The Car Hub

It’s a Monday so let’s get all the bad news over and done with today.
Hidden away in the recent budget and with nobody, so far, commenting on it but with the exception of Life policies all other insurances, including car insurance, had their Insurance Premium Tax raised from 5 to 6%.
That doesn’t sound much but couple it with the rise in VAT from 17.5 to 20% and it all adds up.
Last year saw car insurance companies raise the cost of their policies by 20% and the AA forecast another similar 20% leap this year taking the average premium for a family car to near £800pa by the end of the year.
We’ll leave it at that today, hopefully the news will be better tomorrow.