U.K. Drops Plan To Hike National Insurance Contributions: Reports

The U.K. Treasury chief is ditching a plan to raise National Insurance contributions by self-employed Britons, reports said Wednesday. Philip Hammond in last week's spring budget presentation said there would be a 2% rise in the contributions. That announcement was met with a backlash as critics said it broke a promise by the Conservative Party not to raise taxes or the insurance contributions. The proposal was estimated to increase contributions by an average of �240 ($293) a year for the self-employed.

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