New update on future of State Pension pay and retirement age under plans to end NI deductions
dailyrecord.co.ukThe Chancellor of the Exchequer Jeremy Hunt has said that he can “rule out” raising the State Pension age to fund the UK Government’s plan to abolish National Insurance (NI) contributions, but added that the policy will take “a number of Parliaments” to achieve.
His comments came just hours after Prime Minister Rishi Sunak assured MPs that State Pension payments would not be cut to fund his ambition to scrap NI contributions.
The NI contribution rate was cut from 12 per cent to 10 per cent in January and a further drop to 8 per cent was introduced on April 6, providing a significant income boost for an estimated 27 million workers across Great Britain.
Speaking on Tonight with Andrew Marr on LBC on Wednesday, Mr Hunt also said that there is no timescale for the proposal as the UK Government does not know when it “will be able to afford it” adding, “I think it's something that will take a number of Parliaments to achieve but it does identify the real divide in British politics."The Chancellor said: “‘It is something that we want to do, but we're not fixing a timescale on it because we don't know when we'll be able to afford it.
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