MP Craig Tracey questions government over IPT flood spending
Biba commits to keep monitoring that funds are spent as promised.
In the Spring Budget of 2016 then chancellor George Osborne raised Insurance Premium Tax (IPT) by 0.5% committing that it would raise £700m to be spent on flood protection measures.
Yesterday (12 June) David Rutley, interim parliamentary under secretary of state for the environment revealed that the Department for Environment, Food and Rural Affairs (Defra) has been allocated £446.6m while the Department for Transport received £150.5m.
There was no clarification of the discrepancy to the £700m
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Broker bought Porsche and Cartier ring with proceeds from £3.45m fraud
A former insurance broker employee was sentenced at Southwark Crown Court yesterday (29 October 2026) to seven and a half years after being convicted of fraud by abuse of position.
Budget 2026: What the tax changes mean for UK insurance brokers
In the wake of Chancellor John Healey’s first Budget this week Tom Golding, partner in the corporate tax team at PKF Littlejohn, unpicks the potential ramifications for brokers, MGAs and the wider UK insurance sector.
John Lewis Money hires ex-Co-op Insurance MD to lead broker push
John Lewis Money has hired ex-Co-op Insurance managing director Charles Offord as director of financial services, as the business looks to develop its broker model for credit and insurance.
Broking Success: Tim Forshaw, Tower Insurance Brokers
Fresh from its first deal and with a goal of more than doubling to £100m GWP, Tim Forshaw, CEO and founder of Tower Insurance Brokers, outlines why the business is targeting niche mutuals and the benefits of bringing global broker knowledge to local firms.
Biba CEO calls for IPT freeze commitment in the wake of 2026 Budget
The British Insurance Brokers’ Association has welcomed the Chancellor’s decision not to change the insurance premium tax rate in today’s Budget.
MBP takes minority stake in £32m GWP broker
Insurance investment vehicle Minority Broker Partnerships has acquired a minority stake in Caleb Roberts Insurance Services, an independent agricultural and rural insurance broker operating across Mid Wales, Herefordshire and Shropshire.
Superscript secures Lloyds Bank SME insurance partnership
Digital insurance broker Superscript has been selected by Lloyds Bank and Bank of Scotland to provide business insurance to its small business customers.
Young brokers call for better knowledge retention when senior staff retire
A group of young brokers have called on the insurance profession to take a more deliberate approach to retaining and transferring the knowledge held by its most experienced people.