Today, I condemned the fast unravelling budget that has only lasted 7 days. Last week the Chancellor of the Exchequer delivered his budget which contained a policy to raise National Insurance Contributions (NICs) for the self-employed. Today, the Chancellor announced that they would be scrapping this policy, I welcome this U-turn.
The NICs increase proposed would have seen them increase by 2% over this Parliament. The policy was set to see a self-employed person earning £20,000 a year lose £239 in take home pay. Today, the Chancellor performed a dramatic U-turn and scrapped the policy.
Up to 200,000 self-employed workers in Wales faced the prospect of the 2% rise in their NICs and that figure stood at 7% of the workforce in Delyn. Read more “Government U-turn on Budget”