Press Release

UK economy needs “adrenaline shot” to stop financial services going offshore, says Treasury Select

Committee MP

March 29, 2012

In an exclusive interview, David Ruffley MP, a senior member of the Treasury Select Committee, says UK growth is flat-lining and calls on the Chancellor to give the UK economy an “adrenaline shot” to stimulate growth and stop insurers like Prudential looking to re-domicile overseas.

Highlights from the interview include:

The Euro Crisis

• “The Euro has a stay of execution at the moment, but a lot of us think … this problem could come back to bite us again.”

• “The whole (European) continent has got to worry about long-term structural reform. The trouble is it’s leaders are not doing that.”

UK Insurance Industry

• “Prudential are footloose...Unless we start getting corporation tax rates down, Britain is not going to be tax competitive with the Far East, or America, or any other mature industrialised democracy.”

UK Insurance Regulation

• “The UK government is going to have to watch the Bank of England very closely to make sure they don’t make bum calls and give the industry bum steers on regulation of UK insurance.”

• “By the end of this year there will be a new insurance regulator. I think they should be well-known in the market, maybe retired, or with real experience of insurance regulation from other jurisdictions.”

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