Credit: Insurance

HM Treasury written question – answered on 9th February 2016.

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Photo of Lord Darling of Roulanish Lord Darling of Roulanish Labour

To ask Her Majesty’s Government what estimate they have made of the total amount of payment protection insurance payments made since 2010.

Photo of Lord Darling of Roulanish Lord Darling of Roulanish Labour

To ask Her Majesty’s Government what estimate they have made of the impact of payment protection insurance payments made since 2010 on UK gross domestic product.

Photo of Lord O'Neill of Gatley Lord O'Neill of Gatley The Commercial Secretary to the Treasury

The most recent figures available from the FCA show that a total of £393.8m was paid in November 2015 to customers who complained about the way they were sold PPI. This takes the amount paid out since January 2011 to £22.2bn.

The most recent analysis of the impact on GDP is the Office for Budget Responsibility’s 2012 Economic and Fiscal Outlook report, which stated that its economic growth forecast of 0.8% over 2 years would be mainly due to the impact of PPI fee repayments.

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