The Queen's Speech: Payment increase

The Government will introduce a Bill to put into effect the increase in employees' National Insurance Contributions announced in the March Budget.

The rate of National Insurance Contributions paid on earnings between the lower limit of pounds 56 and upper limit of pounds 420 a week will be increased from 9 to 10 per cent in the Social Security (Contributions) Bill.

This will raise pounds 1.9bn in a full year and will help reduce the amount of tax revenue the Treasury has to spend topping up the national insurance fund.