National Insurance hike could be reduced within weeks if Liz Truss becomes Prime Minister | Personal finance | Finance

She previously pledged to scrap the health and social care tax and is now seeking to eliminate the policy as soon as possible if elected. The leadership candidate has also decided to scrap the green tax on energy bills, to help Britons struggling with the soaring cost of living.

Writing for the Sunday Telegraph, she said: “We would put more money back in the pockets of workers without delay.

“It’s necessary, affordable and the right thing to do at a time when we’re facing the highest tax burden in 70 years.”

The levy increased contributions by 1.25% compared to April this year.

This applies to people paying premiums as a Class 1 Employer, Class 1 Employee, Class 1A, Class 1B and Class 4.

READ MORE: State pensioners set for ‘roller coaster ride’ as inflation soars

The increased threshold also means that around 2.2 million people will no longer pay Class 1 and Class 4 dues.

Some 70% of National Insurance taxpayers will pay less as a result of the change.

Ms Truss has also pledged to keep corporation tax at 19%, with the tax currently set at 25% from April next year.

Fellow countryman Rishi Sunak is proposing income tax cuts to improve the take-home pay of struggling Brits.

READ MORE: “Savers are only winners! Glimmer of hope as banks and building societies start raising rates

Workers will need to accumulate 35 years of contributions to get the full state pension of £185.15.

National insurance credits are available for people on low incomes or on benefits to cover a period when they are not contributing.

People on universal credit automatically get credits for their case, just like people on care allowance.

Britons can view their National Insurance record on the government website.

Individuals can also request a printed National Insurance Statement online or by telephone.

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