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The CBI responded to an EU agreement on Omnibus II, which should lead the way to implementation of Solvency II in 2016.

Matthew Fell, CBI Director for Competitive Markets, said:

“After years of hard work it’s good news that a sensible and workable agreement has finally been reached, which will ultimately benefit consumers and savers across Europe.

“The removal of regulatory uncertainty in the insurance sector should free up a major source of long-term investment in the UK and Europe, which will help to boost growth.”