Overview

• Chancellor Jeremy Hunt admits the abolition of National Insurance contributions will not occur 'any time soon', citing the complexity and financial implications of the move.
• Institute for Fiscal Studies (IFS) Director Paul Johnson labels the plan as 'not worth the paper it's written on', highlighting the absence of a viable financial strategy.
• Labour criticizes the government for not providing details on how the plan would be funded, comparing it to Liz Truss's unfunded tax cuts that led to economic turmoil.
• Experts warn that merging National Insurance with income tax could adversely affect pensioners and increase the tax burden on workers.
• The government's ambition to scrap National Insurance faces challenges, including potential impacts on public services and the need for significant fiscal adjustments.