Karl McCartney MP has welcomed new figures today showing that 51,000 businesses in the East Midlands are already benefitting from the Employment Allowance, introduced in April, which reduces the cost to businesses of employing people.
The Employment Allowance takes up to £2,000 off the National Insurance bill of every employer and is open to businesses and charities.
The allowance means a business could now hire someone on £22,400 a year, or four people working full-time on the minimum wage, without paying any employer national insurance at all.
In total up to 1.25 million employers will benefit from the allowance, with 450,000 taken out of paying the tax on jobs altogether.
This is benefitting local business like the Gelder Group, making it easier for them to grow and create more jobs.
Karl McCartney MP commented: “Cutting the tax on jobs and backing local businesses like Gelder Group is a key part of the Conservatives’ long-term economic plan.
“This tax cut makes it easier for businesses to take on new people, and it is great news for Lincoln. Already, 51,000 businesses in the East midlands are benefitting.
“We need to continue working through our plan, backing businesses in Lincoln to create jobs for people here in Lincoln, with the regular pay packet and the peace of mind for the future that comes with it.”
-ENDS-
For more information, please contact Karl McCartney MP at [email protected] / 020 7219 7221