Reeves targets £20bn employers' National Insurance hike

Chancellor reportedly set on all major Budget measures

Jen Frost
clock • 1 min read

Chancellor Rachel Reeves is expected to increase the National Insurance (NI) rate for employers in the upcoming Autumn Budget, according to reports.

Reeves is also expected to lower the threshold at which employers start paying the tax, the BBC reported. Combined, the two measures are reportedly expected to raise £20bn, the likely largest single revenue raiser to be announced on 30 October. Currently, employers pay NI of 13.8% on a worker's weekly earnings above £175. "There is a universal consensus that the NHS needs more money," a government source told the BBC. "That means asking businesses to help out. "The choice is investment versus decline." Funding from the NI change is understood to have been earmarked for the NH...

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Jen Frost
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Jen Frost

Editor at Professional Adviser

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