-up…

Bank of England and Lloyds of London apologise for links to slave trade

After worldwide protests against racism following the death of George Floyd in the US; insurance market, Lloyds of London and the Bank of England have now apologised for their roles in the slave trade. The Bank of England will also remove images of former governors and directors from display who have been connected to the slave trade.

IFoA appoints new president

Tan Suee Chieh has become the new president of the Institute and Faculty of Actuaries (IFoA) after taking over from John Taylor FFA. Tan Suee Chieh, IFoA President, said: “The global Covid-19 crisis has prompted new ways of doing things both in our professional and personal lives. We now have a unique opportunity to shape the future, instead of simply responding to it…”

63,000 excess deaths confirmed by CMI

The Continuous Mortality Investigation (CMI) has confirmed that there have been 63,000 more deaths in the UK since the beginning of the coronavirus pandemic compared to the amount of excess deaths in the same period last year.

Sunak tells tech companies “to pay their fair share of tax”

Chancellor, Rishi Sunak, has stated in a letter that the coronavirus crisis has made tech firms such as Google, Amazon and Facebook “more powerful and more profitable” and that they need to be help accountable to pay their share of tax.

UK public debt has risen 100.9% of GDP since 1963

The UK’s debt is bigger than the economy for the first time since 1963; the government has borrowed £55bn in May to tackle the coronavirus crisis and the total debt over the last year has risen by £173bn which is 100.9% of GDP.

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