Financing the Spring Statment 2022 NIC Change

The cost, over 5 years, of the increasing the starting point for payment of employees NIC is £26.3bn per the government.

The same government document stated that the changes to the student loan repayments will generate an additional £35.2bn income for the government.

Interestingly this means that the tax relief given to voters today is being financed by an additional tax burden on a future generation.