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Chancellor announces u-turn on National Insurance

16 March 2017

After announcing the increases to National Insurance (NI) contributions last week, Chancellor Philip Hammond has reversed the decision following protests from MPs, industry bodies and the national media.

In his statement, Mr Hammond said there will now be no increases in NI contributions within the current Parliament.One of the reasons for many of the protests was that the NI increase contradicted the Conservative party's general election manifesto, which promised no rises in NI, income tax or VAT.In a letter to Tory MPs, Mr Hammond said the u-turn had been made "in light of what has emerged as a clear view among colleagues and a significant section of the public".He also stated that the abolition of Class 2 NI contributions will go ahead from April next year.The changes had been proposed to adjust the drop in government funding following the rise in the gig economy, much of which includes FM workers.Mr Hammond said the cost of the changes will be funded by "measures to be announced in the Autumn budget".


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