Streeting suggests NI cut and North Sea drilling
Summary
Wes Streeting, former UK Health Secretary, suggested reducing employers' National Insurance (NI) to encourage hiring young people and supports some new North Sea oil and gas drilling to increase tax revenue. He spoke about these ideas while differentiating himself from the current Labour government led by Sir Keir Starmer.Key Facts
- Streeting proposes a targeted cut to employers' National Insurance to help young people find jobs.
- Employers' NI was increased by Labour in 2024 from 13.8% to 15%, aiming to raise £25 billion annually.
- Labour argues many young workers are already exempt from employer NI payments if under 21 and earning less than £50,000.
- The government is introducing "youth job grants," giving employers £3,000 per young hire who has been on benefits and looking for work 6+ months.
- The review by Alan Milburn found that higher NI and minimum wage may affect hiring but with no simple clear impact on youth employment.
- Streeting supports some new North Sea oil and gas drilling, a stance differing from Labour’s official position of no new exploration licenses.
- Energy Secretary Ed Miliband may allow drilling in existing North Sea fields with previously submitted applications.
- Streeting aims to separate his views from Sir Keir Starmer as he plans to challenge him for Labour leadership.
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