Prime Minister Gordon Brown faces an angry backlash from industry over the
govenment’s planned 0.5% increase in
National Insurance Contributions (NIC)
from April 2011 to pay for its emergency £20bn tax giveaway, tipped to cost
businesses £2.6bn a year.
Industry leaders have warned companies would be slugged with an additional
‘tax on jobs’ at a time when the economy should be emerging from a downturn, the
Daily Mail reports.
The measure will cut £195 a year from a family middle income of more than £
40,000. The total cost of the NIC hikes for businesses and employees is
estimated at £5bn a year.
‘The proposal to increase National Insurance Contributions is wrong. At the
very time when the economy should be coming out of the recession, businesses
will face an extra tax on employing people. This is not the way to reduce
unemployment,’David Frost, British Chamber of Commerce director general, said
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