Autumn Statement calms NI turbulence
22 November 2022
After a year of many, many changes, especially to national insurance (NI), the Autumn Statement was cautiously viewed by payroll professionals. With Rishi Sunak as prime minister, we may have seen a return of the health and social care levy, which he introduced as chancellor.
In stark contrast to the previous months, all remains calm with regards to NI. No more changes this year.
However, this does not mean there is nothing to announce. The NI thresholds will remain fixed for an additional 2 years. Due to be fixed until April 2026, they will now remain constant until April 2028. Employment allowance will also remain at £5,000.
No changes to NI are currently planned. As wages grow, this will generate more revenue for the Treasury, what is referred to as a ‘stealth tax’. This, at least, gives employees and employers the ability to plan for the future without unexpected additional costs in relation to NI.
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