Planned 1.25 percentage point National Insurance increase to be reversed

HM Treasury announced Kwarteng's NI decision today (22 September) with less than 24 hours to go before the scheduled ‘Mini Budget' - the chancellor's first in the role he was appointed to earlier this month. "To raise living standards for all, we need to be unapologetic about growing our economy," he said. "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." The NI ris...