By Anna Ellis • 22 September 2022 • 17:29
National Insurance increase reversed. Image: Claudio Divizia/Shutterstock.com
Delivering on the Prime Minister’s pledge to slash taxes to help drive growth, scrapping the rise will reduce tax for 920,000 businesses by nearly £10,000 (€11,500) on average next year as they will no longer pay a higher level of employer National Insurance.
The government will also cancel the planned Health and Social Care Levy, a separate tax which was coming into force in April 2023 to replace this year’s National Insurance rise, according to the UK government.
Chancellor of the Exchequer, Kwasi Kwarteng, said: “Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy.”
“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.”
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Originally from the UK, Anna is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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