Smith Institute Cash for Policy

Guido has just noticed that Gordon’s favourite think-tank, the Smith Institute, has a new publication out today. In it the director-general of the Association of British Insurers (ABI), Stephen Haddrill, calls for a way out for the insurance industry from the “vicious circle of unquantified longevity risks”.

So an insurer does not like risk – is he in the right business? He suggests shifting the risk off insurers onto taxpayers. Of course he wants the industry to be able to offer attractive low premiums by having the insurance industry state subsidised.

Guido expects big business with naked self interest to beg favours from big government, protectionism is the easy way to profits. But shouldn’t an “independent” think tank question the propriety of such an arrangement? Who benefits from this apart from shareholders in insurance companies?

Guido called the Smith Institute to find out how much they were paid by the ABI to produce the report. The public charity refused to answer the question. Guido contacted the ABI’s Jonathan French to ask the same, he has as yet not responded. Guido understands that the Smith Institute got a five-figure sum from the ABI. Would that compromise their independence or integrity?

UPDATE 16:00 : The ABI’s Jonathan French has got back to Guido with the promise of an answer and a request to spell his name correctly.




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Quote of the Day

IDS responds to Juncker’s pints analogy earlier:

“Mr Juncker knows a little bit more about the bar than perhaps many of us do.”

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