Biba calls for government commitment to IPT flood spending

The British Insurance Brokers’ Association (Biba) has called upon the future government to confirm that it will continue with its commitment to ring-fence money collected through the increase in insurance premium tax (IPT) for flood defence spending.

In the 2016 Spring Budget, then-chancellor George Osborne increased IPT by 0.5%, stating that this would raise an extra £700m towards supporting those affected by flooding.

Biba later confirmed that the money had provided extra funds for the