Insurers Advise on Debt

Article published on 1st August 2008

According to a report released by the Association of British Insurers, "Safeguarding the Future", the British government should be launching advertising campaigns to encourage people to save rather than enter into debt - which is seen as increasingly acceptable because of the availability of credit cards, loans and overdraft facilities.

In the report the Association of British Insurers outlines what it sees as relevant policy initiatives to enable businesses and private savers to protect their financial security during the economic down turn we are all currently experiencing.

The Association has identified tax certainty is a major issue, along with an increase on ISA limits and encouraging people to save through longer term investments.

The report also stipulates that UK business should be promoted through more direct consultation on changes to tax, and recommends alterations to tax on all earnings made overseas in an effort to encourage British businesses to bring as much of their offshore profits back into the UK as is feasible.

The report also looks at the current nature and problems of pensions, savings and debt management.

The Financial Times reported that Mr. Stephen Haddrill, the Director General of the Association of British Insurers wrote to the Chancellor of the Exchequer to warn him that in the current climate the British insurance industry cannot "compete in a globalised world" unless the UK's taxes are reformed in a manner that will encourage British businesses to stay on UK soil, or at least invest back into the UK.


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