Home Business News Hammond refuses to back down on NI hike

Hammond refuses to back down on NI hike

by LLB Reporter
9th Mar 17 9:04 am

Fury grows over broken promises

The Chancellor, Philip Hammond has defended his National Insurance hike for the self-employed saying it is “right and fair.”  

Mr Hammond told Sky News “the move would make the system fairer by and denied it was an attack on self-employed workers.”

“It’s only right and fair we should take a small step to closing the gap between the treatment of employed and self-employed people,” he said.

High earning self-employed workers paying class 4 National Insurance contributions will rise to 10 percent in 2018 and then another rise of 1 percent in 2019. This 2 percent rise for 2.5m entrepreneurs will add up to £1,000 a year to tax bills.

This hike as angered many conservative MPs in a Budget backlash, as Mr Hammond has broken the 2015 election manifesto pledge to a “five-year tax lock” not to increase VAT, National Insurance and no income tax.

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