Govt plans 1% NI increase to fund social care - reports

Despite manifesto pledge not to increase income tax, VAT or NI

clock • 1 min read

National Insurance (NI) could be increased by 1% for millions of workers to help fund social care, according to reports.

The Daily Telegraph reports Downing Street wants to raise NI by 1%, adding the Treasury would prefer 1.25%. The move would affect about 25 million workers and the self-employed. The Times states health secretary Sajid Javid is pushing for a 2% rise. Ex-health secretary Jeremy Hunt, also writing in the Daily Telegraph, said he favours a new "health and care premium" and it was right taxpayers should contribute more to solve the crisis. In their election manifesto of 2019, the Conservatives vowed not to increase income tax, VAT or NI, a BBC report said. It stated for someone on av...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Long Term Care

Immediate needs annuities: Tackling the LTC conundrum

Immediate needs annuities: Tackling the LTC conundrum

The cost of the INA will be deducted from the estate

Mark Lisle
clock 06 December 2023 • 3 min read
Political parties must 'come clean' on social care plans

Political parties must 'come clean' on social care plans

Social care plans not mentioned at Labour or Tory party conferences

Jenna Brown
clock 11 October 2023 • 1 min read
Industry collaboration needed to spark social care change - ABI

Industry collaboration needed to spark social care change - ABI

Hannah Gurga addresses social care and climate challenges

Hemma Visavadia
clock 23 February 2022 • 2 min read