Osborne to support National Insurance rethink
National Insurance could be renamed earnings tax in an early step towards merging it with income tax, according to reports.
The Sunday Telegraph reported that the change, to be proposed in legislation published on Tuesday, has the support of Chancellor George Osborne.
The paper said Conservative MP Ben Gummer will propose the change tomorrow in a move which he hopes will pave the way for national insurance and income tax to be merged in an effort to simplify the tax system.
He told the paper: ‘The most important part is changing the name so in the public mind we can begin the two as the same, which they are. This is a first step.’
The Telegraph said the plans had Treasury backing and that Osborne was ‘attracted to the idea’.