The huge rise means businesses are shouldering a majority of the £40bn in tax rises announed by the Chancellor.
Chancellor Rachel Reeves will raise £25bn in higher national insurance contributions from a massive tax raid on employers. The rise is the biggest element of £40bn of tax rises announced in the first Labour Budget in fourteen years.
Employers’ NI will rise by 1.2% to 15% in April 2025 and the threshold for paying them will fall from £9,100 per year to £5,000. The move is likely to spark a huge backlash from employers who claim the rise will hit jobs and affect pay rises for existing staff. Reeves is the first female Chancellor and her tax and spending statement was the first Labour Budget since 2010. Many of the tax rises were leaked in advance Reeves earned a rebuke from the Speaker in the House of Commons for talking about the Budget in advance.For the latest news and breaking news visit dailyrecord.co.uk
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