The Labour Party has pledged to initiate formal investigations into the rising costs of car insurance, announced by Shadow Transport Secretary Louise Haigh.
“We plan to involve the Competition and Markets Authority to look into what’s driving these insurance rate hikes, which have increased by over £200 on average in the past two years,” she stated.
“There are also numerous exploitative practices we’re aware of, which we’d like the Financial Conduct Authority to examine,” she added.
“We believe these practices excessively inflate the price of insurance premiums for consumers. Therefore, addressing these issues with the regulators will be a priority for us,” Haigh explained.
Haigh also discussed the poor condition of local roads, attributing it directly to the current government’s policies. “Today, we’re outlining a plan that focuses on reducing living costs for drivers and improving road conditions, steering clear of engaging in the culture wars that most drivers don’t actually face,” she commented.
“Our goal is to ease the financial burden on drivers, especially those in rural areas who lack alternatives like buses or trains,” she continued.
“While our broader agenda includes significant reforms to public transportation to make it a viable option, it currently isn’t accessible for everyone. That’s why reducing driving costs is a key focus for us,” she added.
Regarding the impact of Jeremy Corbyn on Labour’s popularity, she noted, “Keir stated yesterday that we have learned from the failures of our 2019 General Election manifesto, which was overwhelmingly rejected, leading to our worst electoral defeat in history.”
“In contrast, the Conservatives seem not to have taken lessons from the catastrophic mini-budget under Liz Truss, which caused a spike in interest rates, increasing mortgage costs for many,” she observed.
“The proposals the Conservatives released yesterday involve billions in unfunded spending commitments, likely to cause even greater disruption than Liz Truss’s brief tenure,” Haigh warned.
“We have taken our lessons to heart. Tomorrow, we will unveil our manifesto, detailing policies aimed at tackling the cost of living crisis and strengthening public services,” she concluded.
