Aug 7, 2022

Liz Truss will seek to bring in National Insurance cut immediately

Liz Truss would seek to immediately reverse the rise in National Insurance contributions if she were to become prime minister, her campaign team says. Writing in the Observer, he said Prime Minister Boris Johnson, Liz Truss and Rishi Sunak should agree on one this week, warning "a financial timebomb will explode for families in October" when the energy price cap next rises. A report commissioned by Mr Brown suggests some families are set to be £1,600 worse off per year. The report says that the poorest families have suffered three major blows to their income from October 2021 to October 2022.That includes the loss of the £20 a week uplift to benefits, an annual rise in welfare payments that is below the current rate of inflation, and further increases in the energy price cap. "Through our £37bn support package we are also saving the typical employee over £330 a year through a tax cut in July, allowing people on Universal Credit to keep £1,000 more of what they earn and cutting fuel duty by 5p, saving a typical family £100," they added.

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