UK Chancellor Hammond: There will be no increases in NICs rates

UK Chancellor Hammond, in a letter to  to Tory MPs announced that the government has decided to drop National Insurance Rises announced in the Budget.

Key quotes

• 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
• The abolition of Class 2 NICs, which costs the taxpayer money, will continue as planned from April 2018