Budget reforms 'strongly welcomed' by ABI
The Association of British Insurers (ABI) has welcomed many of the changes revealed in today’s budget, despite the fact they will have little direct impact on the insurance industry.
Chancellor George Osborne announced that corporation tax, which had been due to fall to 25p this year, would instead be reduced to 24p.
Otto Thoresen, director general of the ABI, said the trade body “strongly welcomed” this move.
He said: “It will undoubtedly improve the competitiveness of the UK, and increase returns for investors in British companies.”
Measures to provide multinationals with assurances that profits earned overseas would not be taxed at the UK rate would also benefit the
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