It is a curious thing to exclude a vast group of generally quite well-heeled voters from funding a policy innovation that they will benefit from more than any other group. One might almost call it blatant favouritism.
But Boris Johnson’s plan to pay for a big increase in resources going into social care long-term and the NHS short-term amounts to just that. By opting for a National Insurance increase to fund his proposals, the PM is ensuring that nobody over the state pension age of 66 will have to put their hands in their pockets. Neither will the extra financial burden fall on so-called ‘unearned’ income such as dividends on shares or interest on savings.
Instead, working people under 66 will suffer a direct hit to their pay packet. What’s more, the way NI is levied across income ranges will mean that the highest-paid lose out less than those on average salaries. Given that Johnson promised not to put up NI, this must be a political disaster, right?
Well, not necessarily.
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