NU Online News Service, June 22, 3:45 p.m. EDT

To balance its budget, the United Kingdom government included in its emergency budget an increase in the standard insurance premium tax rate (IPT) from 5 percent to 6 percent, which insurers say will hurt consumers.

The increase is part of a range of tax increases and spending cut measures aimed at bringing down the country’s budget deficit, according to TMF VAT & IPT Services in the U.K., which provides international indirect tax compliance services.

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