Sir Mel Stride

Sir Mel Stride

Conservative — Central Devon

Speaking in the House of Commons on 4 November 2024

Debate

Income Tax (Charge)

Contribution

My right hon. Friend is a sensible man to give way to, and I will do so in a moment. The Chief Secretary to the Treasury recently admitted on Sky that putting up national insurance for employers will directly impact working people—of course it will. The Office for Budget Responsibility lays out in black and white that the consequence will be over 50,000 fewer jobs, with about 70% of the cost of this increase in taxation ultimately being borne by those who work, through lower wages. Are these not working people? The Secretary of State mentioned her youth guarantee and the importance of youth. I simply observe that youth unemployment fell by over 40% under the previous Government, whereas it rose by over 40% under the last Labour Government. That is how successful the Labour party is. Of course, because both the rate and the threshold have been increased, the national insurance increase will disproportionately impact those on lower wages, including the youngest workers.

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