Prime Minister Keir Starmer has publicly thanked Britain’s businesses for absorbing the financial burden of his government’s £23 billion national insurance hike, while facing mounting pressure from industry leaders not to impose further tax rises in the autumn.
Speaking at the British Chambers of Commerce (BCC) annual conference, Starmer acknowledged the scale of the demands placed on companies in his first year in office, calling them instrumental in fixing the “foundations of the country”.
“I fully acknowledge that this year, as we’ve had to fix the foundations… we’ve asked a lot of you,” he told delegates. “I want to acknowledge that it has made a huge difference. Because of it, the money has gone into the NHS and waiting lists are coming down. We’ve put investment into the skills… new homes [and] new roads.”
He added: “I want to say thank you.”
Starmer’s remarks are the clearest yet that his government recognises the financial pressure it has placed on employers, following the surprise hike in employer national insurance contributions (NICs), part of a £23bn tax-raising package designed to fund public service investment and deficit reduction.
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