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Ex-Bank of England chief Mervyn King urges Rachel Reeves to raise national insurance in Budget

15 October 2024
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Ex-Bank of England chief Mervyn King urges Rachel Reeves to raise national insurance in Budget
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Former Bank of England governor Mervyn King has advised Rachel Reeves to raise national insurance in her upcoming Budget to address an estimated £25bn deficit in meeting Labour’s spending commitments, warning against higher borrowing. Lord King emphasized the importance of simplicity and transparency, urging against tax system changes and suggesting a review of existing schemes. However, the Tories and the IFS have criticized the potential national insurance hike as a breach of manifesto promises, with Paul Johnson highlighting the need for honesty in addressing the country’s finances.

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Tags: budgetChiefEnglandExBankInsuranceKingMervynNationalRachelRaiseReevesurges
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