In a little over 7 weeks, the Marxist UK Labour government will inflict a massive and fundamental tort on the country
UK National Insurance is about to increase from 13.8% to 15%, and the threshold at which the new 15% rate kicks in has been reduced from £9,100 to £5,000.
Using Brave AI, here are more details:
The impact will be that the cost of employment will be applied to 33.8 million UK workers.
The average wage for UK workers is around £36,000 a year for a total country a wage bill of a little over £1.2 trillion pounds,
The National Insurance employment tax bill will increase from around £125.5 billion pounds to around £146.7 billion - an increase of £21.2 billion pounds = 17%.
Here is what National Insurance is supposed to cover:
“National Insurance in the UK is a tax system that funds government benefits programs such as the state pension, unemployment benefits, and other social programs.”
The proceeds from National Insurance (NI) have been mazed with overall taxation and spent. NI contributions are not segregated and collected in e “pot” for pensions, another allocated directly to unemployment every year and so on.
In other words, NI has become a general tax not a specific tax to meet a purpose,
Here is a definition of “tort”:
“A tort is a civil wrong that occurs when someone unfairly causes another person to suffer loss or harm, and it is not related to contractual disputes.”
On the face of it, a 17% increase in NI is not being met with an increase in pensions, unemployment or other benefits,
“In the United Kingdom, corporation tax receipts for the fiscal year 2023/24 amounted to approximately £83,903 million, including £2,992 million from offshore sources and £1,449 million from a bank surcharge.”
The upcoming increase in NI will increase UK corporate taxes by 25%. Companies will ether slash labour or increase prices or a mixture of both to compensate, This will include energy companies, so another 5% increase in energy prices is on the way - making ALL UK companies even less competitive and further impoverishing everyone I the country at the same time..
The increase in NI will impact every local authority in the country, who will raise rates by the maximum 5% permitted to compensate,
Unless pensions and unemployment/disability benefit payments are increased by the same amount as the 17% increase in employers Ni a fundamental tort against the entirety of the UK is about to be committed.
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Onwards!!!
War in Ukraine...got to make the ends meet.
They are Fascist totalitarians, not a Socialist bone in their bodies.