CII reacts to Chancellor Rishi Sunak’s economic statement

CII-responds-to-Chancellor's-statement

In response to Chancellor Rishi Sunak today (24 September 2020) outlining the next stage of the Conservative government’s economic plan, Keith Richards, chief membership officer of the Chartered Insurance Institute, said: “Chancellor Rishi Sunak’s statement made it clear the insurance profession and the consumers it serves will have to financially adapt and evolve to the new normal. He observed lives can no longer be put on hold but also recognised we will all have to learn new financial limits as we go.

“Just as he did in the early weeks of the pandemic, Mr Sunak showed that he can respond quickly to the needs of workers under stress from the pandemic. The Pay as you grow loans are another example of this but until we see the details of his economic plan it is difficult to say what impact the various schemes announced today will have on any individual’s finances.

“The lack of action on training and skills is disappointing. Many jobs have already been lost as a result of the recession caused by Covid-19, so it is a shame that more cash has not been set aside by the government today to reskill individuals. This pandemic will result in the need for insurance growing exponentially in the coming years.

“During this crisis we have seen a huge hike in unemployment, with many people’s personal finances being devastated on top of the emotional toll of losing loved ones, taking on more caring responsibilities, or simply feeling isolated. The government needs to do all it can to make sure people are not left behind. We will continue to engage with our members and support them in their work serving the needs of their customers, especially the most vulnerable in society.”

Authored by the CII

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