It isn’t just debt and borrowing that are going up, Hammond has stealthily raised taxes too. Insurance Premium Tax is being hiked from 10% to 12% from next June, a 100% increase compared with November 2015. It was just 5% when the Tories got into power. This means £855 million extra tax per year, £4 billion raised by 2020. Insurance companies are already clear this is going to be passed onto consumers – your home insurance, pet insurance and motor insurance are going up.
UNA Alliance: “This is a significant blow. As a result this will significantly hit the pockets of families throughout the country with significant figures being added to the average buildings and contents policies.”
Axa: “An unwarranted attack on millions of people… affordability of insurance is being fundamentally threatened”
Cuvva: “The Chancellor has just slapped “just about managing” pet owners, home owners and drivers with an unfair tax hike that punishes sensible consumers for taking steps to protect themselves against risk.”
Fiscally conservative low tax Tories give us soaring debt and higher taxes…