Responding to Philip Hammond’s Autumn Statement
Responding to Philip Hammond’s Autumn Statement, Tom Jones head of policy at Thompsons Solicitors, said: “The insurers have attacked today’s announcement of a rise in Insurance Premium Tax as ‘outrageous’ - saying that the government gives with one hand via whiplash reforms last week and takes with the other in IPT. What arrant nonsense!
“The insurers will, as they always have, simply pass it on in higher premiums without it touching their bottom line. Profits and dividends (and their senior remuneration packages) will remain untouched, as ever. Insurers conveniently don't mention the straight ‘gift’ of a minimum of £200 million extra profit from the whiplash reforms (as calculated by the government).
“The Autumn Statement shows beyond doubt that the Conservatives are very firmly strapped into the back seat of a juggernaut loaded with cash with the ‘privileged few’ of the car insurance market in the driving seat as it ploughs over the top of working people those who are in the Prime Minister's words ‘just managing’.”
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