The planned rise in national insurance contributions will push inflation higher, MPs have warned Boris Johnson in a report.
Inflation hit 5.4 per cent in December, the highest rate in 30 years, and is expected to rise further by April, when the 1.25 per cent NI rise will come into effect.
Households are already under pressure as prices rise in shops and energy bills continue to go up, sparking fears of an impending cost-of-living crisis.
In its report on chancellor Rishi Sunak’s autumn budget, the Commons Treasury Committee said the NI rise will drive inflation up and cause prices to rise even higher.
The MPs also noted that the Bank of England has raised interest rates since the budget in October and is likely to raise them again, driving up mortgage costs for millions of homeowners.
Bu hikaye The Independent dergisinin January 27, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Independent dergisinin January 27, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
How Spacey's career came down like a house of cards
As anew documentary reveals more harrowing allegations against the star of American Beauty’, Nick Hilton tells the story of an actor whose own character remains an enigma
MOVERS AND SHAKERS
House prices are down and mortgage costs are up. So how long will buyers and sellers have to wait before the market begins to show signs of life? James Moore digs into the data
Wilson on top after black ball finish halts Jones surge
World Snooker Championship final to resume this afternoon
Norris wins maiden grand prix to end Verstappen run
The Briton, 24, dedicates victory in Miami to his grandma’
Chelsea crush West Ham on late surge for Europe
Chelsea kept up their electric goalscoring form at home and boosted their hopes of securing a Europa League spot with a 5-0 thrashing of West Ham.
Anfield thrills to one more Klopp rollercoaster ride
Eight and a half years after Jurgen Klopp’s reign began against Tottenham, five years after it peaked in a Champions League final against them, Spurs may prove a final example of what made it great and why Anfield will mourn the German.
I'd vote for getting rid of the virtue-signalling smug selfies
A picture can tell a thousand words – but it doesn’t always.
More people should settle their differences with poetry
There’s a lot of conflict in the world right now
'Stop and search' shows that we live in a two-tier society
A few years ago, I went to Westfield in Stratford, east London. I find going shopping a bore at the best of times, so the idea of a place where all the stores I might want to go to are under one roof – a shopping centre, if you will – sounded super convenient, if also my idea of a living hell.
Tory voters won't thank us if we replace the prime minister
The results of the local and police and crime commissioner elections in England were supposed to follow a clear narrative – that Labour was on course for a massive parliamentary majority in a general election, and that Rishi Sunak’s premiership would be on the rocks, with rebel factions waiting to displace him.