Insurers descend on Chancellor to fight discount rate cut
The market has warned that the “crazy” change could see some motor premiums rise by £1,000.
The Association of British Insurers (ABI) has revealed that 15 insurer CEOs will meet the Chancellor of the Exchequer today (28 February) and call on him to intervene and stop the decision to cut the discount rate to -0.75%.
The announcement yesterday by Secretary of State for Justice Liz Truss that the discount rate, also known as the Ogden rate, would be cut from 2.5% to -0.75% in March triggered predictions from insurance experts that premiums for young drivers could rise by up to £1,000 a
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