The Conservatives pledge to recognise the special needs of the industry
Shadow Chancellor George Osborne has vowed to recognise the “special needs” of the insurance industry if the Tories are elected into power.
He told the ABI’s biennial conference this week he would simplify a punishing UK tax regime that has forced insurers to redomicile.
On regulation, he said the Treasury had been “absent” when it came to helping insurers cope with European regulation such as Solvency II and a Conservative government would work more closely with the industry.
He revealed the Conservatives were developing plans for an independent office for Budget responsibility. It would take control from the Chancellor for publishing Budget forecasts, ensuring state finances remained stable.
