Reversal of the “fundamentally unfair” NI hike a welcome step
22 September 2022
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Monetary Policy
22 September 2022
Press Release
23 September 2022
Government and Institutions
Commenting on the reversal of the National Insurance rise from 6 November, Matthew Lesh, Head of Public Policy at free market think tank the Institute of Economic Affairs, said:
“The reversal of the NI increase is a welcome step in the direction of lower taxes and boosting growth.
“The NI increase cost the average taxpayer £270 per year while making it more expensive for businesses to hire and expand while raising relatively little money. It was also fundamentally unfair to tax younger workers to fund social care benefits for the older asset-rich.
“Tomorrow’s fiscal statement is a historic opportunity to set Britain on a more prosperous path.”
ENDS
Notes to editors
Contact: media@iea.org.uk / 07763 365520
IEA spokespeople are available for interview and further comment.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
“The reversal of the NI increase is a welcome step in the direction of lower taxes and boosting growth.
“The NI increase cost the average taxpayer £270 per year while making it more expensive for businesses to hire and expand while raising relatively little money. It was also fundamentally unfair to tax younger workers to fund social care benefits for the older asset-rich.
“Tomorrow’s fiscal statement is a historic opportunity to set Britain on a more prosperous path.”
ENDS
Notes to editors
Contact: media@iea.org.uk / 07763 365520
IEA spokespeople are available for interview and further comment.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
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