Biba warning for businesses on VAT reduction

In response to the government's recent Pre-Budget Report, the British Insurance Brokers' Association (Biba) has called on members to advise clients that now is not the time to cut back on insurance.

The organisation has warned that companies need to stay focused on the short-term nature of many of the government's planned provisions and, in particular, should not try to save on insurance costs by revaluing their business risks to reflect the 1 December reduction in Value Added Tax (VAT) from 17.5