ABI welcomes Autumn Budget

The ABI has welcomed the Autumn Budget today, believing it is good news for the insurance industry.

Huw Evans, director general, ABI, said, ‘We are pleased that the chancellor has done the right thing by not increasing Insurance Premium Tax.

‘IPT already brings in more than £6bn a year for government and it would have sent out completely the wrong message to increase costs any further for people who do the right thing by buying cover to protect themselves, their properties and their families.’

He continued, ‘Many savers will breathe a sigh of relief that the Chancellor has resisted temptation and not raided pensions tax relief. After six separate cuts to these tax reliefs since 2010, savers need a period of pensions stability, especially after the tumultuous pension changes in recent years.’