Other storiesSly departure of NI ceiling
The research also revealed that as many people do not expect their employers to offer a pay rise to cover the rise in tax.
In last year’s Budget, Gordon Brown announced an additional contribution of1% of earnings from next month.
Andrew Smith, chief economist at KPMG, comments: ‘A 1% hit may not sound like huge amount to people but it is likely to contribute to a significant slowdown in consumption growth this year.
‘The fact that the majority of the population is unaware of the effect of the change suggests that many have yet to adjust their behaviour. The choice consumers will inevitably face is between borrowing to compensate – which might not prove so attractive as the housing market slows – or having to curtail their spending plans.’
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals