ABI: PBR does nothing to encourage saving
The Association of British Insurers (ABI) has responded to yesterday’s Pre-Budget Report (PBR) delivered by Chancellor Alistair Darling in the House of Commons.
The ABI’s acting director general, Maggie Craig, has condemned the additional increase in national insurance, describing it as a tax on jobs.
Craig also criticised the absence of any measures to encourage saving.
Peter Vipond, Financial Regulation and Taxation director, has expressed his disappointment with the PBR’s measures on higher rate tax relief for pensions, describing the move as damaging to pensions and doing little to promote saving.
Brewin Dolphin has also attacked the PBR’s pensions measures, describing it as the work of inept policy-makers.
Vipond went on to say that the extra national insurance would be bad for the economy, and would not help the UK to recover.
Director of Investment Affairs Peter Montagnon welcomed the fact that the insurance sector was not included in the PBR’s one-off tax on bonuses (which will apply only to bankers), but warned that it could have a damaging effect on competitiveness.
Category: ABI News, Insurance News
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