The Daily Mail reported that the National Insurance hike to fund social care will gravely damage businesses. Of the £ 37.4 Bn the government expects to raise, analysis by the Mail suggests businesses will be footing £21.8billion of the total bill.

Annabel Denham, IEA Director of Communications, argued that the tax rise will damage businesses and the wider economy: “Higher taxes will reduce demand, discouraging investment and hiring. They will deter entrepreneurship and innovation by reducing the potential gains for risk takers“.

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