Rishi Sunak has set out plans for a 2p national insurance cut in a multibillion-pound gamble to get the Tory general election campaign back on track. The Tories also promised to abolish the main rate of self-employed national insurance entirely by the end of the Parliament. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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NewsTranscript
00:00We are cutting taxes for workers, for parents and pensioners.
00:05And we are the party of Margaret Thatcher and Nigel Lawson,
00:08a party, unlike Labour, that believes in sound money.
00:12So today's plans, and you would expect nothing less from Jeremy and me,
00:17are fully funded.
00:19We will pay for permanent reductions in taxation
00:22by controlling the unsustainable rise in working-age welfare
00:26that has taken off since the pandemic.
00:29And as Conservatives, we believe that hard work shouldn't be taxed twice.
00:34That's unfair.
00:36That's why Jeremy has been cutting national insurance contributions
00:39that only workers are forced to pay.
00:42Our national insurance tax cuts are already worth £900 to the average worker.
00:47And we will keep cutting taxes in the coming years,
00:51meaning that by 2027, we will have halved national insurance to 6%.
00:57That is a tax cut, my friends, worth £1,300 to the average worker.
01:02APPLAUSE
01:05Now, I also want to say something about the self-employed,
01:09because they're the risk-takers,
01:11the people who graft hard to make a living, who get our economy growing.
01:15They embody the most conservative of values,
01:18the desire to build something, to create wealth and opportunity.
01:23But setting up on your own means you don't have the same security
01:27that those on payroll do.
01:29So it must be worth taking that risk.
01:33We need to make it worth taking that risk.
01:36And that means that their taxes must be cut.
01:40So, in the next Parliament,
01:43we will scrap entirely the main rate of self-employed national insurance.
01:49APPLAUSE