Philip Hammond announces full U-turn on National Insurance hike for self-employed workers.
Yesterday, Chancellor Philip Hammond announced a significant u-turn on the Government’s plan to hike National Insurance Contributions for the self-employed. A budget decision that was yet another blow to independent retailers up and down the country who own their own business.
Mr Hammond wrote a letter to his party’s MPs saying that following a backlash from the Conservative benches the measure would be reversed. bira welcomes this news as a small victory for its members who are already being hit hard by the business rate reform and the introduction of the National Living Wage.
Alan Hawkins, bira CEO said: “We had two main criticisms of the budget. The lack of significant short term rating moves to support our high streets and an unannounced hike in self-employed national insurance. The reversal of one is welcomed but it’s not going to repair the more significant business endangering rates fiasco. bira will not rest until this ubiquitous tax gets the radical review it needs. Many of our members can’t wait much longer.”