The Chancellor, Philip Hammond delivered his first Budget to the House of Commons yesterday calling for a “stronger, fairer, more global Britain”. With the rise in National Insurance Contributions for the self-employed making headlines across Britain, Mr Hammond is facing a backlash over the announcement, with many claiming it clearly breaks the Tories 2015 manifesto pledge not to raise taxes.
In a sharp U-Turn to the hike in Class 4 National Insurance Contributions (“NICs”) announced only a week ago, The Chancellor announced today that there will be no increases to NIC in this Parliament.
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