What steps she is taking to provide support to small businesses to offset increases to employer National Insurance contributions.
The Government has taken difficult but necessary decisions to deliver long-term growth. Fixing the public finances is critical to creating long-term stability in which businesses can invest and thrive. The Government decided to protect the smallest businesses from the changes to employer National Insurance Contributions (NICs) by increasing the Employment Allowance from £5,000 to £10,500. This means that next year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change. It means employers will be able to employ up to four full-time workers on the National Living Wage without paying employer NICs.