Budget 2016: Latest IPT rise could ‘interfere’ with Flood Re’s primary objectives
Flood Re’s CEO Brendan McCafferty has urged the government to look at other ways of spending that don’t involve increasing the cost of premiums after warning last week’s Budget announcement could interfere with Flood Re’s primary objectives before the project even launches.
The 0.5% rise was announced by Chancellor of the Exchequer, George Osborne, which translates into £700m in extra flood funding over the next five years. According to ratings agency Fitch, that would
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