Wes Streeting calls for NI tax cuts for businesses to ‘incentivise’ hiring
Summary
Wes Streeting has suggested cutting national insurance taxes for businesses to encourage them to hire more young workers. He also supports drilling for oil and gas in the North Sea to increase government income, despite concerns about climate goals.Key Facts
- Streeting wants a targeted reduction in employers’ national insurance contributions to encourage hiring, especially of young people.
- Employers’ national insurance rates increased from 13.8% to 15% in 2024, and the threshold was lowered from £9,100 to £5,000.
- The increase aims to raise £25 billion a year but may discourage hiring of lower-paid and part-time workers.
- Work and Pensions Secretary Pat McFadden said businesses don’t pay national insurance for workers under 21 and warned that tax cuts have costs.
- NHS waiting times have fallen, which McFadden linked partly to the increased tax revenue.
- Labour is debating whether to allow drilling at the Rosebank and Jackdaw oil and gas fields, which have existing licenses but need government consent to start drilling.
- Energy Secretary Ed Miliband will decide soon if drilling fits with the UK’s climate commitments.
- Streeting thinks the government will approve drilling since it will boost tax income, though it may not lower energy bills.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.