1 Comment

  1. Ken MacIntyre
    August 6, 2018 @ 3:21 pm

    I think that the ABI is referring to insurance contracts which are recognised throughout the European Economic Area but which will, like UK driving licences, become void once the UK falls out of the EEA (not the EU) with no transitional or long term agreement. Occupational (paid from schemes) or state pensions (covered by social security agreements) should not be affected. Cross-border insurance contracts post-EEA were raised by Nicky Morgan, Chair of the Treasury Committee but I can’t find an answer from the Treasury.

    But the ABI does not understand the process which is why it comes across as scaremongering. ‘No deal’ is not the issue although why anyone would consider this as a serious option beggars belief. A Free Trade Agreement will be just as damaging as ‘no deal’ because it does not cover services, 80% of the UK economy. And all that is being negotiated now is the Withdrawal Agreement. The negotiation about the long term relationship can’t start until next March, with about 20 months to conclude it and the UK has not the slightest idea about what relationship it wants beyond childish fantasies and wishful thinking.

    It is the foolish decision to leave the EEA (which voters were not asked – most UK voters would not know the EEA from a hole in the ground) that is causing this uncertainty and all sorts of potential problems in energy, medicines and health care, transport, food, agriculture and the horse racing industry, not to mention the Irish treaty. Maybe a quick fix will be done – and that’s a lot of fixing, but ‘all right on the night’ is no way to run anything.


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