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UK — Opposition plans to abolish National Insurance for new companies

07 October 2009

Shadow Chancellor, George Osborne, has announced that the Conservative Party would abolish National Insurance for the first 10 recruits of new company start ups for a period of one year during the first two years of a Conservative government, the Daily Telegraph reports.

The announcement formed the centrepiece of the Conservative Party's 'Get Britain Working' campaign, which is the focus of the Party's Conference in Manchester.

Employers normally have to pay the tax at a rate of 12.8% of each worker's wages. Mr. Osborne said, "getting Britain working will be a top priority for the next conservative government."

"We have a bold plan to abolish tax on the jobs created by new business…This will create around 60,000 new jobs that would otherwise not be created."

The Shadow Chancellor said that the policy would be funded by cuts to the public sector to be unveiled later in the week.



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