Asked by: Stephen Doughty (Labour (Co-op) - Cardiff South and Penarth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much of the national insurance surplus has been spent on reducing national debt in each year since 2015.
Answered by Mel Stride - Secretary of State for Work and Pensions
The National Insurance Fund (NIF) is financed on a pay-as-you-go basis with receipts collected in one year used to pay for contributory benefits paid out in the same year. Surplus funds are transferred to the NIF Investment Account. The NIF Accounts present the receipts, payments and balance of the NIF at the end of each financial year. The accounts are available here: https://www.gov.uk/government/publications/national-insurance-fund-accounts