In a dramatic intervention, former Bank of England governor Mervyn King has urged Chancellor Rachel Reeves to raise national insurance in her upcoming Budget due to a £25bn financial black hole.
King's open letter emphasizes the need for candor with the public, advising Reeves to keep it simple and resist the temptation to manipulate the tax system.
The IFS has raised concerns that any increase in national insurance could represent a breach of the manifesto promise made by the Tories during elections.
Chancellor Rachel Reeves is tasked with addressing significant spending commitments while navigating the implications of her Budget on the public's trust and the government's future.
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