#AceNewsReport – Mar.15: After Hammond’s planned increases of national insurance in the recent budget caused so much furore amongst voters and his own party. So today he decides to reverse his decision … And keep to his and his parties election manifesto promises in 2015 adding no increases in national insurance contributions until 2020 … Question is how does he raise required funding NOW and who will be penalised ? We wait … Will update when known ..#AceNewsDesk reports …
Reuters reported earlier that UK’s Hammond scraps planned increase in national insurance after political outcry British finance minister Philip Hammond said on Wednesday he had scrapped a planned increase in an employment tax announced in last week’s budget, reacting to a heavy criticism by those who said the hike breached his party’s 2015 election manifesto.
The increase in national insurance contributions for some-self employed workers had been due to take effect from April next year.
“In light of what has emerged as a clear view among colleagues and a significant section of the public I have decided not to proceed with the Class 4 NIC measures set out in the budget,” Hammond said in a letter to Conservative lawmakers.
“It is very important to me and to the prime minister that we are compliant not just with the letter, but also the spirit, of the commitments that were made.”
Hammond also said there would be no increases to national insurance rates during the current parliament, which is due to run until 2020.
(Reporting by William James, Editing by Kylie MacLellan)
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