Taxes risk jobs

Hiking jobs tax will hamper recovery, say small firms The Federation of Small Businesses (FSB) has warned that an increase in employer national insurance contributions (NICs) to pay for long-term reform to social care will halt the recovery of small firms before it’s even started. National Chair of the FSB Mike Cherry said: “After the huge amount of damage wrought to businesses over the last 16 months, the Government cannot be serious about a strong economic recovery if it thinks hiking the jobs tax is a good idea. It is astonishing that just 24 hours after many businesses were able to re-open, ministers think now is a good time to land small firms with this bombshell.” Meanwhile, Business Secretary Kwasi Kwarteng has questioned whether the Government should be raising NICs, telling Sky News that although huge amounts of money have been spent coping with the pandemic, a pledge not to raise income tax, national insurance or VAT during this parliament was a Conservative Party manifesto commitment.