Tax & Spend
UK Cabinet Minister Signals Plan to Raise Business Payroll Tax
Office workers stand in view of skyscrapers in the City of London.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
A UK cabinet minister added to speculation that the government is planning to increase payroll taxes for businesses by raising their national insurance contributions.
In an interview with Sky News, Business and Trade Secretary Jonathan Reynolds insisted the Labour government’s manifesto had only promised not to hike the contributions for employees. National insurance is a payroll tax paid by both workers and firms.