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Beth Rigby at Sky News tweets: "Understand there will be a vote in the Commons tomorrow on the NI rise. PM clearly keen to push thru quickly and avoid a space for growing and vocal opposition to his plan to build"

  • Earlier PM Boris Johnson confirmed action to increase National Insurance to pay for NHS and elderly social care, tweeting: "Today I will set out my plan to ensure the NHS has the long term funding it needs so that we can help our NHS as it helped us...the inevitable result of [the pandemic] is that COVID has caused mounting backlogs and the number of patients needing care is at a record high. So I will set out how we will support the NHS in the biggest catch-up programme in its history. I will also set out a plan for social care to ensure that older people get the best possible care, without the fear or anxiety of catastrophic social care costs."
  • The Sun is also reporting the gov't is set to raise tax hikes on shareholder profits, stating that, "Boris Johnson will today unveil a massive raid on shareholder profits to raise billions for the NHS and Social Care...Cabinet sources say people who play the stocks and shares will still be allowed a personal allowance before the the new tax hike kicks in, with only the most profitable market speculators affected."
  • The scale of potential rebellion on the Conservative benches not yet known. Has been some vocal opposition to the manifesto pledge-breaking hike, but remains to be seen whether this translates into Conservative MPs voting against the increase.
  • Link to PM's statement to Commons at around 1230BST: https://www.youtube.com/watch?v=afKog8yTRPM
MNI London Bureau | +44 203-865-0981 | tom.lake@marketnews.com

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