Aviva Global CEO Colm Holmes comments on 2020 Budget
Colm Holmes, Global CEO, general insurance at Aviva said:
“We welcome the Chancellor’s announcement in today’s Budget to increase funding for flood defences, which will bring vital protection to thousands of home and business owners across the UK. It’s right that additional funding will go directly to those communities worst hit in the latest flooding as well as supporting resilience measures.
“Increased funding for flood defences is an important step, but we still believe Government also needs to take urgent action and prioritise stricter planning and building regulations to prevent new homes being built in high risk areas without adequate flood protection or property resilience measures. Since 2009, over 1 in 10 new homes have been built in high risk areas, and without more stringent planning regulations more people and properties will be put at risk, especially as they do not benefit from Flood Re. We believe the Government should take a holistic approach to flood prevention to ensure greater protection for communities, as well as providing grants towards property level resilience for those buildings which aren’t protected by traditional flood defences.”
Alistair McQueen, Head of Savings & Retirement at Aviva, comments on the government’s decision to raise the threshold for the tapered annual allowance from £110,000 to £200,000:
“Today’s action positively removes the vast majority of people from any issues related to the tapered annual allowance. The higher-than-expected increase is good news. Pension tax relief will mark its 100th birthday in 2021. It is a core part of a system that is seeing more people saving for their retirement today than ever before.”
Authored by Aviva
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