Sky News published this video item, entitled “Labour calls or an emergency budget over the cost-of-living crisis” – below is their description.
Shadow Treasury Minister Tulip Siddiq tells Sophy Ridge that Labour wants an emergency budget to deal with the cost-of-living crisis.
Ms Siddiq criticised the rise in the rate of National Insurance among other measures that will hit peoples pockets.
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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.