The money expert asked where cash for one key announcement will come from.
Martin Lewis has reacted to the Labour budget, asking where cash for one key announcement will come from. Following the Chancellor's announcement this afternoon, the money saving expert drew on the massive national insurance changes for employers - which will see larger businesses contribute 15 percent from April 2025.
He said: "The change of threshold so employers now start paying National Insurance at £5,000 not £9,100 is big. For the employers who pay it, at the new 15% rate that alone's £615 increased cost per most employees per year. The question is where will that money come from, profits, increasing charges or reducing salaries/benefits?"
As reported in the Mirror, he had previously expressed some trepidation over the government announcement before it was made, saying it was vital that Ms Reeves offer something for Britons following the decision to axe the winter fuel payment. With the lives of the country's poorest hanging in the balance, he suggested the budget was "one of the tightest" he had seen "in a long time".
Mr Lewis said: “We are looking at perhaps one of the tightest budgets we have seen in a long time, but none of the things I am suggesting are pipe dreams. They are realistic asks and many do not require much expenditure. A large number of things within the consumer finance world are simply poorly designed. We need a fair system that works well.”
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