Autumn Budget 2017
Andy Watson, CEO Ageas UK comments on what the insurer hopes to see in the Chancellor’s Autumn Budget next Wednesday:
Further investment in road safety
“As the third largest UK motor insurer, Ageas is committed to improving the safety of Britain’s roads for the benefit of all road users.
“In 2016, we welcomed the Government’s Safer Roads Fund, which saw £175m allocated to tackling a portfolio of the 50 most dangerous roads in England. Improving our road infrastructure is important for road users and the economy. For every pound spent on improving the safety of roads, the economy saves £3 or more through stopping serious crashes and avoiding the need to pay for costs such as health and long term care.
“With the Road Safety Foundation’s annual assessment of Britain’s roads due out next week, supported by Ageas, we’re calling for the Safer Roads Fund to be increased. When lifetime care for a single road traffic crash victim costs more than £20 million, the economic and social benefits of tackling the outstanding 6,111km of high risk roads are obvious.”
Insurance Premium Tax
“At a time when customers are paying more for their car insurance as a consequence of changes to the personal injury discount rate made by the Government earlier this year, further increases to Insurance Premium Tax (IPT) would simply serve to be another blow to honest and hard-working people.
“Any further increases over and above the recent increases from 6% to 12% will mean that customers have to find extra money for mandatory insurance entirely as a result of government policies and at a time of increased interest rates. Those already paying the most will continue to be hardest hit.”