The government has reportedly reached an agreement to fund social care with a 1 per cent increase in National Insurance Contributions (NIC). The increase is expected to raise £10bn a year to fund social care, with both employers and employees seeing their tax burden increase.

Responding to the policy in City AM, IEA Editorial & Research Fellow, Prof. Len Shackleton, condemned the NIC increase, saying: “Hiking National Insurance will be yet another burden on working age people at a time when jobs are insecure, inflation is rising and wages are squeezed.”

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