BIBA calls for continued ring-fencing of IPT spend on flood defences
Following the recent flooding in the north of England, the British Insurance Brokers’ Association (BIBA) has called upon the future Government to confirm that it will continue with its commitment to ring-fence money collected through insurance premium tax (IPT) for flood defence spending.
Graeme Trudgill, Executive Director of BIBA, said: “In 2016, the rate of IPT included on every home insurance policy increased from 9.5% to 10%, and Government said that this increase would be ring-fenced to pay for flood defence and resilience measures.
“With a whole host of spending commitments made by each of the major parties already in this election campaign, it is vital that this earmarked pot of money is not absorbed into general Government revenues and spent in other areas.
“The devastating effects of flooding upon both individuals and communities are clear, and our members help them recover and rebuild when the worst happens. Brokers tell us how important the protection afforded by flood defences is to their customers and to the wider economy.
“Defences save the UK around £1.1bn each year in flood prevention and aside from the considerable human importance defences offer, they represent excellent value for money.”
The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers. BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.
BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.
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