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IEA - Hammond should scrap NI Contributions altogether
IEA reacts to Hammond's u-turn on National Insurance Contributions
Commenting on the Chancellor’s u-turn on higher National Insurance Contributions for the self-employed introduced in the Spring Budget last week, Julian Jessop, Chief Economist at the Institute of Economic Affairs, said:
“The Chancellor’s measure on National Insurance Contributions introduced last week was ill-thought through. The principle of aligning what the self-employed and employed pay is right, but cutting NICs for the latter rather than raising those for the former would have been a much better way of achieving this.
“Better still the Chancellor should have scrapped National Insurance Contributions altogether, including those paid by employers. They are a tax on jobs and wages and getting rid of the burden they place on working families would significantly help lower-income households.”
Notes to editors:
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The IEA published Budget recommendations earlier this week, which can be downloaded here.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties.
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