The Chancellor says the move is crucial to help grow the economy.
Chancellor Kwasi Kwarteng arrives at 10 Downing Street
Ahead of his mini-budget on Friday, Mr Kwarteng confirmed that he was cancelling the 1.25 percentage point increase imposed by Rishi Sunak when he was chancellor to pay for social care and dealing with the NHS backlog. “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.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Liz Truss vows to make ‘unpopular’ decisions to help boost Britain’s economyThe new PM has said she will be reversing the national insurance hike and axing the planned increase to corporation tax.
Read more »
PM warned tax cuts will mean 'unsustainable borrowing' of £100bn a year and threaten the poundLiz Truss is set to sign off a package of tax cuts designed to boost economic growth despite warnings it could drive up borrowing and push the pound lower. 🔴 HugoGye and jessiehewitson
Read more »
National Insurance contributions rise of 1.25% will be reversed from 6 November🔴 Breaking: National Insurance contributions rise of 1.25% will be reversed from 6 November
Read more »
National Insurance rise to be reversed in NovemberThe 1.25% rise will be reversed from 6 November and a tax rise to fund health and social care will be axed.
Read more »
Rise in National Insurance will be reversed within weeks, chancellor confirmsBREAKING: Rise in National Insurance will be reversed within weeks.
Read more »