Jeremy Hunt admits his plan to finish nationwide insurance coverage ‘will not occur any time quickly’ | Politics Information

Jeremy Hunt has outlined his need to abolish “unfair” nationwide insurance coverage tax – however admitted it “will not occur any time quickly”.

The chancellor described nationwide insurance coverage as a “tax on work” and mentioned it he believed it was “unfair that we tax work twice” when different types of revenue are solely taxed as soon as.

Mr Hunt used his finances yesterday to scale back nationwide insurance coverage by 2p – slightly than slicing revenue tax as some Tory MPs had demanded.

He additionally indicated plans to fully scrap nationwide insurance coverage contributions – which introduced in round £177bn within the 2022-23 interval in tax – in a transfer Labour has branded “reckless”.

Talking to Sky Information from Liverpool this morning, Mr Hunt mentioned: “We mentioned we wish to finish that unfairness over time, it is one thing we’ll solely do when it is attainable to deliver down taxes with out growing borrowing whereas additionally prioritising public providers.

“If we’re going to succeed as a rustic, we have to make work pay.”

Requested how he would pay for it, Mr Hunt mentioned: “We aren’t saying that is going to occur any time quickly” and prompt that revenue tax and nationwide insurance coverage may be merged.