UK Conservatives promise new cut to social security levy in election pledge

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SILVERSTONE, England (Reuters) – Britain’s governing Conservatives promised voters on Tuesday that they would cut social security contributions again if they win next month’s national election and said they would also not raise income tax or value added tax.

In a manifesto, outlining its policy plans ahead of the July 4 election, the Conservative Party said it would lower the rate of National Insurance contributions by employees by two percentage points by April 2027 and abolish the main rate paid self-employed people by end of the next parliament.

“We will also not raise the rate of income tax or VAT,” the manifesto said.

Prime Minister Rishi Sunak and finance minister Jeremy Hunt have already cut NICs on two occasions since November as they seek to reverse some of the sharp rise in Britain’s tax burden.

But the Conservatives remain far behind the opposition Labour Party in the opinion polls.