A tax that protects the assetocracy
What has been announced?
The government is introducing a new tax to fund more spending on the National Health Service (NHS) and social care. From April 2022, national insurance contributions (NICs) will go up by 1.25 percentage points both for workers and employers, taking the standard rate to 13.25% for employees and 15.05% for employers. Self-employed people will pay 10.25%, compared to 9% now (on Class 4). From April 2023, the NI increase will be replaced with a separate “health and social care levy” that has the same effect, but will also be paid by pensioners still in employment
