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The Financial Secretary to the Treasury (Lord Livermore) (Lab)

Speaking in the House of Lords on 13 February 2025

Debate

National Insurance Contributions: Hospitality Sector

Contribution

My Lords, it was this Government’s duty, in the Budget last year, to fix the foundations of the economy and to repair the £22 billion black hole in the public finances. In doing so, and in recognition of the importance of small businesses, including hospitality businesses, to the economy, we protected the smallest businesses by increasing the employment allowance from £5,000 to £10,500. This means that, next year, 865,000 employers will pay no national insurance at all, and 1 million businesses will pay the same or less than they did previously.

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