City Of London
City of London Gets Long-Awaited Insurer Reform, Surcharge Cut
- Jeremy Hunt releases Solvency II reforms alongside statement
- Surcharge cut to shield banks from corporation tax rise
Morning commuters exit Liverpool Street railway station in the City of London, UK.
Photographer: Jose Sarmento Matos/BloombergThis article is for subscribers only.
After years of fraught debate between regulators, insurers and the Treasury, Jeremy Hunt confirmed Thursday that the government would push forward with reforms to a corner of the City of London that’s intended to release billions of pounds of investment into the economy.
The plan, thrashed out at the last minute before Hunt’s statement with some details still to be clarified, could mean insurers will be able to direct “more than £100 billion” into infrastructure and green energy over ten years, according to Hannah Gurga, director general of the Association of British Insurers.