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Andy Watson responds to the Chancellor’s Spring Budget

8 March 2017 Bookmark and Share

Responding to the Chancellor's Spring Budget today, 8th March, Andy Watson says:

“The last couple of weeks have seen insurers buffeted by the government’s deeply-flawed cut to the discount rate. The Budget was relatively quiet and thankfully the Chancellor chose not to hit motorists with yet another increase to Insurance Premium Tax. We now wait for the consultation on the discount rate so that we can get a new system in place to limit the impact on customers facing dramatic rises in their insurance premiums.”

Acknowledging the additional funding available for autonomous vehicles technology, he continued:

“Ageas welcomes the additional funding announced by the Chancellor today for autonomous vehicles technology. This exciting new technology has the tremendous potential to make our roads safer and bring a wide range of other benefits to both the economy and society.

"Ageas supports a ‘single insurer’ model for autonomous vehicles and we are pleased that such a system is being brought in through the Vehicle Technology and Aviation Bill. This means that those using autonomous vehicles will be properly protected should they be involved in accident.  It is important that the government continues to support autonomous vehicle development and put in place the right legal framework needed for them to be tested and, eventually, used on our roads.”