Matthew Hancock welcomes tax cut to support jobs and help businesses

Matthew Hancock MP
Matthew Hancock MP

Matthew Hancock has welcomed the bold new tax cut for businesses and employers in West Suffolk which came into effect recently.

The new Employment Allowance takes £2,000 off the National Insurance bill of every employer – open to businesses, charities and community amateur sports clubs.

This amounts to 44,000 small businesses in East of England out of having to pay any tax on jobs at all.

Employers are now able to hire one extra person on £22,400 a year, or four people working full time on the minimum wage, without paying any National Insurance.

The skills minister said: “This new tax cut to help businesses take on more people will be great news for people in West Suffolk.

“It will make it cheaper and easier for firms to hire new employees – helping give more people the security and stability of a regular pay packet.

“Creating more jobs by backing business and enterprise with lower taxes is all part of the Conservatives’ long-term economic plan.

“There are already more than 1.3 million people in work since the election, but the job is not done and that’s why the Government is sticking with its plan to build a stronger, more competitive economy.”

For all the latest news see Thursday’s (May 15) Echo.