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Budget 2021: Association of British Insurers Response

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Commenting on the launch of Green Savings Bonds and measures to stimulate green investment, Huw Evans, the ABI’s Director General, said:

“We welcome the launch of Green Bonds. They will help the government raise funds to invest in renewable energy and green projects, with savers playing their part in helping speed up the UK’s transition to a low carbon economy.

“As large-scale institutional investors managing £1.6 trillion of assets, insurance and long-term savings providers have a crucial role to play in supporting infrastructure and green investment. The reviews of Solvency II and the Future Regulatory Framework for Financial Services are key in unlocking investment in green infrastructure and support the Government’s net zero ambitions.”

On the freezing of the pensions lifetime allowance, Yvonne Braun, the ABI’s Director of Policy, Long-Term Savings and Protection, said:

“Freezing the lifetime allowance creates uncertainty about pension saving at a time when we should be encouraging more people to be financially resilient. Instead, pension allowances should be looked at in the round to put the retirement savings system on a sustainable footing for the long term.”

On the rise in Corporation Tax to 25% by 2023, Mervyn Skeet, Assistant Director and ABI’s Head of Taxation said:

“No business ever welcomes tax rises but we understand the huge challenges the government faces in restoring the health of public finances and appreciate the predictability provided by the advanced announcement on rates.  We urge the Government to stick to a clear strategy, including a detailed Corporate Tax roadmap, so that business has a simpler, stable, and predictable tax regime, that supports the UK’s competitiveness. “