Rachel Reeves has hiked employers’ national insurance contributions (NICs) by 1.2 per cent, as she delivered the Labour government’s first Autumn Budget in office, which saw taxes rise by a record £40bn and government borrowing increase.
The Chancellor unveiled the rise – which is set to see the levy hit 15 per cent for firms and raise some £25bn in tax receipts over the forecast – as part of a package of fiscal measures aimed at setting out Labour’s agenda for power.
Reeves also said she was reducing the secondary threshold – the “level at which employers start paying national insurance on each employee’s salary” – from £9,100 a year to £5,000, and increasing the employment allowance from £5,000 to £10,500 in a boost for SMEs.
It came amid a Budget which hiked taxes by the biggest ever amount in cash terms, with Reeves blaming her economic inheritance from the Conservatives, arguing: “Together, the black hole in our public finances this year, which recurs every year, the compensation payments which they did not fund, and their failure to assess the scale of the challenges facing our public services means this budget raises taxes by £40bn.
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Produced by: Charlie Conchie, Larissa Howie, Emmanuel Nwosu, Joseph Curay Teneda, Jessica Frank-Keyes
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