Car insurance costs in the UK are “skyrocketing” compared to the rest of Europe, the SNP says, as research found prices growing exponentially.

Analysis by the House of Commons Library found the UK motor insurance annual inflation rate grew to 43.1% in May 2023.

In the same month, the figure stood at 2.6% in Germany, 0.4% in France and 0.0% in Spain.

In both Belgium (-0.4%) and Ireland (-3.6%) the annual motor insurance inflation rate reduced in the same month.

The Argus: A UK Government spokesman said insurance premiums are a commercial decision which it does not seek to intervene inA UK Government spokesman said insurance premiums are a commercial decision which it does not seek to intervene in (Image: PA)

The analysis found that UK car insurance inflation has grown since January 2022.

The SNP's transport spokesman, Gavin Newlands MP, said: “This latest analysis demonstrates that independence is the only way Scotland can rid itself of broken, Brexit Britain.

“The Prime Minister and the Chancellor keep telling the public that inflation is a global problem but this independent analysis shows that Brexit Britain is being hit far harder than our European neighbours.

“While independent nations within the EU have kept car insurance inflation relatively low, the UK’s has spiralled out of control – skyrocketing to a staggering 43.1%.

“Small independent countries like Belgium and Ireland – who have complete control over their own affairs and access to the European Union and world’s largest single market – have managed to reduce their inflation rate substantially.

“Meanwhile, Scotland continues to suffer under the control of Westminster governments we do not vote for.”

A UK Government spokesman said insurance premiums are a commercial decision which it does not seek to intervene in.

A spokesman said: “While setting premiums is a matter for individual insurers, the Government has strongly supported motorists including by extending the fuel duty cut, which will save the average car driver around £200.”