National insurance is going up by 1.25 percentage points, at a time when the cost of living is rising.
Across the whole economy, this amounts to an £11bn tax increase for the government.
In fact, the impact of the higher threshold will actually take around two million lower earners out of the direct tax altogether.The aim of the national insurance tax rise was to help fund the health and social care levy, providing more money for a strapped NHS.The reason for that is wage inflation. It partly explains why the government has decided not to alter the NHS's cash budget. However, it must be noted that the NHS is also affected by wage and energy inflation so in real terms it will have less.
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