Tories pledge further 2p NI cut ahead of manifesto launch

The Conservatives are launching their election manifesto later, with a promise to cut a further 2p from National Insurance if re-elected.

Prime Minister Rishi Sunak claimed the Tories were the party of “sound money”, and that another Tory government would help working people “keep more of the money you earn”.

He said Labour would instead do “what socialists always do – take more of your money”.

Labour have described the Tories’ ideas as “the most expensive panic attack in history”.

The Conservatives are the second major party to launch their manifesto – which outlines what a party plans to do if it wins power – after the Liberal Democrats on Monday.

Later this week will also see manifesto launches from the Green Party and Labour.

The Tories have not given the full contents of the manifesto – but Mr Sunak told the BBC yesterday it will include tax cuts, and his policies will be “fully funded and costed”.

“We’re going to keep cutting people’s taxes,” Mr Sunak told the BBC’s Nick Robinson.

NI is an earnings tax paid by both employee and the company they work for, and the profits of self-employed workers.

It is understood another 2p cut in the rate for employees will be in the manifesto – as well as the bigger aim to scrap the tax entirely when it is “financially responsible” to do so.

The government already cut NI for employees twice in 2024, taking it first from 12% to 10%, and then 10% to 8%. This would be the third rate cut overseen by Mr Sunak, reducing the employee rate to 6p.