Tag #Payroll Taxes

What is the immediate impact of the October budget's changes to employers' NICs on UK employment, considering the conflicting data from various sources?

The October budget increased employers' National Insurance contributions (NICs) to 15 percent from 13.8 percent and lowered the threshold to £5,000 from £9,100, impacting employment. Despite some surveys suggesting job cuts, Bank of England data shows businesses anticipate a 0.3 percent increase in staff over the next year and a 1 percent rise in staffing levels over the past year.