LABOUR’S plan to raise National Insurance Contributions from next year, which Alistair Darling is set to confirm this week, will cause permanent damage to Britain’s economy than almost any other type of tax, according to the Policy Exchange, which urged the Chancellor to reconsider the Increase before it kicks in.
The report, to be released today, finds that higher National Insurance charges for employers would be likely in the long run to increase unemployment and reduce the dynamism of Britain’s corporate sector. It said that the Treasury’s own economic model suggested that a 2p rise in employers’ National Insurance could reduce GDP by a full 2pc after three years.
The Government is set to increase NICS by 1pc from next April – one of the tax-raising measures set out by the Chancellor in previous Budgets.
Courtesy of The Daily Telegraph
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