The Tories now have a clear message on personal taxation, ‘you’ll pay less under the Conservatives.’ Their announcement today that they will reverse, for seven in ten workers, Labour’s increase in the tax on jobs is welcome news. As I said in the Mail on Sunday, turning the spotlight on the National Insurance hike shows that Labour’s tax rises aren’t just going to hit people who earn more than £150,000 a year who are going to buy a house costing more than a million but anyone who earns more than £20,000 a year.
Some are questioning whether National Insurance is the most effective tax to cut since it is a hidden tax; most people have no idea how much NI they and their employers pay. But it is the right cut to offer because increasing the tax on jobs is the most economically destructive tax increase.
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