Rachel Reeves hints her Budget will hike National Insurance amid fears she could take £30BILLION from Brits
Daily MailRachel Reeves dropped a major hint that firms will be hit with a major tax increase in the Budget today. Keir Starmer was warned today that raiding employers' national insurance in the Budget would be a 'straighforward breach' of Labour 's manifesto The head of the IFS, Paul Johnson, said the Labour manifesto was 'clear' on NICs Ministers have been openly arguing that only NICs paid by workers are covered by the vow. In her speech this evening, Ms Reeves told guests the Government would 'create a tax system that supports wealth creation and increases business investment'. This was something neither Labour nor the Conservatives were keen to address during the election campaign, but Ms Pacitti said avoiding those cuts without increasing taxes would mean breaking the Government's promise to balance day-to-day spending with tax revenues. The Resolution Foundation has backed changes to capital gains tax, inheritance tax and employers' national insurance contributions as a way of raising that money, although the latter suggestion would be taken as a breach of Labour's manifesto commitment not to raise national insurance.