“FSB has been campaigning for a reversal of the damaging hike in National Insurance Contributions since they were first mooted, so it’s a real relief to see that the government has listened.
“Scrapping the hike will save businesses money every month at a time when purse strings are already tight and will remove a barrier to creating new jobs. Government figures highlight that 920,000 UK businesses will now save an average of almost £10,000 in the next year.
“Other common sense measures will help small businesses too – by keeping corporation tax rates at their current level more companies will have breathing space in the midst of this cost of doing business crisis.
“Repealing the 2017 and 2021 reforms to IR35 will let many small businesses and self-employed people breathe a sigh of relief as the burden of unnecessary rules and restrictions is lifted.
“Of course, many of the more eye-catching announcements – on everything from income tax to investment zones to planning reform – are either wholly devolved to Scotland or at least involve co-operation between our various governments. It will be interesting to see how the Scottish Government decides to proceed in light of these moves and, indeed, how it chooses to spend any consequentials.”
“Overall, we’ve been pleased to see a real recognition from the UK Government this week that tackling the cost of doing business crisis is an essential step in addressing the cost of living crisis that is plaguing households across the country.”
ENDS