Launching their manifesto earlier today (11 June), prime minister Rishi Sunak said that the party would reduce national insurance paid by employees by a further 1p next April and then by another 2p by April 2027.
Additionally, the self-employed would no longer have to pay the main rate of national insurance.
Under a Conservative Government, National Insurance would eventually be abolished when ‘financial conditions allow’.
According to the IFS, the two percentage points off the main rate of National Insurance contributions for employees, would be worth approximately £450 a year to someone on average earnings of around £35,000.
However, they would also lose £150 from continued freezes to income tax and National insurance contributions (NICs) thresholds.
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