Labour has called on the Government to cancel its planned rise in National Insurance Contributions that will cost families an average of £500 per year from April 2022.
As well as energy bills going up, there is still going to be a devastating set of tax hikes coming in April.
According to the Resolution Foundation, “The average combined impact of the freeze to income tax thresholds and the 1.25 per cent increase in personal National Insurance contributions is £600 per household.”
Combined with the £444 increase in energy bills expected next financial year for a household that gets the Chancellor’s loan and council tax scheme, that means most households will still be more than £1,000 worse off in 2022/23.
That’s why Labour have long called for the National Insurance rise to be halted, so it doesn’t make the cost of living crisis worse.
Labour has also set out a plan to cut £600 off home energy bills, funded by a one-off windfall tax on oil and gas producers.
As this tax hike hits home, remember it started not on your street, but on Downing Street.
Jim McMahon OBE MP 