The chair of an influential group of cross-party MPs that scrutinise the government’s spending plans has joined the chorus of policy makers calling for the national insurance hike to be scrapped.
Tory MP Mel Stride, who chairs the Treasury Committee, urged the government to cancel the looming 1.25 percentage point national insurance rise to ease the cost of living burden weighing down British households.
“Every MP is concerned about what is going to be a very difficult year for the cost of living,” Stride said.
The rise is set to come into force in April, just when inflation is expected to possibly top seven per cent and Brits will be saddled with swelling energy bills.
In a report published yesterday examining the merits of Chancellor Rishi Sunak’s October budget, the Treasury Committee reiterated analysis from the Office for Budget Responsibility that suggests the national insurance hike will raise prices for goods and services.