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Do I need Insurance?
In some countries certain kinds of insurance are compulsory. In others, most kinds are practically unknown. In addition, the cost of insurance and the type of coverage provided vary widely from country to country. But the basic principle of insurance, covering risk remains the same.
Insurance pays out when something unpredictable causes a loss. The more property a person owns, the more he has to lose. Similarly, the more family responsibility a person has, the greater the impact if he or she dies or becomes physically disabled. Having insurance can alleviate one's concern about the possibility of suffering a loss of property or a disabling accident.
You need insurance whenever:
The law says you must have it. For example, if you drive a car, you must be insured.
An event could happen to you and you would not be able to afford the loss. For example, if a tile fell from your house and injured someone who then claimed thousands of £s for their lost earnings.
If an event happened, people who are dependent on you could not bear the loss. For example, if you died and your children needed the financial support you had previously given.
In some cases, the state provides protection by, for example, paying incapacity benefit if you can't work due to illness, or bereavement benefits to a widowed husband or wife. But state benefits are low and you usually have to pass a number of tests before qualifying for them.
Often a scheme at work provides life insurance, check the cover is enough for your needs. A scheme at work might also provide some health insurance, such as income protection insurance or private medical insurance.
Is it wise to spend money on insurance even though a claim may never be made? Well, is keeping a spare tire in the car a wasted investment, even if the tire is never needed?
The sense of security to the car driver may make the expense of the extra tire worthwhile. While financial compensation cannot make up for certain losses, it may compensate for other losses.
News block
| 09/07/2010 11:58 AM |
| Pension rallies hit French cities |
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More than one million protesters join rallies across France and a national strike causes major disruption, amid rising anger over pension reforms.
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| 09/07/2010 12:23 PM |
| Tube strike brings major delays |
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Millions of Londoners are attempting to travel home amid a major Tube strike affecting nearly all its lines.
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| 09/07/2010 12:24 PM |
| Police expected to quiz PM's aide |
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The Metropolitan Police are likely to discuss new phone-hacking allegations with Downing Street communications chief Andy Coulson, its assistant commissioner says.
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| 09/07/2010 10:56 AM |
| Cell assault sergeant is jailed |
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A police officer who was caught on CCTV injuring a woman by throwing her into a cell is jailed for six months.
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| 09/07/2010 09:10 AM |
| Blitz commemorated at St Paul's |
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Pilots, firefighters, nurses and ambulance workers gather 70 years after battling through eight months of bombing raids over Britain's industrial centres.
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| 09/07/2010 10:26 AM |
| 'Youngest' double murderer jailed |
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A girl thought to be Britain's youngest female double murderer is given a life sentence and told she will serve a minimum of 14 years.
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| 09/07/2010 07:31 AM |
| Diamond to be new Barclays chief |
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Bob Diamond is to become chief executive of Barclays, while HSBC chairman Stephen Green steps down to become a government trade minister.
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| 09/07/2010 11:53 AM |
| House group nears administration |
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Nearly 10,000 jobs are at risk as the property and environmental services giant Connaught faces collapse.
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| 09/07/2010 12:21 PM |
| Car bomb targets Pakistan police |
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At least 16 people are killed as a car bomb explodes near a police base in north-west Pakistan, in the second deadly attack on police in the region in as many days.
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| 09/07/2010 11:27 AM |
| Stars turn out for Mercury Prize |
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Nominated artists Paul Weller, Dizzee Rascal and The XX are arriving in London for this year's prestigious Mercury Music Prize.
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| 09/07/2010 05:23 AM |
| Most believe 'retirement is over' |
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Seven out of 10 people believe retirement as we know it will not be possible in the future, a BBC Newsnight poll finds.
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| 09/07/2010 05:46 AM |
| Tree house: Row breaks out over 35ft high leylandii |
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A dispute has broken out in a Plymouth street after a resident lets trees surrounding his property grow to 35ft.
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| 09/07/2010 11:05 AM |
| Crikey! Beano Club closes to new members |
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The club for dedicated fans of Dennis the Menace is to be replaced with a website in a bid to attract more members.
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| 09/07/2010 11:25 AM |
| Live - England v Pakistan |
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Pakistan win the toss and will bat against England in the second Twenty20 international in Cardiff.
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| 09/07/2010 10:31 AM |
| Woods named in US Ryder Cup team |
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Tiger Woods is selected in the United States Ryder Cup team for Celtic Manor, as one of four wildcards along with Stewart Cink, Zach Johnson and Rickie Fowler.
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| 09/07/2010 04:42 AM |
| Capello insists Rooney will play |
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England manager Fabio Capello insists striker Wayne Rooney will play in the Euro 2012 qualifier away to Switzerland on Tuesday.
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| 09/07/2010 10:00 AM |
| Live text - US Open day nine |
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Venus Williams and Kim Clijsters are in US Open quarter-final action, while Rafael Nadal also plays on day nine at Flushing Meadows.
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| 09/07/2010 04:00 AM |
| Live - County Championship |
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Nottinghamshire target the Championship title while relegation and promotion issues are at stake as the county season builds towards a climax.
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| 09/07/2010 08:39 AM |
| No helmet suspect killed in crash |
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A man suspected of being a motorbike thief who police refused to pursue because he was not wearing a helmet is killed riding a stolen bike.
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| 09/07/2010 08:37 AM |
| Golf course burnt body identified |
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A man whose body was set alight and dumped at a golf course is identified by police as a 37-year-old man from Brighton.
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| 09/07/2010 06:23 AM |
| Hit-and-run death teenager jailed |
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A 17-year-old is jailed for eight-and-a-half years after killing a father in a hit-and-run incident in Edinburgh.
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| 09/07/2010 12:30 PM |
| Huge growth at largest wind farm |
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A massive expansion is to take place at Europe's largest onshore wind farm in East Renfrewshire.
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| 09/07/2010 11:30 AM |
| Anxious wait for NI hip patients |
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About 200 people in Northern Ireland could be affected after a hip implant was withdrawn on safety grounds.
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| 09/07/2010 11:36 AM |
| Warning of 'prolonged recession' |
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The NI first minister, Peter Robinson, has warned that the expected cuts in public expenditure could be devastating for the local economy.
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| 09/07/2010 11:25 AM |
| Legionnaires' fear as woman dies |
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A 64-year-old woman has died of suspected Legionnaires' disease in south Wales.
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| 09/07/2010 08:40 AM |
| Pool fall badly injures tourist |
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A friend tells of a holidaymaker's serious accident at his hotel swimming pool in Majorca.
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| 09/07/2010 08:27 AM |
| Mozambique bread price climbdown |
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Mozambique says it will reverse the increase in the price of bread that sparked deadly riots last week.
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| 09/07/2010 07:57 AM |
| Arrests over Swaziland protests |
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Police in Swaziland arrest about 50 people ahead of protests against sub-Saharan Africa's last absolute monarchy, activists say.
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| 09/07/2010 03:31 AM |
| Gillard to stay as Australian PM |
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Julia Gillard is to remain as Australia's prime minister after winning the backing of two key independent MPs.
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| 09/07/2010 09:10 AM |
| China backs Burma's election plan |
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China urges international support for the Burmese general election planned for later this year, as Burma's leader begins a five-day visit to China.
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| 09/07/2010 11:05 AM |
| EU agrees new financial framework |
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European finance ministers agree a new framework for financial supervision, designed to help prevent future financial crises.
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| 09/07/2010 05:27 AM |
| EU's Barroso laments jobs crisis |
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The European Commission President, Jose Manuel Barroso, highlights unemployment as a major challenge, in his first "state of the union" speech.
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| 09/06/2010 08:24 PM |
| Guatemala mudslide search halted |
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Teams in Guatemala have to halt the search for bodies following devasting mudslides which have killed at least 45 people.
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| 09/07/2010 03:29 AM |
| Mexico begins army shooting probe |
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Mexico's defence ministry launches an inquiry after a man and his teenage son are shot dead at a military checkpoint.
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| 09/07/2010 05:38 AM |
| Iran stands firm on stoning case |
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Foreign powers should stop interfering in the case of an Iranian woman who was sentenced to death by stoning, Iran's foreign ministry says.
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| 09/07/2010 09:20 AM |
| Gunmen kill Iraqi TV presenter |
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Prominent al-Iraqiya TV presenter Riad al-Saray is shot dead in Baghdad by unknown attackers.
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| 09/07/2010 04:14 AM |
| Kabul Bank investors' cash frozen |
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Afghanistan's central bank follows its promise to back Kabul Bank by freezing the assets of leading investors.
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| 09/07/2010 07:29 AM |
| UN in fresh Pakistan flood appeal |
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The UN makes a fresh appeal for Pakistan's flood victims as film star Angelina Jolie arrives in the country to highlight their plight.
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| 09/07/2010 12:12 PM |
| Petraeus warns over Koran burning |
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The US Afghan commander warns troops' lives will be at risk if a US church goes ahead with plans to burn the Koran, concerns echoed by the White House and Nato.
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| 09/07/2010 10:40 AM |
| Obama to back company tax breaks |
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President Obama is to call for company tax breaks in his bid to regain the initiative as mid-term elections loom.
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| 09/07/2010 06:45 AM |
| Tax error letters start to arrive |
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UK tax authorities are bracing themselves for a deluge of complaints and enquiries after sending out fresh tax calculations.
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| 09/07/2010 06:09 AM |
| Ocado sees 30% rise in food sales |
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Online grocery retailer Ocado sees sales rose nearly 30% in the last quarter, but fails to prevent further share price falls.
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| 09/07/2010 06:40 AM |
| Oracle hires HP's ex chief exec |
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Tech stars join forces as Oracle's Larry Ellison brings in former HP boss Mark Hurd to replace Charles Phillips.
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| 09/07/2010 07:24 AM |
| Cameron warns of challenges ahead |
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David Cameron returns to work following paternity leave telling his cabinet "this is the time the rubber hits the road".
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| 09/07/2010 11:06 AM |
| Warning on fixed term parliaments |
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The government's fixed-term parliaments bill could be vulnerable to legal challenge, the Commons' top official warns.
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| 09/07/2010 07:13 AM |
| Don't anoint leader, says Abbott |
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Diane Abbott warns against "anointing" Labour's next leader, saying the party must show it has "moved on" from Tony Blair and Gordon Brown.
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| 09/06/2010 06:01 PM |
| UK radiotherapy 'lagging behind' |
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Too few UK cancer patients are receiving state-of-the-art radiotherapy care, experts from Cancer Research UK say.
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| 09/07/2010 02:07 AM |
| ME 'virus link' found in children |
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ME, or Chronic Fatigue Syndrome, in children could be caused by a virus, scientists say.
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| 09/07/2010 06:16 AM |
| Gaps persist in cancer survival |
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Despite significant improvements in cancer survival rates across England, regional differences remain, national statistics show.
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| 09/07/2010 04:09 AM |
| UK slipping down graduate league |
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The UK is slipping behind international rivals in university places, according to figures from the Organisation for Economic Co-operation and Development.
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| 09/07/2010 07:50 AM |
| Students 'put off by £7,000 fees' |
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A report suggests two-thirds of UK students would be put off university by fees of £7,000 a year.
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| 09/06/2010 05:22 AM |
| First 16 'free schools' revealed |
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The first 16 'free schools' to be set up are named by Education Secretary Michael Gove.
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| 09/07/2010 08:25 AM |
| TalkTalk rapped for malware trial |
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The UK's Information Commissioner has reprimanded ISP TalkTalk over recent unpublicised trials of its anti-malware system.
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| 09/07/2010 06:13 AM |
| PS3 update blocks hardware hack |
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Sony has released a "minor" update for its PlayStation 3 that closes a loophole that allowed users to run pirated software.
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| 09/06/2010 09:15 AM |
| UK mobile firms to merge networks |
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Customers of Orange and T-Mobile will soon be able to hop between the two mobile networks as the firms merge their networks.
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| 09/06/2010 05:47 PM |
| 'No climate link' to African wars |
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A study suggests climate change is not responsible for civil wars in Africa, challenging widely held assumptions.
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| 09/07/2010 12:16 PM |
| Video to assess Wave Hub impact |
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High definition (HD) video is being used to assess how wave energy devices will affect the ecology of coastal areas.
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| 09/06/2010 06:19 PM |
| Inbred bees 'facing extinction' |
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Some of the UK's rarest bumblebees are at risk of becoming extinct as a result of inbreeding, research suggests.
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| 09/07/2010 06:32 AM |
| Carey heads up Booker shortlist |
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Australian author Peter Carey, who has already won the Man Booker prize twice, has made the shortlist for this year's prize.
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| 09/07/2010 11:40 AM |
| Toy Story 3 overtakes Titanic |
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Animated film Toy Story 3 has become the second highest grossing film in the UK.
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| 09/07/2010 06:07 AM |
| One million tune in to Daybreak |
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More than one million people tune in to see the launch of ITV's new breakfast show Daybreak, but the BBC wins the ratings battle.
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| 09/06/2010 11:00 PM |
| The blackmarket in cutting agents |
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Street cocaine has long been diluted, but now the cutting agents themselves have spawned a black market.
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| 09/06/2010 06:35 AM |
| The 60s, but not as we know it |
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US drama Mad Men has won praise for its recreation of the 1960s, but it's not a classic depiction of the decade.
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| 09/03/2010 10:16 AM |
| Do our memories get better with age? |
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Our ability to recall events seems to sharpen as we get older, says Lisa Jardine, but can it be trusted to paint an accurate picture?
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| 11/05/2009 12:09 PM |
| Live: Superannuation Bill |
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MPs are debating a bill which proposes capping civil service redundancy payments at a maximum of one year's salary for compulsory redundancies and 15 months' salary for voluntary exits.
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| 09/07/2010 11:38 AM |
| Angelina Jolie visits Pakistan |
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Angelina Jolie has visited Nowshera in north-west Pakistan to highlight the plight of more than 20 million people affected by the country's worst ever floods.
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| 09/07/2010 09:42 AM |
| Blitz commemorated at St Paul's |
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Pilots, firefighters, nurses and ambulance workers who battled through the bombing raids of the Blitz came together at St Paul's Cathedral to commemorate the ordeal.
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| 09/07/2010 10:00 AM |
| 10m hedge incurs neighbours' wrath |
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Behind this tree in Plymouth is a semi-detached house - but the man who lives in it has refused to cut it back.
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| 09/07/2010 03:08 AM |
| Skyscraper climb using suction cups |
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A man has been arrested in San Francisco after climbing a skyscraper using suction cups.
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| 09/07/2010 09:47 AM |
| What to do if you get a tax letter |
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Nearly six million people who have paid the wrong amount of income tax will start to receive letters from the tax office on Tuesday, letting them know about the errors.
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| 09/07/2010 03:43 AM |
| Hurricane pilot remembers Blitz |
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Robert Hall chats to an ex-hurricane pilot who flew over London during the Blitz and a woman who's house was destroyed by German bombs.
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| 09/07/2010 12:24 AM |
| Inside UK's first Sikh temple school |
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Khalsa Primary school is the first Sikh school in the UK to be backed and partly funded by a Gurdwara, or Sikh temple.
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| 09/06/2010 07:35 PM |
| Andrea Bocelli concerts to mark 9/11 |
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Andrea Bocelli is inviting survivors of the attacks on 11 September 2001 in New York to concerts on the Amalfi coast.
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| 09/07/2010 02:22 AM |
| In pictures |
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The Blitz: Eight months of bombing began 70 years ago
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| 09/07/2010 03:25 AM |
| Music for dinner parties? |
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What the Mercury Prize tells us about British music
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| 09/06/2010 09:26 PM |
| How to fix Pakistan |
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Should Islamabad surrender some sovereignty to save the country?
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| 09/07/2010 11:14 AM |
| Booker shortlist |
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The six authors up for this year's literary prize
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| 09/07/2010 04:46 AM |
| Moral support |
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Families focus on keeping miners mentally strong
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