Wednesday, March 31, 2010

Darling admits NI hike will cost jobs

Whilst appearing in front of the Treasury Select Committee yesterday, Alastair Darling admitted that the 1p hike in National Insurance will cost jobs, an about face from his previous position on the subject.

His admission came after a Paxmanesque performance from the committee's deputy chairman Micahel Fallon, who asked eight times how many job losses it would cause. Finally a defeated Darling admitted "We think that the impact is manageable"

George Osborne, who announced Conservative Conservative plans to scrap the planned increase for 70% of people responded to the news by saying 

"Alistair Darling admitted his National Insurance tax rise would cost jobs.

"How many? There must be an internal Treasury estimate - so what is it? Either he knows and is not telling us, or he doesn't care."

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