why do we pay national insurance in the uk
National Insurance In the United Kingdom, National Insurance (NI) is a system of taxes paid by workers and employers, used primarily to fund state benefits. It was initially a contributory system of insurance against illness and unemployment, and later also provided retirement pensions and other benefits.[1] It was first introduced by the National Insurance Act 1911 and expanded by the Labour government in 1948, and has been subject to numerous amendments in subsequent years.
List of former European colonies Britain and United Kingdom
National Insurance number People born and resident in the UK are assigned a Child Reference Number shortly after birth when a claim is made for Child Benefit.[3] At age 15 years 9 months HM Revenue and Customs (HMRC) notifies each child of their NI number.[4]
Insurance Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Bank of England In 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor[5] on behalf of the government, with independence in setting monetary policy.[6][7][8][9]
Economic nationalism While the coining of the term "