UK lawmakers approve NICs hike for employers, set to start April 2025, amid economic impact concerns.

The UK House of Commons has approved a bill to increase employers' National Insurance Contributions (NICs) starting April 6, 2025, aiming to raise £25.7 billion annually. However, the Office for Budget Responsibility predicts actual revenue will be around £16.1 billion by 2029/30, as businesses may reduce wages, hours, and profits. Critics argue the tax hike will lead to lower wages, fewer jobs, and slower economic growth. The bill will face further scrutiny.

December 03, 2024
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