One in three firms plan to cut jobs over NICS

A THIRD of business owners have said they plan to cut more jobs after being hit by higher national insurance contributions (NICs) in April, according to new research.

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Many companies have also suggested they will cut back hours, freeze pay and hike prices in order to help cover increased tax payments.

S&W's business owners sentiment survey revealed around 20% of those quizzed said they have already reduced their staff numbers as a “direct result” of the NICs changes.