Posted: Wed 15th Mar 2017
The chancellor has announced that controversial increases to National Insurance for the self-employed will no longer be introduced.
But in a letter written to Conservative MPs, Philip Hammond says the changes will no longer be introduced during the current Parliament.
"In light of what has emerged as a clear view among colleagues and a significant section of the public, I have decided not to proceed with the Class 4 NIC measures set out in the Budget. There will be no increases in NICs rates in this Parliament," he said.
Emma Jones, founder of Enterprise Nation, said: "Our response to last week's Budget has been strong and unequivocal in opposition from the get-go; the rise in National Insurance for the self-employed was not only an unfair, easy tax grab, it also sent a message to hard-working entrepreneurs that the government is not supportive of their endeavours.
"The fact that there has been a speedy u-turn suggests we were absolutely right."