Darren Jones comments on Rishi Sunak reiterating his £46bn unfunded pledge to abolish NICs

Darren Jones MP, Labour’s Shadow Chief Secretary to the Treasury, commenting on Rishi Sunak reiterating his £46 billion unfunded pledge to abolish national insurance contributions, said:

“Once again, Rishi Sunak is promising his £46 billion unfunded plan without a single word on how he will pay for it.

“Families across Britain know only too well the consequences of the Tories’ unfunded promises. The biggest threat to the economy and family finances is five more years of Conservative chaos.

“The Tories must come clean about how they will pay for their plan or whose taxes will have to go up.”

Ends

Notes:

• In his speech in Warwickshire today, Rishi Sunak said:
  “..we want to end the unfairness that you pay tax twice on income from work, but income from other sources is only taxed once. That's why our long-term ambition is to simplify the system and end the double tax on work by abolishing NICs.”

• Abolishing NICs would cost £46 billion. That is £1 billion more than the £45 billion of unfunded tax cuts in the disastrous Liz Truss mini-budget.