Schedule 33 - Insurance companies
Finance Bill
9:45 pm
Mr David Wilshire (Spelthorne, Conservative)
I am listening carefully to my hon. Friend, and I heard him say that if things were to go ahead as the Government want, there would be a real risk that the cost of reinsurance would go up and its availability might decline. Is there any possibility that if the measures were to go ahead, businesses in this country would be forced to look abroad for the same sort of reinsurance cover that they might otherwise have got in London? If that were the case, would that not start to undermine the London insurance market and play into the hands of foreign competitors?