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15 Apr 2024

The Rediscovery Centre, the National Centre for the Circular Economy in Ireland, today announced its partnership with Cytech, the internationally recognised training and accreditation scheme for...

12 Apr 2024

Just two weeks remain for the UK cycle industry to have its say on the current Government consultation to double the permissible power of e-bikes, and to remove the need for pedalling.

10 Apr 2024

Award-winning cycling business Spokes Bikes has added a new shop in Greenock to existing shop in Bridge of Weir.

9 Apr 2024

Communities across England are to be given access to £101 million of government funding for high-quality walking and cycling routes, improving the quality of local public engagement for...

9 Apr 2024

The founders of a Wirral bike recycling scheme have opened a hub across the River Mersey as part of a campaign to encourage more people into cycling.

8 Apr 2024

 A new video from the London Cycling Campaign (LCC) launched ahead of the mayoral election on May 2 urges followers to “make sure London’s next Mayor knows just how much we all...

8 Apr 2024

A new study has suggested that cities need to take into account the rapid growth and serious potential of electric bikes in moving people.

8 Apr 2024

A new study conducted by the Department of Industrial Engineering, Capital University of Economics and Business, Beijing, says a bike’s cost and the income of the buyer play the biggest...

3 Apr 2024

The Association of Cycle Traders is urging cycle retailers to register their opposition to proposed government changes to e-bike regulations before the consultation closes on April...

2 Apr 2024

Walsall's cycling community has been celebrating a family-owned business which celebrates its 90th anniversary this year.
 

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Cautious optimism expressed about Chancellor’s reduction in National Insurance rates.

Posted on in Business News , Cycles News

ACT parent company, Bira – the British Independent Retailers’ Association -  has said that the Chancellor’s decision to reduce national insurance rates could offer a 'glimmer of hope' for struggling retailers who are desperate for consumer confidence to return to the high street.

Red budget box

Jeremy Hunt announced a significant cut in the main rate of class 1 National Insurance, reducing it to 8% from 6th April 2024. This follows a prior cut from 12% to 10% in January. Additionally, the class 4 self-employed NICs rate will be reduced from 9% to 6%, along with the abolition of class 2 self-employed NICs.

The Treasury estimates substantial savings for individuals, with an average worker on £35,400 saving more than £900 annually. The average teacher on £44,300 is expected to gain £1,250 per year. For example, those earning £20,000 will benefit from a £148.60 yearly saving, while those earning £50,000 will save £748.60. The average self-employed individual earning £28,000 is anticipated to save about £650 annually because of the NI rate cuts.

Andrew Goodacre, CEO of Bira, said: "We welcome the Chancellor's decision to reduce National Insurance rates, providing consumers with additional disposable income. We hope that this financial relief will boost consumer confidence, enabling them to spend more on the high streets.

"However, while we acknowledge the positive impact of the NI rate cuts on consumer spending, there is a missed opportunity in not addressing the planned 7% increase in business rates, which remains a concern for the retail sector."

He added: "We remain cautious about long-term economic growth, and there is the need for initiatives that drive employment and production. The association believes that sustained economic growth is crucial for the growth of businesses, and more measures are needed to support this aspect."

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