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National Insurance rise to be reversed in November, chancellor announces
BREAKING: The increase was announced by former chancellor Rishi Sunak back in April
April’s National Insurance hike will be reversed from November 6th, chancellor Kwasi Kwarteng has announced.
Kwarteng made the announcement ahead of a ‘mini-budget’ expected tomorrow (Friday September 23rd).
While the 1.25% increase was announced under former chancellor Rishi Sunak, Liz Truss pledged to reverse it in her Tory leadership campaign.
He said: “Taxing our way to prosperity has never worked.
“To raise living standards for all, we need to be unapologetic about growing our economy. Cutting tax is crucial to this.”
The National Insurance rise was initially put in place to help the NHS recover from the Covid pandemic.
Instead, that funding will come from general taxation, the Treasury said.
This comes after Prime Minister Liz Truss vowed to review all tax rates to help households and businesses through the cost of living crisis.
She insisted that adopting a ‘trickle down’ economic approach – a method that supposedly sees tax cuts for corporations and the wealthy eventually trickle down to everyone else – is the fastest means of growing the economy.