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The Chancellor today announced that he would not proceed with plans to increase the rate of Class 4 National Insurance Contributions paid by the self-employed.

Just a week after making the announcement in the Spring Budget, Mr Hammond said “In the light of what has emerged as a clear view among colleagues and a significant section of the public, I have decided not to proceed with the Class 4 NIC measure set out in the budget.”

Class 2 NIC will still be scrapped as originally planned.