Small Businesses: Employers' Contributions
(asked on 10th March 2025) - View Source
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of reports that 300,000 small businesses are planning job cuts in response to the planned rise in employer national insurance contributions.
This question was answered on 20th March 2025
An assessment of this policy has been published by HMRC in their Tax Information and Impact Note. The Office for Budget Responsibility’s October 2024 Economic and Fiscal Outlook set out the expected economic impacts of this change.
Once the impact of all Budget measures are taken into consideration, the OBR expect the employment level to increase from 33.1 million in 2024 to 34.3 million in 2029.