Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Starmer hints at employer national insurance rise but pledges to keep tax promises for workers

by October 15, 2024
October 15, 2024
Starmer hints at employer national insurance rise but pledges to keep tax promises for workers

Sir Keir Starmer has left the door open for an increase in employers’ national insurance contributions, despite Labour’s election pledge not to raise taxes on working people.

The prime minister confirmed that “tough” decisions would need to be made in the upcoming budget, but stressed Labour’s commitment to its manifesto promises.

During the election campaign, Labour vowed not to increase national insurance. However, while Starmer and Chancellor Rachel Reeves have reiterated that this pledge covers taxes on workers, they have stopped short of ruling out an increase in the portion paid by employers.

Reeves warned businesses that taxes would need to rise to ensure economic and fiscal stability. She argued that businesses are more concerned about political stability than tax levels, and promised a “business tax roadmap” to provide certainty for investors in the years ahead.

She said that employers’ contributions were “not in the manifesto”, arguing: “We were really clear in our manifesto that we weren’t going to increase the key taxes paid by working people.”

Labour’s manifesto stated: “Labour will not increase taxes on working people, which is why we will not ­increase national insurance, the basic, higher, or additional rates of income tax, or VAT.”

Laura Trott, the shadow chief secretary to the Treasury, said: “Regardless of what they say, it’s obvious to all that hiking employer national insurance is a clear breach of Labour’s manifesto.”

However, Labour sources pointed out that Trott had criticised Reeves during the campaign for “conspicu­ously” refusing to rule out increasing employer contributions.

The potential rise in employer national insurance contributions has drawn criticism from some business leaders, who argue that taxing employers risks stifling jobs and enterprise. The Federation of Small Businesses cautioned that such a move could place undue pressure on small employers.

Read more:
Starmer hints at employer national insurance rise but pledges to keep tax promises for workers

0
FacebookTwitterGoogle +Pinterest
previous post
Harris’ off-putting manner put Zelenskyy on defensive ahead of Russian invasion, new book reveals
next post
The Future Of Recruitment: A Guide To Stay Ahead In A Changing Landscape

You may also like

‘Dragons’ Den’ Star Acknowledges Struggles as £37m Arts...

April 14, 2024

Payments Start-Up Attracts Industry Heavyweights in $550k Funding...

May 15, 2023

Apple Hit with €1.8bn Fine for Violating Music...

March 5, 2024

AI to boost UK economy by £400bn says...

July 5, 2023

Government announces £1bn investment into UK microchip industry

May 19, 2023

Pub closures rise sharply highlighting planned business rate...

September 18, 2023

The EU’s Rushed Rollback of Green Farming Rules:...

April 26, 2024

SMEs are at risk of losing a David...

March 30, 2023

5  lifestyle changes made by Varun Venaik to...

January 11, 2023

Give yourself a break: You deserve it

December 17, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rescissions: A Small but Welcome Step Toward Spending Discipline

      June 5, 2025
    • DAVID MARCUS: Why Navy ships should not be named for gay rights icons

      June 5, 2025
    • GREGG JARRETT: Biden, the ‘marionette president; and the case of the runaway autopen

      June 5, 2025
    • Trump Practically Bans Travel and Immigration from 12 Countries with Flimsy Security Justifications

      June 5, 2025
    • ‘He’s not a big factor’: Trump’s Senate allies dismiss Elon Musk’s calls to ‘kill the bill’

      June 5, 2025
    • Fears grow that Tata Steel could be excluded from Starmer-Trump trade deal

      June 5, 2025

    Categories

    • Business (8,147)
    • Investing (2,008)
    • Politics (15,523)
    • Stocks (3,127)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved