Job cuts and price rises predicted as National Insurance hike begins

• Employer National Insurance Contributions (NICs) increased by 1.2 percentage points to 15 per cent in the UK, impacting earnings above £5,000.
• Businesses, particularly in the hospitality sector, warn this "jobs tax" could lead to price increases, reduced staff hours, and job losses.
• The NICs rise comes after a 6.7 per cent minimum wage increase, creating a combined impact that businesses say will hinder job creation.
• Chancellor Rachel Reeves defended the tax increase as necessary to raise £25 billion annually by 2029.
• Opposition parties criticized the move, calling it a "hammer blow" to businesses and urging the government to find alternative funding sources.

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National Insurance hike comes into effect with warning on jobs and price rises