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Wiltshire hit by £82million National Insurance bombshell as cost of living crisis bites

April 6, 2022 11:49 AM
By Lib Dems

A typical family in the county is set to pay an extra £260 in national insurance contributions (NICs) this year as the cost of living crunch hits harder.

Local businesses are also set to feel the squeeze with a £49m tax hit.

Lib Dems are demanding an emergency VAT cut to put money back in the pockets of families.

Families and businesses in Wiltshire are facing an £82million tax bombshell this year due to the Conservative hike to National Insurance, research by the Liberal Democrats has revealed.

NI payments went up this week (April 6) from 12.5% to 13.25%, after Boris Johnson's decision to hike the tax.

The latest figures from the Office for Budget Responsibility predict that the country is facing a £10.9 billion tax hit this year from the move, with around 40% of this being paid by workers and the rest by businesses.

It means families in Wiltshire are set to pay out an estimated £33million more in National Insurance contributions, or an average of £162.80 each, at a time when families are already facing soaring bills.

The Tory tax rise is also set to hit the high street hard, with a £49m tax raid on local businesses including shops, restaurants and cafes.

The Liberal Democrats have set out plans to "kill two birds with one stone," by slashing the top rate of VAT to 17.5% this year. The move would save families an average of £600 and give businesses a boost by encouraging spending and keeping prices low. The party has put the issue at the heart of their local elections campaign which launched this week.

Liberal Democrat statement:

"Families in our area are being crippled by the worst cost of living crisis in a generation, struggling to put food on the table and to afford sky-high energy bills.

"The last thing they need is an unfair tax raid. Yet the Conservatives are piling on the misery by breaking their promise not to hike up national insurance, in a move that will hit our community hard.

"The Liberal Democrats are fighting for a fair deal that would put money back into people's pockets through an emergency tax cut. Our plans would kill two birds with one stone, assisting those struggling to make ends meet while giving our local businesses the help they need."