1979-1987 : Mr Major’s Written Parliamentary Answer on National Insurance Contributions
Below is the text of Mr Major's written Parliamentary Answer on National Insurance Contributions on 25th March 1986.
Mr. Austin Mitchell Asked the Secretary of State for Social Services what would be the estimated cost to the Exchequer in 1986-87 of a reduction in national insurance contributions for employees of 1 per cent. of relevant earnings.
Mr. Major On the basis of the assumptions set out in his report on the draft of the Social Security (Contributions, Re-rating) Order 1985, the Government Actuary estimates that a reduction of 1 per cent. in the primary contribution rates would produce a loss of revenue amounting to £1,290 million in 1986-87.