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
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