Class 4 National Insurance Contributions
Debate between Lord Hammond of Runnymede and Paula Sherriff(7 years, 9 months ago)
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Mr Hammond
There is a soft hypothecation around national insurance contributions: 20% of the fund goes to the national health service. They fund the state pension to which self-employed people now have full access for the first time—an extraordinary enhancement in the entitlement. I am told that, for a 45-year-old man, the enhanced pension in retirement, £1,800 or more a year, would cost about £50,000 as a capital sum to purchase an annuity in the marketplace. That is an extraordinary expansion of the entitlement offered to the self-employed.
Paula Sherriff (Dewsbury) (Lab)
Well, well. They do say a week is a long time in politics and I am sure the Chancellor would agree with me on this occasion. Now, £2 billion would account for over 10,000 police officers, 10,000 teachers, 12,000 nurses and 5,000 doctors. Will the Chancellor guarantee that none of those posts will be cut as a result of his Government’s gross incompetence?
Mr Hammond
The hon. Lady might also have remarked that £2 billion was the amount we put into social care funding in the Budget last week, alongside additional capital for the NHS, investment in schools and investment in skills. [Interruption.] Not enough, she says. I understand why she says that, because the shadow Chancellor tells her, “You can borrow for everything you want to do. Don’t worry, the kids will pick up the tab.”
Oral Answers to Questions
Debate between Lord Hammond of Runnymede and Paula Sherriff(9 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
Yes, absolutely. In fact, labour market policy is by and large a matter for national Governments, but across the EU there is a clear gap in performance between those who have taken difficult steps to achieve radical labour market reform and those who have not.
Paula Sherriff (Dewsbury) (Lab)
T9. Will the Minister advise what discussions he has had with the Indian and Pakistani Governments towards realising the aspirations of the Kashmiri people for a plebiscite on self-determination?