The PM confirmed the snap election after speculation grew that such a move was on the cards
Prime Minister Rishi Sunak has called an early general election after speculation grew in Westminster on Wednesday that such a move was on the cards.
Earlier today, rumours surfaced that a snap summer election could be called and in Prime Minister’s Questions, Sunak did not rule this out by saying that the vote would be held in the second half of the year.
And he has since confirmed in a speech outside 10 Downing Street that an election will take place on 4 July 2024.
This is five months earlier than when Parliament would have needed to be dissolved for a general election.
‘Upbeat’
While a general election can be unpredictable, figures show that this is not deterring insurance sector optimism about growth.
Read: Growing political pressure on insurers could see premium increases limited
Read: Insurers must work together to improve consumer trust if they are to avoid outside regulation – ACSO
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Data from KPMG UK, published on 18 March 2024, for example showed that over two-thirds of leaders would feel positive about this for the sector’s future.
Karim Haji, global and UK head of financial services at KPMG, said: “The start of the year saw renewed growth for the economy and forward-looking indicators point to further signs of recovery, which may well be the reason for continued optimism among leaders in the sector.
“The prospect of a general election isn’t shaking the financial services sector. In fact, most leaders are surprisingly upbeat about it.”
Meanwhile, the Labour Party has said it is committed to “streamlining the regulatory burden for the insurance sector”.
Speaking at the ABI Conference in London, Tulip Siddiq, shadow economic secretary to the treasury, said that ”with the right support, [the UK insurance industry] can have an even brighter future”.
Bim Afolami, Conservative economic secretary to the treasury and minister for the City, meanwhile, said that financial regulatory reforms such as Solvency II will be ”effective if they are taken advantage of” by the insurance sector.
He said: ”My mission, and the Chancellor’s mission, is to build an open, competitive and innovative regulatory environment in which industries like insurance, which is uniquely British strength, can thrive.”
What are your thoughts about an early general election? Email your views to james.cowen@insurancetimes.co.uk.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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