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Autumn Statement 2016 comment

Gerald Grimes, Managing Director at Hitachi Capital Consumer Finance commented:

“Hammond’s announcement that Insurance Premium Tax will increase from 10 to 12% from next June is bad news for consumers.

“Both used and new car markets have been struggling with spiralling motor insurance costs, and will be dealt yet another blow by the Government’s third increase in the tax since November last year. This is a backwards step for Britain at a time when we are trying to cement global trading partnerships, especially in the automotive industry.”