Reaction: Self-employed National Insurance U-turn

Freelancers and contractors have welcomed the Chancellor’s decision to drop a National Insurance contributions (NICs) increase that would have affected self-employed people.
Chancellor Philip Hammond told MPs that the government would not proceed with NICs increases laid out in his budget last week after the government came under fire for apparently seeking to break a 2015 manifesto promise.

AUTUMN STATEMENT REVIEW
Editor | 23 November 2016
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The Chancellor’s first Autumn Statement was a mixed bag for self-employed workers and small and medium sized business owners.

Changes to the tax system will hurt some more than others, but investment in roads, railways, housing and the country’s digital infrastructure should benefit everybody.

Here are some of the most important points we have taken from the Chancellor’s statement.

The Chancellor’s final Spring Budget was met with frustration from large portions of the business community, particularly freelancers and other small business owners concerned about the National Insurance tax hike.
But there were also some small crumbs of comfort for small businesses. Here is some of the important budget news and reaction.

New government backed funding options for small businesses

A new scheme will help small British businesses get access to funding after they have had a loan application refused by a major bank.

Launched earlier this month, the government backed scheme will boost the supply of finance for small businesses by giving them access to new and innovative funding options like those provided by financial technology start-ups.
Bank lending to small businesses has declined in almost every year since the financial crisis. Major high street banks refused around £4bn worth of formal loan applications last year.