The Indian government says in a release:
“In an unprecedented achievement, India has secured an exemption for Indian workers who are temporarily in the UK and their employers from paying social security contributions in the UK for a period of three years under the Double Contribution Convention. This will make Indian service providers significantly more competitive in the UK.”
Early details appear to confirm that a new double contribution convention means Indian workers here temporarily won’t pay NICs for three years. That also applies to British workers in India. Quite the giveaway…
Voters may wish to compare this with Reeves’ NIC hike. Shadow business secretary Andrew Griffith attacks the move:
“Desperate for a positive headline, Keir Starmer has just signed a deal which exempts Indian workers transferred to the UK from paying National Insurance… after increasing it for British workers. Every time Keir Starmer negotiates, Britain loses.”
Details are still to come out in full. Could be a major row here…
UPDATE: Jenrick says: “Starmer has hiked National Insurance on Brits while giving an exemption to Indian migrants. British workers come last in Starmer’s Britain.”
UPDATE II: Kemi out against it too.
Former Treasury minister and adviser to Burnham in the Makerfield campaign Lord Jim O’Neill, who has turned down a role in his government, said Burnham’s first statement Commons was:
“The last thing investors wanted to hear… gilt yields have risen by a 0.25% in one day, which is a lot. We’ve not had that since Liz Truss days… If your country is under the focus of ‘can they come up with a sensible fiscal strategy’ on a day when the markets think ‘well no, you’re not showing any sign of it’ you’re going to have a tough day…if it stays like this your mortgage rate is going up.”