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Insurers protest at IMF levy

Some of the UK’s largest insurers have lashed out at plans to enforce new taxes on the financial sector, branding them “absurd” and “unfair”. Legal & General, Aviva and Lloyds of London said International Monetary Fund plans for two separate taxes on financial companies – one to cover the cost of any future bailouts, and the other on profits and remuneration – would needlessly damage one of the UK’s most successful industries. Tim Breedon, chief executive of L&G, said: “Insurance companies are not banks, and should not be treated as such by the regulators and politicians.”