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Employers' national insurance rise is bigger than predicted as chancellor seeks to raise £40bn in taxes

Sky News Wednesday, 30 October 2024 ()
The budget will increase taxes by £40bn, with the lion's share coming from a £25bn rise in employers' national insurance contributions, the chancellor has announced at the budget.
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Video Credit: ODN - Published
News video: Reeves announces 15% National Insurance hike for employers

Reeves announces 15% National Insurance hike for employers 01:58

Chancellor Rachel Reeves announced a 1.2 percentage point rise in employers’ national insurance contributions to 15%, effective from April 2025. Calling it “the right choice,” she said that there is a need for “difficult decisions” to fund public services and stabilise the economy. Report...

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