Jan 29, 2022
National Insurance: Boris Johnson and Rishi Sunak confirm rise from April
With inflation rising sharply, there had been calls to scrap the tax rise. Business leaders have warned that firms could offset the tax rise by raising prices. The government has said the changes, announced at last year's Budget, are expected to raise £12bn a year, which will go initially towards easing pressure on the NHS.A proportion will then be moved into social care system over the next three years as the Covid backlog subsides. Despite confirming the tax rise, Mr Johnson and Mr Sunak described themselves in the Sunday Times as "Tax-cutting Conservatives" and "Thatcherites". The freeze, which would see a graduate earning £30,000 repay £113 more a year than expected, has been described as a "stealth" tax rise for those affected.
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