Budget Resolutions and Economic Situation

Part of Amendment of the Law – in the House of Commons at 5:34 pm on 26 March 2007.

Alert me about debates like this

Photo of Rob Marris Rob Marris Labour, Wolverhampton South West 5:34, 26 March 2007

I suggest to my right hon. Friend that it would not be a good idea to raid the national insurance fund, which is to pay for unemployment benefits, the NHS and disability benefits for those injured at work. A much better source of funding would be tax relief on pension contributions, which amounts to about £18 billion a year and which is extremely regressive—half of the relief goes to the top 25 per cent. of earners, and some 10 per cent. goes to the top 2.5 per cent. I cannot recall the exact figures, but that relief is incredibly regressive, and it consists of £18 billion in forgone tax revenue.