Lords debates national insurance hike: Funding for pharmacy to be confirmed soon

Members of the House of Lords debated the National Insurance Contributions (Secondary Class 1 Contributions) Bill on Monday (6 January) during its
second reading.

Lord Livermore, financial secretary to the Treasury, opened the debate, emphasising that the Bill was necessary to “repair the public finances, to protect
working people and to rebuild our public services.”

He highlighted the economic challenges faced by the government, including a £22 billion black hole in the public finances and several unfunded commitments
inherited from the previous administration.

Livermore stressed the government’s number one commitment is “economic and fiscal stability” and the measures in this Bill would ensure that “not a single
penny of day-to-day government spending will be funded by borrowing” within three years.