Ulster Unionist MP Tom Elliott has welcomed the news that there will no rise in National Insurance Contributions (NICs) for the self-employed over the course of this Parliament.
Mr. Elliott was commenting after the Chancellor of the Exchequer today announced that he will not be going ahead with the planned increase announced in last week’s Spring Budget.
The Fermanagh & South Tyrone MP said:
“The announcement from the Chancellor today to cancel an increase in NICs for the self-employed will bring relief for many. However, this fiasco has caused unnecessary confusion for hard working people.
“Last Wednesday, we learned that NICs for the self-employed would increase by 2 percent by April 2019. By the end of the week, the Prime Minister told the media that these changes would not be voted on until the autumn, and today we hear from the Chancellor that there will be no increases in NICs for the lifetime of this Parliament.
“Self-employed people, through their entrepreneurship, create jobs and wealth in our society, therefore today’s decision that they will not be penalised is welcome.
“In their 2015 General Election Manifesto, the Conservatives pledged there would be no rise in National Insurance, VAT or income tax during the lifetime of the current Parliament.
“I am pleased they have now decided to honour that pledge.”