NI rise to put levelling-up plans at risk
NATIONAL insurance hikes will destroy Boris Johnson’s plan to boost the North, Britain’s biggest business group says.
The Prime Minister’s tax raid is meant to plug a £10billion hole in NHS and social care budgets.
But analysis by the Federation of Small Businesses shows it will affect investment in the new Tory Red Wall area.
It says the 1.25% rise in NI payments – due to start a month today – will add more than £3,000 to the average employers’ annual tax bill.
FSB boss Mike Cherry said: “The Government’s levelling-up plans are now at serious risk.
“The chilling impact of national insurance hikes will hit pay in the regions needing most help.”