Chancellor facing backlash from businesses over plans to hike National Insurance contributions from April
Rishi Sunak is facing a backlash from businesses over his plans to hike National Insurance contributions from April.
Pressure has grown to ‘spike the hike’ ahead of the Spring Statement.
Spike the hike: Rishi Sunak has shown no sign of backing down over the National Insurance tax grab, set to raise £12billion
But Sunak has shown no sign of backing down over the tax grab, set to raise £12billion.
Almost nine in 10 firms, at 89 per cent, do not want the hike to go ahead next month, according to recruitment firm Randstad.
Three in 10 would support the rise if it was delayed until next year. Randstad found that the increased levy – paid by employees and employers – would likely hit the economy by causing more retirements and discouraging businesses from hiring.
Victoria Short, Randstad’s chief executive, said: ‘This is one of the biggest personal tax increases in modern times. But millions will also be hit as bosses pass on their own higher national insurance contributions [through increased prices].’