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The National Chairman of the Federation of Small Businesses has hailed the Chancellor’s announcement scrapping the hike in Class 4 National Insurance Contributions (NICs).

FSB had immediately spoken-up for the self-employed and business owners following the unexpected NIC increase in the Chancellor’s budget announcement.

But the Government’s swift response in dropping the measure was welcomed by FSB National Chairman, Mike Cherry. He said: “We are delighted for our members and all the nation’s self-employed that the Chancellor has recognised the strong opposition to this measure, admitting it was against the spirit of the manifesto on which his party stood, and has now decided to scrap it for the duration of this parliament”.

“The army of self-employed make a massive contribution to the UK economy. We’ve consistently argued, since this measure was announced last week, that a tax-grab on the genuine self-employed – the hairdresser, electricians and plumbers – makes absolutely no sense.

“We look forward to engaging with the summer review into the benefits that the self-employed need to be able raise families, pay the bills when sick, and prepare for retirement. We need to see what other measures are brought forward to make sure they support the UK’s small business and self-employed community.”

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