Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department made of the comparative potential merits of (a) introducing the Health and Social Care Levy and (b) maintaining or increasing other taxes such as the corporation tax surcharge, for the purposes of raising funds for future social care spending.
Only a broad-based tax base like Income Tax, VAT or National Insurance contributions (NICs) could raise the sums needed for such a significant investment. A levy charged on the NICs base is the fairest way to raise the funds needed to support health and social care.
The highest earning 15 per cent will pay over half the revenues, and 6.1 million people earning less than £9,880 per annum will be kept out of paying the Levy altogether.
In addition, using NICs as the base ensures businesses will also pay the Levy. Businesses benefit from having a healthy workforce, so it is only fair that they contribute.