Rachel Reeves says Nigel Lawson was right on National Insurance

The shadow chancellor said abolishing National Insurance was a "tax bombshell aimed at British pensioners".

Rachel Reeves recalled a 40-year old warning from the late former Conservative chancellor Nigel Lawson, later Lord Lawson, not to abolish the tax as the policy had “little practical merit” and would “create many losers”.

Speaking in a speech in the City of London, Ms Reeves said abolishing NI would mean income tax going up by eight percentage points.

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