ABI Association of British Insurers : responds to Government Spending Review

11/25/2020 | 11:05am
Today the Chancellor of the Exchequer, Rishi Sunak, delivered his Comprehensive Spending Review Statement. The Statement set out the latest forecasts from the OBR on the economic impact of Covid-19 and set departmental budgets for the next 12 months.

On the development of a National Infrastructure Bank, Huw Evans, ABI's Director General, said:

'We welcome the new National Infrastructure Bank and the Government's recognition of the huge opportunity for our sector to support significant green and infrastructure investment. The current review of Solvency II will be vital if we are to change the regulatory requirements and enable insurers to play their full part in the transition to a net zero economy. We look forward to continuing to work with Government and the regulators on these important reforms.'

On reforms to the calculation of the Retail Price Index (RPI), Yvonne Braun, Director of Long-Term Savings and Protection at the ABI, said:

'We are pleased the Government has opted to delay the implementation of the reform of the calculation of the Retail Price Index (RPI) to the last possible date of 2030. The effects of this change will be felt for decades, and the later implementation date will help to mitigate the impact on savers and policyholders.'

On flood defence investment, James Dalton, Director, General Insurance Policy, ABI, said:

'The ABI welcomed the Government's commitment to £5.2billion flood defence investment in the March Budget and continue to call for a long-term funding settlement of at least £1.2billion per annum in flood defence capital and maintenance spending. The 2019/20 winter flooding showed the devastating impact climate change is having on communities and it is vital that new and existing flood defences are maintained and that we continue to increase our climate resilience.'

-ENDS-

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ABI - Association of British Insurers published this content on 25 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2020 16:04:00 UTC

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