IPT hikes driving thousands of policyholders into the NHS

Recent hikes in insurance premium tax (IPT) are driving thousands of policyholders to cancel or downgrade their PMI cover at a cost of £126m a year to the NHS, according to new research by Bupa and economics consultancy Cebr. Cebr estimates that every 1% rise in IPT results in 31,500 PMI subscribers cancelling their cover,…