National Insurance: What is it, what does it fund and what happens if it’s scrapped? from form Watch Video

⏲ Duration: 1:0
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✓ Published: 07-Mar-2024

Description:
In his Spring budget, Chancellor Jeremy Hunt confirmed a 2p cut to workers’ National Insurance. This indicates the government’s eventual ambition to scrap the tax entirely.<br/>Well, National Insurance acts as a form of social security, and is defined by the Oxford Dictionary as being the system of compulsory payments to provide state assistance to people who are unemployed, poorly or retired.