Insurance Industry and Motor Sectors React to Labour Landslide: Comments and Priorities
Labour Landslide: Insurance, Legal, and Motor Sectors React
In the aftermath of the Labour Party’s landslide victory, key players in the insurance, legal, and motor sectors have shared their thoughts on the implications for their industries. Here are some of the highlights:
Purbeck Insurance Services:
Todd Davison, MD of Purbeck Insurance Services, emphasized the need for Labour to prioritize small business growth and funding. He highlighted the challenges faced by SMEs in accessing finance from traditional banks and called for reforms to make capital more accessible, particularly through alternative finance providers. Davison also stressed the importance of educating SMEs on different loan facilities and reducing the risk of personal guarantees.
Phoenix Group:
Andy Briggs, CEO of Phoenix Group, called for a review of pension saving adequacy, covering both private and state pension systems. He emphasized the need for increased auto-enrolment minimum contributions to ensure better outcomes for pension savers. Briggs also highlighted the importance of providing greater access to investment opportunities and financial guidance for individuals making important financial decisions.
RAC:
The RAC urged the new Labour Government to address pressing concerns of UK motorists, including the poor state of local roads, rising insurance premiums, and high fuel prices. They called for improvements in local roads, a reduction in the motor insurance tax burden, fairer fuel prices, and support for the transition to electric vehicles, among other key issues.
DECTA:
Scott Dawson, Head of Sales and Strategic Partnerships at DECTA, emphasized the need for common-sense policies that support the fintech community, especially SMEs. He called for political clarity and government support for private sector investment to strengthen the economy and foster innovation in the UK.
Isio:
Iain McLellan, Director at Isio, highlighted the potential for a radical pensions review under the new Labour Government. He noted the importance of improving member outcomes, consolidating pension schemes, and increasing productive investment in UK markets. McLellan also emphasized the need for clarity on pensions policy and the appointment of a Pensions Minister to drive reforms.
IMI:
The Institute of the Motor Industry welcomed the Labour Party’s recognition of the importance of skills for UK infrastructure and its dedicated Automotive policy. They emphasized the need to address challenges around further education, apprenticeships, and skills in the automotive sector to ensure UK automotive remains a global leader.
Overall, the reactions from these key sectors reflect a mix of optimism, calls for reform, and a focus on addressing pressing issues to drive growth and innovation in the post-election landscape.
