Rishi Sunak has confirmed that the Conservative Party has pledged to slash National Insurance by 2p as he launched the Tory manifesto for General Election 2024 at Silverstone.
The Prime Minister said in announcing the policy: “We will enable working people to keep more of the money you earn.”
Mr Sunak also said his party would scrap entirely the main rate of National Insurance for self-employed people in the next Parliament.
The Conservatives previously reduced National Insurance by 2p on two occassions, reducing taxes by £900 a year for the average worker.
Mr Sunak said that if re-elected they will keep cutting National Insurance, and by 2027 it will have halved to six percent, saving workers a total of £1,300 a year.
The Tories have also restated their “long term plans” to scrap National Insurance entirely, raising the question of how the state pension will be funded in future.
The manifesto states: ” If you vote to stick with the plan, Rishi Sunak and the Conservatives have set out our long-term ambition to abolish National Insurance entirely.
“So we’ll end the unfair double tax on work and support the workers who keep our economy going.”
A costings document in the manifesto pledges to reduce taxes by £6.2billion in the 2025 to 2026 tax year with £17.2billion in tax cuts growing to £17.2billion in the 2029 to 2030 tax year.
The Conservatives are also planning to scrap stamp duty on homes up to £425,000 for first-time buyers.
In a boost for pensioners, the manifesto includes plans for a ‘triple lock plus’, with the personal allowance for pensioners increasing in line with the triple lock.
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