Sep 6, 2021
Social care: What would a National Insurance rise mean for me?
The government is understood to be considering raising National Insurance to help pay for social care in England. Unlike the rate of income tax, which rises once you reach earnings of about £50,000, National Insurance falls at that point. Helen Miller from the Institute for Fiscal Studies said: "Raising National Insurance rates to fund social care would arguably be unfair, including across generations." The government said in its 2019 manifesto, which promised a long-term solution for social care, that it would not raise National Insurance or income tax. According to government estimates, raising the National Insurance rates for employees by one percentage point would raise about £5.4bn a year.
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