In a Treasury Committee meeting on Monday, the panel of experts unanimously agreed that the National Insurance contributions (NICs) increase was ‘badly targeted’ and that going forward a major reform of taxation in the UK was needed to be able to support individuals and businesses, particularly with the upcoming cost-of-living crisis.

The evidence session explored which tax cuts would best incentivise economic growth, support businesses, and reduce inequality, and featured Suren Thiru, chief economist of the British Chambers of Commerce (BCC), John O’Connell, chief executive of the Taxpayers' Alliance, and Alfie Stirling, director of research and chief economist of the New Economics Foundation.