ABI calls for improved competitiveness in the UK
The Association of British Insurers (ABI) has called upon the Government to take action in order to bolster the competitiveness of the United Kingdom.
Four out of five insurers believe that unless UK competitiveness is enhanced the country will see a decline in insurance firms based here, and almost two in three senior managers are tempted to move abroad due to the UK taxation system.
The ABI has published its suggestions for the way forward in the paper UK Competitiveness: the way forward for insurance, which coincides with a realignment of global opinion regarding tax havens.
Included in the proposals is an exemption of corporate tax for firms with overseas branches to encourage establishment and retention of headquarters in the UK.
The ABI has also called for corporation tax to be reduced once the public finances have been restabilised and for other changes in taxation to be made in consultation and only when necessary.
Director General Stephen Haddrill has stated that the country faces both a challenge and an opportunity, but that Government must seize this chance today to yield great rewards tomorrow.
In July of this year Haddrill backed Conservative plans for reformation of the financial regulatory system, but warned that any changes should be made with the knowledge that insurance regulation had coped far better than banking regulation during the financial crisis.
Category: ABI News, Insurance News
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