ABI: ‘long term test’ for Prime Minister Boris Johnson will be to maintain UK insurance powerhouse

As Boris Johnson was confirmed as the new British Prime Minister, after Conservative party members chose their leader yesterday, many commentators pointed to the immense challenges he has ahead, not least his wafer thin majority in Parliament.

Huw Evans, director general of the Association of British Insurers, said: “Boris Johnson inherits a huge set of challenges and we should all hope that he will be able to overcome the current impasse and implement Brexit in an orderly fashion, with a transition period in place.

“The crucial longer-term test is whether our future economic relationship with the European Union avoids the UK’s world-leading insurance and long-term savings sector becoming a rule-taker.

“Beyond Brexit, we want to see the incoming Prime Minister and his new government support our thriving and world-leading industry by improving the competitiveness of our tax and regulatory environment, boosting savings for retirement, keeping the cost of insurance down, improving the safety on our roads, and building a social care system that works for all.”

With a working parliamentary majority in single figures, the PM has a tough job ahead, not least in potentially renewed negotiations with the EU.

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