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Budget 2018 – ABI initial response

Commenting on today’s Budget, Huw Evans, Director General, Association of British Insurers, said:

On no further increase in the rate of Insurance Premium Tax

“We are pleased that the Chancellor has done the right thing by not increasing Insurance Premium Tax . IPT already brings in more than £6 billion 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.”

On no change in pensions tax relief:

“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.”

Responding to detail in the Budget about the future of the pensions dashboard project, Huw Evans, Director General of the Association of British Insurers also said:

“It’s good to see provision in the Budget of £5million of new funding to help enable the launch of the pensions dashboard project. Delivering comprehensive dashboards, including details of the State Pension, will help millions of savers keep track of their funds and work out if they are saving enough for retirement. Our sector is ready to continue its collaboration with Government on making this vital service a reality, and we look forward to seeing the details of the DWP’s feasibility study and a further consultation as soon as possible.”




Notes for Editors


Enquiries to:
Malcolm Tarling                        020 7216 7410    Mobile: 07776 147667
Sarah Cordey                           020 7216 7375    Mobile: 07860 189071
Dominic Stannard                     020 7216 7350    Mobile: 07725 245838


1. The Association of British Insurers is the voice of the UK’s world leading insurance and long-term savings industry.

A productive, inclusive and thriving sector, we are an industry that provides peace of mind to households and businesses across the UK and powers the growth of local and regional economies by enabling trade, risk taking, investment and innovation.


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Last updated 29/10/2018