Further IPT hike would be 'double blow' for UK businesses, ABI warns

The warning follows new figures published today that show last November's IPT increase could cost business nearly £500m in higher commercial insurance premiums, including health insurance. Further increases to IPT could cost business nearly £150m per 1% increase, the association said. It could also increase lower spending power of its customers - as many families face insurance bills about £100 higher as a result of the last increase The warning follows the decision to increase IPT by more than 50% - from 6% to 9.5% - at the summer 2015 budget, raising £8bn over five years- the big...