After 100 years, National Insurance may be changing it’s name. Over the last 100 years we have all been familiar with National Insurance, first introduced in 1913 as a way for employees to contribute and support different benefits, such as sick pay, maternity, state pensions and other benefits linked to social security. Currently anyone that earns between £149 and £797 a week is required to pay 12% of their wages to National Insurance, with an additional 2% paid on any higher pay brackets, bringing in the Treasury billions of pounds each year. However, Conservative MP Ben Gummer is proposing that National Insurance should be re-branded as “Earnings Tax” to represent the revision in which the funds are being used. Though this will not effect peoples allowance, it is a step forward towards the merging of Income Tax and National Insurance into one single charge. “What I propose is firstly a simple name change – which would cost nothing – and secondly, the merge of National Insurance funds into general government funds, which would save administration costs that would far more profitably be spent elsewhere.” – Ben Gummer MP Ben Gummer is due to present the 2nd reading of the proposal on the 20th June, where we will find out more details regarding the route of action. Click Here to View the Article