Rachel Reeves' planned £25billion National Insurance raid on employers will lead to a jobs slump and lower wage growth as bosses find ways of paying the extra tax.
However, NI will not be hiked for employees after Reeves vowed not to target 'working people' - instead targeting businesses in order to raise revenues. The threshold at which businesses start paying NI contributions has been slashed from £9,100 to £5,000 - and the rate has been hiked 1.2 per cent to 15 per cent
'Employers will need to shoulder the cost and there is a very real worry that it will ultimately hit workers through lower wage growth or less hiring.'Read MoreBREAKING NEWS How much more will YOU pay after today's budget? The winners and losers, from low paid workers, to pensioners, savers and first time buyers 'This means 865,000 employers won't pay any national insurance at all next year, and over one million will pay the same or less as they did previously.
Ms Reeves said the raid on businesses was 'a difficult choice' that she did not take 'lightly' - but stressed it was 'the right choice to make'. For workers, the Chancellor said she would end the freeze on income tax and National Insurance thresholds when the Tory freeze lifts in 2028/29 - a move that will benefit the lower-paid but will see higher earners pay more tax.
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