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ABI
calls for flood defences spending to help boost economy - November 2008 __________________________________ Pre
Budget Report: Lack of action for savers disappointing and a missed opportunity Monday,
24 November 2008 Overall
response: Stephen Haddrill, the ABI’s Director General, said: “After a decade
of promoting consumption the Government is unable to break the habit. The crisis
is built on debt and credit but the Government has still failed to recognise the
importance of savings to our economic health. This is a badly missed opportunity
to promote savings and tackle the country’s savings crisis - with 50% of the working
population not saving enough for retirement, and saving overall at the lowest
level for 50 years, action is needed now. “Indeed,
those in the UK population who are saving the most will have to pay higher taxes
as a result of today’s announcement, while pension allowances have been frozen.”
Taxation
and financial services: Peter Vipond, the ABI’s Director of Taxation, said:
“The news on foreign profits shows that the Government has listened to the ABI’s
arguments on this issue. It sends a positive message to those UK businesses that
have been considering relocating abroad. The Government has accepted that fairer
treatment of foreign dividends will encourage companies to bring profits back
to the UK to invest and spend here. We will examine in detail the implications
of the interest debt cap also announced.” “This
has been a vital issue to address. As outlined in the ABI’s submission to the
Chancellor, the last decade has seen more multinational companies leave the UK
than in any other EU country.” "However,
while the Government points out the challenges facing the financial services sector,
resulting in a 35% reduction in tax receipts for 2008, increasing national insurance
and income tax rates on those earning over £100,000 is the wrong way to tackle
this problem. These tax increases can only make the UK a less attractive place
for financial services companies to operate in and in particular, reduces the
attractiveness of London as a world financial centre. This is disappointing given
the progress on taxation of foreign profits." Floods:
Nick Starling, the ABI’s Director of General Insurance, said “The Chancellor failed
to understand the importance of flood defences last year and has failed once again
this year. To bring forward just £20 million of expenditure, from the £850million
allocated, is a token gesture and a missed opportunity. “Building this nation’s
flood defences is a much more quicker and straightforward way to spend money and
improve the nation’s infrastructure than some of the areas the Chancellor has
focused on.”
Reduction in VAT rate: Peter Vipond, the ABI’s Director of Taxation, said:
“This helps insurers as they cannot recover any VAT they pay (for example on property,
office expenses etc). Last year the insurance industry lost £495 million in irrecoverable
VAT , which means a cut in VAT to 15% could save the industry £71million a year.
“Insurance Premium Tax (IPT) is charged at the same level of the top rate of VAT
on the sale of warranties (for vehicles and electrical
equipment) and travel insurance. It therefore makes sense that this reduction
in VAT should be reflected in a cut in IPT in these areas.” Rights
issue review: Responding to the announcement by the Chancellor to reduce the
time taken to raise capital. Peter Montagnon, Director of Investment Affairs at
the ABI said: “It is very important to keep the principle of pre-emption. This
Review sets out some useful ideas for speeding up the process, without sacrificing
this principle. The ABI Investment Committee will follow through very soon on
the proposals for raising headroom limits.” Pre-Budget
Report: Flood defences best candidate to boost capital expenditure Friday,
21 November 2008 The
ABI is calling on the Chancellor, Alistair Darling, to use Monday's Pre-Budget
Report (PBR) to bring forward its spending plans on vital flood defences. Speeding
up this spending would stimulate the economy and protect more homes. Following
the devastating floods of 2007, the Government agreed to spend £1.5bn on flood
defences between 2009 and 2011. By bringing that spending forward to next year,
the Government could help boost expenditure projects to the benefit of the wider
economy. Investing
in flood
defences is much less complicated and cumbersome than other capital expenditure
projects, and it would allow the Government to quickly and efficiently inject
a fiscal stimulus to the economy. Stephen
Haddrill, the ABI's Director General, said: "Turning promises for tomorrow into
action today on flood defences makes sense. It will enhance protection for households
and businesses from the threat of flooding; is much less complex and contentious
than other possible capital projects; and can be rolled out faster. "Investment
in flood and costal management is very cost efficient - it typically gives a benefit-cost
ratio of 7:1, much higher than for other public sector capital investments[1]."
The
ABI is also working closely with the Government to develop a long-term flood management
strategy, which looks at funding needs 25-30 years ahead, and regional planning
taking into account the likely impact of climate change in 50 and 100 years time.
The insurance industry dealt with over 180,000 claims as a result of the flooding
in 2007, with the total bill standing at around £3bn. 1]
Flood and Costal Erosion Risk Management ZBR - 41st Defra Flood and Costal Management
Conference July 2006 Don't
forget savings, Mr Darling - ABI's message for the Pre-Budget Report Friday,
21 November 2008 "Don't
forget savings in the Pre-Budget Report' is the ABI's message to the Chancellor,
Alistair Darling, ahead of Monday's Pre-Budget Report. The ABI is calling on the
Chancellor to recognise the value of savings to individuals and to the economy
as a whole with two specific measures to boost saving. While Mr Darling is widely
expected to announce measures designed to increase spending and consumption, he
must also recognise the value of saving as an economic stimulus. Long-term saving
enables financial institutions to extend more credit, which itself helps to boost
the economy. The
ABI is calling for two specific measures to be announced in the Pre-Budget Report:
The
overall Individual Savings Account (ISA) limit should be raised from £7,200 to
at least £10,800 a year. This will give individuals an extra incentive to benefit
from tax-efficient savings, and will help to boost the stock market and encourage
a better overall investment climate. Automatic enrolment into workplace pensions,
which is due to begin in 2012, should be brought forward and introduced as soon
as possible. If it were to start in 2010, it could lead to additional long-term
savings in excess of £500 million by 2012. Stephen
Haddrill, the ABI's Director General, said: "Savings are vitally important to
the UK economy, and while we support the need to stimulate spending and growth,
saving must not be ignored as a means of lifting and keeping the economy out of
recession. Saving is the lifeblood of financial services - it widens the availability
of credit and stimulates investment in other sectors of the economy. The Government
has a golden opportunity to boost workplace pension saving by enabling automatic
enrolment now. The pensions industry, employers and the rest of the private sector
is ready to deliver auto-enrolment as soon as the green light is given. "Increasing
ISA limits would give the millions of existing ISA savers, plus many more potential
new ones, an added incentive to increase their tax-efficient savings, while giving
a positive boost to the stock market." Source
ABI Association of British Insurers More
Information at ABI
Website See
also: Insurance
advice from the ABI about The Postal Strike on blog October 2009 
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Flood
Insurance Products March 2011 - a selection of flood defence products - Click
on logo below for more information
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