Chancellor Philip Hammond has increased National Insurance bills for self-employed people in his first Budget – leading to accusations he has broken a manifesto pledge not to raise taxes. There was also £2bn for social care services in England, and help for firms hit by business rate rises. On the economy he said growth was expected to be higher – and borrowing lower – than forecast in November. Labour leader Jeremy Corbyn said it was “a Budget of utter complacency”.
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In This Story: National Insurance
National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families.
Introduced by the National Insurance Act 1911 and expanded by in 1948, the system has been subjected to numerous amendments in succeeding years. Initially, it was a contributory form of insurance against illness and unemployment, as well as eventually provided retirement pensions and other benefits.
Weekly income and some lump-sum benefits are provided for participants upon death, retirement, unemployment, maternity and disability. In order to obtain the benefits which are related to the contributions, a National Insurance number is necessary.
