Are We All Trussites Now?
LostPassword asks did Liz Truss end the Thatcherite consensus? One of the aspects of the Thatcherite consensus less often credited to the 1980s Prime Minister who looms large over British politics, was the practice of increasing the rate of Employee* National Insurance Contributions (NICs) and cutting the rate of Income Tax. In 1979, when Thatcher took office, the rate of NICs was 6.5% and the basic rate of Income Tax was 33%. When a tearful Margaret was ousted from Downing…