The British Insurance Brokers’ Association (Biba) executive director Graeme Trudgill has told Insurance Age that money from the March 2016 insurance premium tax (IPT) rise has provided an additional £700m for flood resilience.
In the 2016 Spring Budget statement, when the IPT increased from 9.5% to 10%, then Chancellor of the Exchequer George Osborne stated that the extra £700m raised by the tax rise would go towards those affected by flooding.
A year later Trudgill said that the money had
The Insurance Age editorial team dig into this week's top stories.Subscribe to our daily newsletter for all the latest news
- Construction firm unable to find insurance due to lack of capacity
- FCA warns of Moneysupermarket clone
- Fact file: What’s the story with the Ogden Rate?
- Hastings expects £8.4m hit from Ogden rate change
- Blog: What is JCT 21.2.1 insurance, and who needs it?
- Victor reaches out to brokers following CEO change
- FCA reiterates dual pricing concerns