Experts from the National Institute of Economic and Social Research have warned that the recent increase in employers' national insurance contributions is a "tax on jobs," likely to hinder job creation and increase unemployment.
Stephen Millard of NIESR explained that the NICs hike would reduce job creation and contribute to rising joblessness, affecting especially low-income households facing stagnant wages and frozen tax thresholds.
NIESR's Adrian Pabst suggested that raising taxes on top earners instead of freezing personal tax thresholds would more effectively protect the living standards of lower-income families amidst high inflation.
The budget's tax changes and increased borrowing have caused volatility in the bond market, with the latest government bond auction experiencing the weakest demand in nearly a year, triggering investor anxiety.
Collection
[
|
...
]