NICs hike is ‘small fry’ compared to tax rises to come The Resolution Foundation has warned that the increase in NICs is small beer compared with the tax hikes that will be required to fund the Government’s Net Zero plans, swelling pensions bills and the NHS. The Treasury will have to levy heavier taxes on growing levels of household wealth to cover the bills, the think tank said. By 2030, the annual costs of pensions and healthcare will come in at £76bn, while going green will add £14bn to this. Elsewhere, the Institute for Fiscal Studies has said the UK must choose between higher taxes for the next 20 years or stripping back the welfare state as it faces a spending black hole of £60bn each year.