The government drops its plan to hike National Insurance for the self-employed

LONDON — The UK government has dropped its plan to increase National Insurance contributions for the self-employed.

The change to how much National Insurance self-employed Brits would pay was announced in Chancellor Philip Hammond’s budget last week despite the Conservative Party’s 2015 manifesto promising a freeze to all NIC rates.

Hammond announced the u-turn in a letter to MPs released on Wednesday morning.

Here’s a copy of the letter:

This is a developing story…

More from Business Insider UK:

NOW WATCH: A body-language expert analyses Trump’s unique handshakes

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.