Labour vows to launch formal enquiries into car insurance costs

Labour vows to launch formal enquiries into car insurance costs
Ben Chapman

By Ben Chapman

Published: 12/06/2024

- 10:29

LABOUR would launch formal enquiries into the spiralling costs of car insurance, Shadow Transport Secretary Louise Haigh has said.

She told GB News: “Car insurance has risen at a far greater rate than some of our European neighbours.

“We've said that we will bring in the Competition and Markets Authority to investigate the causes of that rise in insurance premiums, over £200 on average, over the last two years.

“And we know they're employing lots of rip off devices as well. So we'd want to bring in the Financial Conduct Authority to investigate several of those.

“We think they’re far-inflating the cost of…premiums on to consumers. So we would as a priority be calling in regulators to tackle the insurance market in this country.”

Haigh continued: “The state of our local roads as a direct consequence of Tory policy. This is why we're setting out an agenda today that will actually tackle the cost of living for drivers and improve the state of our roads, rather than indulge in culture wars that the vast majority of drivers actually don't experience…

“We want to make sure that we are putting money back in people's pockets and bringing down the cost of driving particularly for those people who don't have an alternative. If you live in the countryside, you don't necessarily have access to a bus or a train.

“Now separately to these plans, we want to radically reform public transport so it is an option, but at the moment it's not an option for everyone.

“And that's why we want to bring down the cost of driving, which will be the main priority for the vast majority of us.”

On Jeremy Corbyn’s influence on Labour support, she said: “Keir said yesterday that we have learned our lessons from the 2019 General Election manifesto. The people of this country roundly rejected it and it led to us having our worst election defeat in our history.

“The Tories by contrast have obviously not learned the lessons from the disastrous Liz Truss mini budget, which led to interest rates being raised and people are still now paying the cost of that with increased mortgages.

“What the Tories sent out yesterday was billions of pounds in unfunded spending commenced commitments which would have an even bigger impact than Liz Truss’s disastrous experiment less than two years ago.

“We've learned our lessons. Tomorrow we'll be publishing our manifesto which will set out a series of policies that will tackle the cost of living crisis, that will build up public services.”

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