On 8th March 2017, Philip Hammond, the Chancellor of Exchequer delivered his first and last Spring Budget (as from next year the Government will only delivery one Budget per year and it will delivered in the autumn season).
The Spring Budget was very short in comparison with previous ones with only 28 main announcements. Philip Hammond ripped up a Conservative manifesto (delivered by David Cameron in 2015) which promised not to increase taxes such as national insurance, income tax and VAT for the next 5 years and hit 2.5million self-employed with an increase in National Insurance Contribution (NIC 4) from 9% to 11% in the next two years (even though the fixed national insurance contribution class 2 will be scrapped). However, on 15/03/2017 Mr Philip Hammond has scrapped the proposed increased in National Insurance Contribution Class 4 for all self-employed individuals. Read more