Pat McFadden MP, Labour’s Shadow Chief Secretary to the Treasury, responding to calls from Conservative MPs and business to the government to think again on the National Insurance rise as the cost of living crisis bites, said:
“With inflation at its highest level in three decades, the cost of living crisis is only going to get worse in the coming months.
“The Prime Minister and Chancellor are whacking up business and working people’s taxes at the worst possible time. With even their own Conservative MPs outraged, they should think again before the National Insurance rise hits hard in April.
“People are already feeling the crunch from cost of living, but the triple whammy of an imminent rise in the energy price cap, real wages falling and Tory tax rises coming down the tracks are going to make this crisis even worse.
“Unlike the Conservatives, Labour would give families security with fully-funded measures now to keep energy bills low, paid for by a windfall tax on North Sea Oil and gas producer profits.
“Our plan would save most households £200 off their bills – including a VAT cut on home energy bills – with targeted extra help of up to £400 on top of that to the squeezed middle, pensioners and the lowest earners.”