Seven takeaways for the insurance industry from Labour’s Budget

UK budget

Chancellor of the Exchequer Rachel Reeves delivered the hotly anticipated first Budget of the new Labour government on Wednesday afternoon. Insurance Post picks out the most eye-catching points for the insurance industry.

Among the details of a Budget that the Chancellor said would raise taxes by £40bn were updates on the forecast tax haul from Insurance Premium Tax, pothole repairs and spending on flood defences.

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Government to consult on leasehold commission ban

In a written statement published yesterday, the Minister of State for Housing, Communities and Local Government has said the government “will go out to consultation very shortly on the detail of the Act’s ban on buildings insurance remuneration”.

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