Ahead of the mini-budget on Friday the Chancellor Kwasi Kwarteng has announced Boris Johnson’s National Insurance hike will be reversed.
Kwarteng said that the 1.25 percentage point increase which Rishi Sunak imposed will now be cancelled from 6 November.
Kwarteng said, “Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy.
“Cutting tax is crucial to this – and whether businesses reinvest freed-up cash into new machinery, lower prices on shop floors or increased staff wages, the reversal of the levy will help them grow, whilst also allowing the British public to keep more of what they earn.”