If National Insurance is scrapped, who wins and who loses?
This Is Why
Sky News
4.0 • 552 Ratings
🗓️ 7 March 2024
⏱️ 24 minutes
🧾️ Download transcript
Summary
As only those in work pay it, it's seen by many – including the Chancellor - as an unfair double tax on those in the workforce. But, completely abolishing it would cost the government £46bn.
Labour have criticised the plans, saying the move would cost more than the cuts unveiled in Liz Truss' chaotic mini-budget and the director of the Institute of Fiscal Studies called it unrealistic.
On this edition of the Sky News Daily, Niall Paterson is joined by Greg Thwaites from the Resolution Foundation and Linda Yueh, broadcaster and economist, to explore how realistic scrapping NI would be and why it's so tricky to simplify the tax system.
And, political editor Beth Rigby pops in to discuss how this idea is playing out politically.
Producer: Sydney Pead
Assistant producer: Iona Brunker
Interviews producer: Melissa Tutesigensi-Charles
Promotion Producer: David Chipakupaku
Editor: Wendy Parker
Transcript
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| 0:00.0 | The M&S Hot Cross Bun range features 12 different varieties. |
| 0:04.3 | So there's something for everyone. |
| 0:05.9 | The extremely cheesy bun is loaded with cheddar and red lester. |
| 0:09.9 | Savory, gorgeous. |
| 0:11.2 | The new tiramisu bun, infused with coffee and packed with chocolate chips. |
| 0:16.5 | Love all of that. |
| 0:17.4 | Or the red velvet filled bun, which you can eat straight out of the packet, |
| 0:21.4 | apparently that's right at my street. So, like I said, something for everyone, especially me. |
| 0:26.4 | This is not just food. This is M&S food. Selected stores. Pain in my hip. I keep feeling dizzy. |
| 0:35.0 | I'm getting migraines more often. |
| 0:39.6 | There's another way to contact your GP practice by simply sending your symptoms and requests |
| 0:45.2 | through their website or the NHS app. We're delivering an NHS fit for the future. |
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| 0:56.8 | Julia, how do you spell vertebrae? |
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| 1:02.5 | I'm Neil Patterson. |
| 1:07.5 | Welcome to the Sky News Daily, where it is the podcast after the budget day before. |
| 1:12.7 | Yesterday, the Chancellor delivered from the dispatch box a somewhat underwhelming set of measures. Certainly no rabbits were seen emerging from hats. Indeed, the central, most |
| 1:18.5 | eye-catching policy had been leaked to the press days before, that 2P cut in national insurance |
| 1:24.2 | that followed the two-point cut Jeremy Hunt announced last year. |
| 1:28.3 | Speaking on Sky earlier, he explained the doubling down. |
| 1:31.6 | I think that it is wrong that we tax work twice when we tax other forms of income only once, |
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