Sky News published this video item, entitled “Will Conservatives reduce the tax burden further?” – below is their description.
As a National Insurance cut comes into effect in January, Sky’s Wilfred Frost sits down with the Chief Secretary to the Treasury, Laura Trott to discuss if further tax cuts could be on the horizon.
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About This Source - Sky News
Sky News is a British free-to-air television news channel and organisation. Sky News is distributed via a radio news service, and through online channels. It is owned by Sky Group, a division of Comcast. John Ryley is the head of Sky News, a role he has held since June 2006.
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.