Oxford-Cambridge Arc
The question
To ask the Secretary of State for Business and Trade, if he will make an estimate of the potential impact of increases to employers’ National Insurance on employment in the Oxford to Cambridge Growth Corridor.
Answered by Gareth Thomas
Prior to the Government’s recent announcement on the Oxford-Cambridge Growth Corridor, a Tax Information and Impact Note that covers the employer NICs changes was published by HMRC on 13 November.
We have protected small businesses from the impact of the increase to Employer National Insurance by increasing the Employment Allowance from £5,000 to £10,500, meaning that 865,000 employers will pay no NICs next year, and more than half of employers will see no change or will gain overall from this package.
We are considering ways to drive business growth and build on our world-leading strengths in the Oxford-Cambridge Growth Corridor.
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