Chukka Umunna and Rachel Reeves brief Labour top brass

The Labour Party has warned that Solvency II could affect UK insurers’ competitiveness outside the European Union.

Shadow business secretary Chukka Umunna and shadow chief secretary to the Treasury Rachel Reeves made the claim in a letter to business secretary Vince Cable and chief secretary to the Treasury Danny Alexander, according to The Financial Times.

The letter added: “Investment in infrastructure projects could be reduced, it could restrict access to finance for UK business and would place burdens on the UK economy.”