In today’s Budget, George Osborne’s announced that the standard rate of Insurance Premium Tax (IPT) will be increased from 9.5% to 10%.

This follows a rise in the stealth tax last year.

Paul Geddes, CEO, Direct Line Group, said: “While a further increase in insurance premium tax (IPT) could be an additional increase to household finances, we are pleased that the government has committed to use the spend on flood defences, as the storms at the end of 2015 were another reminder that more needs to be done in this area to protect the homes that are at a high risk of flooding.”