The current Conservative Government promised during its election campaign that if elected, National Insurance contributions would not be increased in the budget. However, Chancellor of the Exchequer Philip Hammond appears to have thrown that out the window today as the budget was announced and tax breaks for self-employed workers have been quashed.
David Cameron’s promises being broken even after he’s resigned
David Cameron, notorious for making promises that aren’t kept, made a manifesto commitment back in 2015 when he was on the campaign trail that Hammond has now flushed down the drain as he announces his grand scheme to command £2 billion from self-made entrepreneurs.
Self-employed workers’ profits are currently taxed at 9pc, but next year that’ll go up to 10pc and by 2019, it’ll be 11pc.
Hammond justifies his decision to raise the National Insurance levy as it is far behind financially (by only, like, a few billion pounds) and he wants to make up for the shortfall, which he’s doing by bilking workers out of even more of their hard-earned pennies. Also, self-employment is on the rise across Britain, so Hammond felt the need to put his foot down now before it’s too late.
