Lloyd George explains National Insurance, 1912

In this speech Lloyd George, as Chancellor of the Exchequer, answers criticisms of the National Insurance Act. The national insurance fund was made up of contributions from the worker, the employer and the state. There was initial opposition from insurance companies, who thought the government would put them out of business; from Conservatives, who worried about the cost to the taxpayer; and from workers, who were not used to having the Treasury take money directly from their wages.
HLRO LG/C/35/2/1 (2 February 1912)

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